Dubai is one of the most luxurious and dynamic cities in the world. However, many believe that Dubai achieved this wealth not only with oil. So how did Dubai become one of the richest emirates, even though it cannot produce as much oil as other countries and emirates?
United Arab Emirates (UAE) ranks 6th among the countries with the largest oil reserves in the world.
So much so that the total oil reserves of the United Arab Emirates are approximately 113 billion barrels and most of these reserves are located in Abu Dhabi.
Dubai’s total oil production constitutes only 4% of the total production of the Arab Emirates!
So how can we produce so little oil? one of the richest emirates managed to become?
One of the biggest factors behind Dubai’s economic success is economic diversification strategy to watch.
In other words, minimizing dependence on oil revenues tourism, trade, finance and real estate for the purpose of We can say that Dubai, which has made major investments in sectors such as, is benefiting from this strategy.
Dubai has managed to attract millions of tourists with iconic structures such as Burj Khalifa, Palm Jumeirah and Dubai Mall. One of the world’s most luxurious tourist destinations He managed to become one.
In addition, the city uses the advantage of its geographical location as a Also as a trade and logistics center provides income
Of course, being a tax haven also has an effect!
Dubai’nin being a tax haven It also encourages investors to carry out their operations in this region.
In this way attracting foreign investors Dubai also benefits greatly from this.
Additionally, smart city technologies and renewable energy projects etc. their economies by investing in projects independent of oil They can keep it in a position to grow.
Finally, since Dubai has a cosmopolitan structure that attracts people from different cultures and nationalities around the world, this diversity gives dynamism to the city. enriching the social structure It also provides.
In summary, although Dubai does not have much oil reserves compared to others, the fact that it is one of the richest emirates reflects the economic power of the region. will ensure that it is not dependent on oil It seems to be realized through strategic investments.
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