Anjna Global Destination Management Company for Dubai Singapore and Malaysia
Dubai is the richest city in the whole world. It is located on the north coast of the UAE (the United Arab Emirates). It is well-known for its richness and luxurious lifestyle that everyone desires from every walk of life. The culture, food, and the living standard and way of life all reflect the next level of wealth which is unmatched from the rest of the world. Dubai UAE is the most expensive and populated city in the whole country.
Dubai is famous as a solid business center, high-end shopping destination, and a cosmopolitan city. It is also popular as a basic transportation hub for people and goods. Dubai has been considered as one of the best places for living in the Middle East. Several people would imagine that Dubai is the richest city in the Middle East as well as all over the world because of oil. In this case, this is not true. Just around or more than 7 percent of Dubai’s revenue comes from oil. Here, we discuss the other major source of Dubai’s revenue that makes it the richest country in the world.
1. Diversified Economy
Other states of the Middle East depend on oil for the growth of its economy, but Dubai has a vibrant and diverse economy. While a decrease in oil costs would be annihilating to various countries, Dubai, would not have a huge impact. Finance and Accounting, Trade and Commerce, Transportation, and Tourism are the major sources of this vibrant city’s economy.
2. Gold Trade
In Gold Trade, Dubai is known as the capital worldwide and it had thriving gold trade since the 1960s that helped to build increase their business. Monthly income in a gold business is a number with the maximum zeros. Dubai is a world-famous shopping center in the Middle East and one of the fastest developing business destinations in the world.
3. Technological Innovations Worldwide
In the past, it looked almost impossible to establish any tech company or shop in Dubai, now it is ending up being a power to deal with in the tech world. In return, tech generates great revenue for Dubai from the sale of lots of items manufactured here. Another factor that makes it major tech power is its cheap transportation via ports to the remaining world.
4. Skilled Settlers
It is expected that for all the inhabitants in the city of Dubai, there are nine settlers. The settlers are quite skilled and more entrepreneurial in comparison to the local population like anywhere else in the world. That increases the growth of businesses from their skills and generate revenue via trade.
5. Real Estate and Commercial Assets
It is one of the major factors of its growth. Investors from all over the world want to invest in commercial real estate in Dubai to get a double profit in a short duration. Lots of investors are following the strategy of buying a property at a low cost and sell them at a higher cost or rent them to generate monthly profit. The real estate market genuinely helps to increase the economy of the UAE. In Dubai, lots of luxurious apartments, villas, and houses are available for rent. Lots of celebrities and businessmen from all around the world have a luxurious home in Dubai.
6. Gateway City
Dubai is strategically located geographically, that is why its Airport is now considered the busiest airport in the world. Flights connecting to the Middle East, Africa, and Asia have to stop to continue their traveling destination. Apart from transport, it is a vital trade market that helps to grow swift their economy in comparison to any other country.
7. Financial Institutions and Banking Sector
In Dubai, the street crime rate is almost zero and is the power to attract foreign investment institutions and strengthen the banking sector as well. Its banking sector is extremely well-established, with lots of multinational financial institutes in Asia and the Middle East using banks of Dubai for offline and secure transactions. One of the main reasons for the rapid growth in the banking sector is foreign investment in their businesses.
8. Tourism
Dubai is the most luxurious place in a world where you can find more than 900 skyscrapers all around the city and many are under construction. People dreaming to see these luxurious towers and other amazing locations and enjoying the ride of camels in the desert. Dubai organizes a shopping festival in the first quarter of every year and that attracts around three million tourists from all over the world, who will help to improve the economy of Dubai and also offer a great opportunity for foreign investors to get huge profit in their investments.
9. Fabric Trade
In Dubai, the textile market includes all the products’ local as well as foreign products. As we all know, the climate of Dubai is sweltering all over the year, therefore, they prefer fabric and cotton clothes because they both help to less sweating and also maintain body temperature. You can find solid local clothing in small stores as well as in shopping centers. For the clothing market, some shopping centers are available such as Burjuman Shopping Center, Bloomingdale’s Mall, and Golf Mall. The wholesale clothes are exported from Dubai to Africa and the entire Middle East. Dubai is also famous for fashionable clothes and it is a fashion capital as well. It has a wide range of clothing market. It also enhances Dubai’s economy.
10. Free Trade
Dubai is a place that attracts investors to earn a huge amount on their investments. In Dubai, there is nothing that scares you to invest your money in the business such as a high tax rate on investments and income. Dubai is one of the few places worldwide where you find low tax on your investments and zero tax on your income which is good for both native and foreign investors. This is also the main reason that attracts foreign investors and they are coming from all over the world in Dubai to earn a huge profit in their investments. Dubai is a huge market of real estate, gold, fabric, etc. The natives are crazy about sports and luxurious cars and have a huge market of the automobile as well. It also plays a vital role in improving Dubai’s economy.
