The modern emirate of
Dubai was created with the formation of the
United Arab Emirates in 1971.
On January 4th 2006, Sheikh Mohammed became the Ruler of Dubai following the death of Sheikh Maktoum bin Rashid Al Maktoum.
Clck this link to read the biography of His Highness Sheikh Mohammed Rashid Bin Rashid Al Maktoum. The following is an overview of why Dubai is regarded as a global economic powerhouse. You will also see it in pictures, which is the main purpose of this blog:
Dubai's revenues from petroleum and natural gas contribute less than 6% (2006) of Dubai's US$ 37 billion economy (2005). A majority of the emirate's revenues are from the Jebel Ali free zone authority (JAFZA), and increasingly from tourism and other service-oriented businesses. Dubai has attracted world-wide attention through innovative real estate projects and sports events. Tourism contributes 18% to Dubai's GDP per year
Jebel Ali Free Zone (JAFZ) is located in the Jebel Ali area of the emirate of Dubai, in the United Arab Emirates. It offers an economic zone with lucrative business and tax incentives to corporations. The Jebel Ali Free Zone is run by the Jebel Ali Free Zone Authority (JAFZA) which is owned by
Dubai World. The JAFZ also caters to the
Dubai Port (video tour and slide show) which ranks 8th in the world in terms of container traffic. The Jebel Ali Free Zone also provides warehousing and distribution facilities to international and local corporations.
Dubai World is an investment company that manages and supervises a portfolio of businesses and projects for the Dubai Government across a wide range of strategic industry segments and projects that make Dubai a leading hub for commerce and trading.
Some of Dubai’s iconic projects, like
Nakheel’s,
The Palm Islands (The Palm Islands has also been named
'The Eighth Wonder of the World'). The World are unique real estate concepts that bear the signature of Dubai World. The group also has extensive real estate investments in the US, the UK and South Africa, unique hospitality destinations in every corner of the world, and a growing global port footprint from China to Peru and Australia to Germany.
Palm Island Dubai (Jumeirah Palm Island) is one of the most ambitious real-estate developments on earth, heralded as the 8th wonder of the world as it can be seen from space along with another major landmark, The Great Wall of China. Read more by following the Palm Island Dubai link above and the USA Today article in this link:
Dubai's palm island being readied for first residents, USA Today, Posted 8/7/2006 9:26 AM ETDubai is an important tourist destination. Its port, Jebel Ali, has the largest man-made harbor in the world. It is also increasingly developing as a hub for service industries such as Information Technology and Finance, with the establishment of a new Dubai International Financial Centre (DIFC). The government has set up industry-specific free zones throughout the city. Dubai Internet City, combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority) is one such enclave whose members include IT firms such as EMC Corporation, Oracle Corporation, Microsoft, and IBM, and media organizations such as MBC, CNN, Reuters and AP. The Dubai Financial Market (DFM) was established in March 2000 as a secondary market for trading securities and bonds, both local and foreign. As of Q4 2006, its trading volume stood at about 400 billion shares worth US$ 95 billion. The DFM had a market capitalization of about US$ 87 billion. (
Source: Wikipedia, the free encyclopedia.)
"Dubai, a tiny country in the Persian Gulf with a matching small population, which is part of the United Arab Emirates, is cash-rich because of its vast natural reserves of oil. Under its ruler, Sheik Mohammed bin Rashid al-Maktoum, Dubai has aggressively begun to diversify its investments into tourism, construction, and finance and has concentrated upon acquiring blue-chip companies around the world. The sheik's aim is to make Dubai home to two of the world's 10 largest financial institutions within the next eight years"-The New York Sun (
http://www.nysun.com/article/66853)
The skyline of Dubai is powered by oil money, big ambitions, and architectural whimsy.
We urge our fellow Americans to learn more about Dubai. The more you learn about it the more you will fall in love with it and support it.Americans who Support Dubai.
