What was once a modest fishing town in the middle east, is one of the leading business hubs of the world today. Abu Dhabi might be the richest city in the world, but Dubai still is the leader in “free market capitalism.” No, it is not just the oil business that this global city is dependent on. Oil reserves here account for less than 5% of the GDP of the emirates. Every business that runs in Dubai, every Dubai real estate company, has a role to play in the growth of the city.
The revolutionary concept of freezones
The resilient infrastructure that Sheikh Rashid once planned for the city has now started taking its concrete shape. Slowly but steadily, it has benefited the city’s economy, making it one of the most sought after investment choices for foreign businesses. As of October 2019, Dubai showed a positive outlook for businesses across the varied industry. Each new Dubai real estate company to other startup businesses, the city has simplified doing business here with its freezone concepts. Plenty of custom duty benefits, tax cuts, and even restriction-free business ownerships for foreigners all make freezones popular among entrepreneurs from everywhere.
Oil for thriving businesses and not for survival
Abu Dhabi had already tapped into its oil reserves well ahead of Dubai. Sheikh Rashid decided that as the oil reserves were less and, therefore, the plan for the city to be developed as a trading and tourism-focused infrastructure was born. With its strategic location, it has also grown to become the gateway to the Middle Eastern countries.
Tourism as a pillar
Dubai recorded more than 16 million visitors in 2018 alone. These tourists have a crucial role to play in the growth of the Dubai property projects and the economy on the whole. There is an abundance of shopping malls built here. The city has become an ultra-modern tourism destination.
Wether its an entrepreneural venture or a Dubai real estate company that has started small and made it big. With more foreigners doing business here, many expats also buy properties. This is again adding to the city’s economy.