Dubai Real Estate & Its Economy

By: Editor-123

Dubai is emerging as the one of the most important cities of the world. The city's gross domestic product was calculated at $46 billion in 2006. Dubai's economy is backed by rich oil deposits, which was discovered in 1960's. Since then the city is making its mark and making considerable progress in other sectors as well. According to recent reports, oil constitutes only 10% of the city's total GDP, which shows the increasing shares of other sectors too. Areas including manufacturing, tourism, finance, and information technology are also developed rapidly in the recent years.

Manufacturing has been a significant role in Dubai's economy. It homes some of the major industries including rubber, beverages, chemicals, paper and pharmaceuticals. Multinational corporations including Sony, Heinz, IBM, Shell, General Motors and AT&T have their corporate offices in Dubai. Major financial institutions and firms establish their working office Dubai. It is estimated that the growth rate of the financial market is around 12 percent per annum and likely to continue at the same pace. Moreover, banking sector also looks promising and showing positive growth rate in Dubai.

Tourism sector has a pivotal role to play in Dubai's economy. The increasing attractions and activities have encouraged millions of people around the world to visit the city. Growing number of luxurious hotels, skyscrapers, shopping malls, water parks and museum have given a competitive edge to the city.

Dubai Information Technology market has grown rapidly in the last few years. The government has built the Dubai Internet City to give priority to information technology companies. The government has also provided tax exemption and 100% foreign ownership to many multinationals to attract foreign investment in Property Dubai.

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