Dubai why rich

Ever wondered what makes Dubai so rich? I did too. At first, I thought it was their oil that made them rich, but boy I was wrong. The oil in Dubai was discovered just 50 years ago and it accounts for only one per cent of its earnings.

So, what makes Dubai so rich? Curious to know how Dubai gained all its wealth? Well, just keep reading to know about the same.

Back in the s until the late s, the primary source of income in the Trucial Coast of what is now the UAE was a pearl industry. Pearl diving was thought to be a humble beginning in trade for the residents of the Persian Gulf, but it set the foundation for something much larger later on. You might also like: Dubai Heritage and diving village.

This also paved the way for the construction of several other infrastructure projects, which made them realize that infrastructure is a long-term strategy and gave hope to their economy. This led to a boost in tourism , and whatever little oil they discovered, was used in building the Dubai city we now see. Dubai has grown to become one of the top tourist destinations in the world, thanks to its state of the art infrastructure.

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Having lost out to Europe, Israel and Silicon Valley, Dubai now wants to establish itself as a tech hub and has a target to establish 1, major digital companies over the next five years. Alongside students and computer coders, the U. Yasmin Abdelaziz, a popular Egyptian actress was given a golden visa in July, joining a trio of Lebanese pop-stars-Najwa Karam, Marwan Khoury and Ragheb Alama-who have already been given the visa.

All of this makes Dubai more attractive for the wealthy. And, thanks to a new law introduced in February this year, Decree Law 19 , they can bring their family offices with them. But perhaps the most enticing thing about U. When other parts of the world, and especially the U. And, if they start moving their businesses or family offices here, they are more likely to stick around, says Kohyar: "This surge right now is more on a personal level, it's more rounded, and we think this is going to be much more sustainable because people are moving here with their families and with their businesses so they'll definitely stay.

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