Why is Dubai so rich? A closer look at the city’s history
Why is Dubai so rich? This is among the most asked questions by many people who have visited the city and those who have not. Dubai is rich since its primary source of wealth is the port, oil, and tourism. It has also recently profited from property development.
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Dubai's independence from the sale of oil may make it a particularly wealthy emirate. The foundation of its multifaceted economy is trade, transportation, technology, tourism, and finance. What makes it so wealthy, and are there affluent people in the city?
Why is Dubai so rich?
The city has revenue coming from multiple sources. Its economy has grown and diversified. Contrary to what the general public thinks, the city's GDP is primarily not oil-based.
Most of its income is generated through the manufacture of goods, the delivery of services, and tourism. Below are some of the reasons why it is so rich.
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- Emphasis on education: Dubai's education sector is made accessible to all Emiratis. Every person can access good education.
- Tourism: This has dramatically influenced the emirates' growth and economic progress. In addition, the sector spawned the hospitality and retail industries.
- Technology and innovations: The city is constantly at the cutting edge of technical development. For example, it tops the list for drawing FDI (Foreign Direct Investment) in robotics and artificial intelligence.
- Petroleum and petrochemicals: Ports, docks, and related businesses have developed due to exporting petroleum and petrochemicals.
Is Dubai the richest city in the world?
No, Dubai is not the richest city in the world. New York is the richest city in the world. However, according to WorldAtlas, it is the 6th richest city. It is unquestionably a hub for international business.
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Among the industries that create money are the booming maritime industry, transportation, tourism, aluminium, cement, real estate, healthcare, etc. Another factor contributing to this success story is the influx of international investors.
What is Dubai known for?
Dubai is well-known for various items. The city is at the forefront of design and architecture, filling a void in the global landscape where ultimate luxuries redefine tourism. It is associated with wealth, big buildings, high-end shopping, glitzy nightlife, and high-end cars.
The city has a rich history and a diverse population of nationalities, employees, and expatriates. It is a city that honours its heritage and culture by showcasing these elements to visitors and locals alike. Other things the city is known for include:
- The Burj Al Arab: This hotel is designed to resemble the sail of a dhow. It is the third tallest hotel in the world. This structure is one of the most recognizable hotels in the city because it is situated on an artificial island. You wouldn't want to miss this attraction when you visit Dubai.
- Dubai Creek: You can visit Dubai Creek to see a more traditional aspect of the city outside the upscale cruises and shopping centres. It serves as a centre for commercial activity and provides numerous services to the city.
- The Burj Khalifa: This is the most famous attraction in the city. Burj Khalifa is renowned for its observation deck with spectacular views of the city, ocean, and desert. This building is the tallest in the world.
- Dubai Aquarium: This is the perfect family destination to see thousands of aquatic creatures and marine life, including the world's largest collection of sand tiger sharks. This aquatic playground offers activities as well as leisure experiences.
- The Dubai Fountain: This is a must-see attraction for any first-time visitor to the city. The choreographed show takes place at various times throughout the day and shoots water to the tune of music as high as 500 feet (153 meters), which is as high as a 50-story building!
- The Dubai desert: A tour in the desert will allow you to participate in various activities such as quad-bike rides, camel rides, sandboarding, dune bashing, desert camp shows, and rich buffets.
- Dubai Miracle Garden: This garden is a seasonal, sensory-rich experience that features 150 million blooms arranged in thematic patterns, spaces, arches, shapes, and flowers of all sizes and varieties. If you are fortunate enough to visit Dubai between November and May, you will see the garden in full bloom and enjoy a stroll through a park unlike any other.
- Palm Islands: There are three palm islands in the city. They are the largest artificial archipelagos in the world that are expected to strengthen Dubai's position as a centre of upscale travel and luxury living. The islands are being built in stages; the first one to be completed is Palm Jumeirah.
How is Dubai so rich?
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Dubai is rich because of its diverse economy that is supported by the oil, technology, trade, transportation, tourist, and financial sectors. In addition, it has become a well-off state because of the following:
- No income tax: Dubai is a tax-free economic city. The fact that people don't need to pay income taxes significantly boosts the city's economic development. This draws many wealthy people and stimulates investment.
- Immigration freedom: One factor that has fueled Dubai's economic development is immigration. Various investors have made investments in various sectors, accelerating the development of more areas.
Is everyone rich in Dubai?
No, not everyone in Dubai is rich; however, it has some wealthy known people. Below is a list of some of Dubai's top five richest people.
1. Abdulla Bin Ahmad Ghurair
According to Celebrity Net Worth, he has an estimated net worth of $6 billion. Abdulla established Mashreqbank as one of the top banks in the United Arab Emirates.
2. M. A. Yusuff Ali
Yussuf Ali is an Indian-born businessman and the founder of LuLu Group International. His other assets include the Waldorf Astoria in Scotland and the Great Scotland Yard Hotel, the former headquarters of the U.K. Metropolitan Police. According to Forbes, his net worth is estimated to be $5.4 billion as of 2022.
3. Majid Al Futtaim
Majid Al Futtaim has surpassed all of his competitors to become the wealthiest man in Dubai today and one of the richest men in the UAE. Forbes estimated Majid Al Futtaim and his family's net worth to be around $3.6 billion.
4. Micky Jagtiani
Former London taxi driver Micky Jagtiani has come a long way after relocating to the UAE in 1973 and opening a store selling baby supplies. According to Forbes, he currently ranks among Dubai's wealthiest individuals, with a net worth of $2.9 billion. In addition, he serves as the CEO of the retail and entertainment division of Landmark Group.
5. Ravi Pillai
B. Ravi Pillai is an Indian billionaire businessman based in Dubai. He started as a small-time local dealer but quickly established the Nasser Al Hajri Corporation. He is currently the RP Group's founder and chairman. Forbes estimated his net worth to be $1.8 billion.
Today, Dubai is diverse, dynamic, and world-renowned for its beautiful sceneries and tall building. But why is Dubai so rich? The city lives up to its reputation by providing first-rate infrastructure and facilities. As a result, it creates an ideal environment for both business and investment, as well as relaxation and comfort.
READ ALSO: Best resorts in Lagos: find a perfect holiday destination
Legit.ng recently published an article listing the best Lagos resorts for your ideal vacation. Lagos is a lovely city located on Nigeria's coast. It is a popular tourist destination due to its beautiful beaches, vibrant culture, and delectable cuisine. In addition, many Lagos resorts cater to various budgets and preferences to meet your vacation needs.
Regardless of your origin or reason for visiting the coastal city, you can enjoy every passing moment along the great city's shores. Lagos has it all, whether you want a private beach that suits your tastes or an affordable beach that fits your budget.
Source: Legit.ng
