Dubai according to a report published by the «Trade Finance Global» that the economy of Dubai and contrary to the prevailing belief does not depend on oil, which accounts for only 6% of its revenues.
Instead, Dubai’s economy has become a model for diversity that began in 2004. With the launch of the Dubai World Trade Center, with its independent judiciary and regulatory system.
Dubai is one of the fastest growing tourism destinations in the world. It is looking forward to welcoming 20 million tourists in 2020. The year Dubai is set to host the World Expo. The third largest event in the world after the Olympics and the World Cup. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, affirmed that “the future does not come to us, but we are the ones who look forward to it.
Moreover, take the lead in innovating and employing its technologies.” That this statement summarizes the vision of Dubai. Dubai’s vision transformed from a mere port and called for fishing to a global capital in less than half a century.
Dubai Expo 2020
The report said that Dubai Expo 2020 matches Dubai’s future vision of itself. Under the theme of “Connecting the Minds” and making the future as the title of the exhibition’s hosting campaign.
This exhibition will give a boost to Dubai’s economy. According to Jones Day analysis, the event could generate $ 23 billion for the emirate, along with a remarkable growth rate of about 10.5% in 2020.
The impact on tourism will come through the reception of 25 million visitors. As a result, many global operators are opening regional representative offices in Dubai, in addition to creating 270,000 jobs. It will also have an indirect impact on the hotel market as its capacity increases.
He added that Dubai received about 15.27 million tourists in 2016. Occupying fourth place in the index of the most visited cities in the world after Bangkok, London and Paris, and these figures greatly underestimated the importance of tourism in the economy of Dubai, which accounts for 10% of GDP.
With the concept of free trade zones. Dubai looks attractive to investors with a personal income tax exemption or capital gains. According to a report by Trade Finance Global. The Dubai International Financial Center (DIFC) and Dubai Internet City (DIC) are an example of the so-called “city within the city”. So it is attractive to most investors. Dubai is a major re-export destination. Exporters can leverage Dubai’s strategic location and international agreements to avoid unavoidable costs in their home countries.