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Since the discovery of oil in 1962, the United Arab Emirates has been transformed from an impoverished region made up of small desert principalities to a modern state with a high standard of living, and one of the fastest growing economies in the world. In particular, the emirate (and city) of Dubai gained a reputation for offering a luxurious lifestyle, helping it become one of the top holiday locations for the rich and powerful from all over the world. Strangely, this reputation for wealth and luxury in turn helped Dubai establish a flourishing tourism industry, which today surpasses the revenue that the country accumulates. Of Dubai’s Gross Domestic Product (GDP – a measure of the country’s income), oil revenues in 2006 only accounted for 3% of the country’s income, down from 10% in 2000. Compared to this, Dubai’s tourism industry now accounts for around 30% of the country’s economy, with apartments and hotels in Dubai recording 6.5 million guests in 2006, generating revenues of £1.77 billion. With a tourism industry as lively as this, and with a reputation for the highest quality of life, it is little wonder that over 100,000 Britons have bought property in Dubai since 2002 (according to Barclays). And, according to ShelterOffshore.com, this number is only set to rise, with Dubai offering more and more for the overseas property buyer. Some of the additions to Dubai’s tourism industry that are already in the construction stages (and worth close to a staggering £100 billion) were showcased in January 2008, and included the Dubai Mall; set to open in August 2008 and is set to be the world’s largest shopping centre; the Burj Dubai, which will soon be the world’s tallest building; Dubailand, which will be the world’s largest theme park; and The Palm Project, a collection of the world’s largest man-made islands. In fact, it’s not unlikely that the future will see Dubai’s attractions holding every tourism and construction record known to man! Additionally, United Airlines are preparing to introduce direct services to Dubai from Washington in October 2008. Added to the fact that a further 20 check-in counters are set to be opened in Dubai International Airport (potentially earning the country’s tourism industry an extra £1.6 billion a year) and what you’re left with is a recipe for success – for investors, property owners, and visitors. For many investors, the clue to the city’s success is in its name: Do-Buy. And who knows, with so many advancements to its tourism industry, maybe future holidaymakers will call it Do-Go! Daniel Collins writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.
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Dubai, UAE, Property Abroad, Overseas Investment, Luxury Holiday,
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