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New Dubai:
Dubai
one of the seven emirates that make up the United Arab Emirates on the Persian Gulf, or
that emirate's main city, sometimes called "Dubai City" to distinguish it from the emirate.
Dubai is the most populous and second largest emirate of the United Arab Emirates after Abu Dhabi. Dubai is distinct from other members of the UAE in that revenues from oil account for only 6% of its gross domestic product. A majority of the emirate's revenues are from the Jebel Ali Free Zone (JAFZ)and increasingly from tourism.
With enormous construction and development in various industries, Dubai has attracted world attention through innovative real estate projects, sports events, conferences and Guinness.
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The government's decision to diversify from a trade-based but oil-reliant economy to one that is service- and tourism-oriented has made real estate more valuable, resulting in the property boom from 2004-2006. Construction on a large scale has turned Dubai into one of the fastest growing cities in the world, equalled only by the large Chinese cities.
The aspirations of the ruling sheikh are reflected by the ultra-modern architecture of the city; home to iconic skyscrapers such as Emirates Towers, which are the 12th and 24th tallest buildings in the world, and the Burj al-Arab located on its very own island in the Persian Gulf and currently the tallest hotel in the world.
Emaar Properties is currently constructing what will become the world's tallest structure, the Burj Dubai. The final height of the skyscraper is a closely guarded secret - an indication of the developer's resolve to attain the title of the world's tallest building and its intention to hold on to it for as long as possible - but estimates so far point to a height upwards of 810m. Burj Dubai is expected to be completed in 2008.
Burj Dubai's neighbour is another behemoth under construction: the world's largest shopping mall - the Dubai Mall.
Also under construction is what is planned to become Dubai's new Central Business District, named Business Bay. The project, when completed, will feature a phenomenal 500 skyscrapers built around an artificial extension of the existing Dubai Creek.
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A new project was announced on May 1, 2006 by the authorities. It is named Bawadi and will consist of a 27 billion US-dollar investment intended to increase Dubai's number of hotel rooms by 29,000, doubling it from the current figure offers now. The largest complex will be called Asia, Asia and will be the largest hotel in the world with more than 6,500 rooms.
The first villa freehold properties that were occupied by non-UAE nationals were The Meadows, The Springs, and The Lakes (high-end neighbourhoods designed by Emaar Properties, collectively called Emirates Hills).
Expatriates of various nationalities have been pouring capital into Dubai in the past several years, greatly contributing to the city's prosperity
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Construction in Dubai:
One of the main reasons for the boom in construction in Dubai is its drive to diversify the economy. The Dubai government does not want to depend on its oil reserves which are largely believed to become exhausted by 2010 and, as such, has diversified its economy to attract revenues in the form of expanding commercial and corporate activity. Tourism is also being promoted at a staggering rate with the construction of Dubailand and other projects that include the making of mammoth shopping malls, theme parks, resorts, stadiums and various other tourist attractions.
Another reason for the construction boom is the recent reversal of a law in 2002 that allows non-nationals of the UAE to own property (not land) in Dubai (albeit freehold and 99 year leases are actually sold to people with ownership still remaining with private companies). The larger of the property tycoons are Al Nakheel and Emaar Properties. In Dubai, demand is currently outstripping supply by a significant margin and is showing no signs of slowing in the near future. Rents have skyrocketed with the recent inflow of professionals and companies from around the world who are attracted by Dubai's no-tax benefits although rises have been capped to 15% per annum up to 2006 under a directive from Sheikh Mohammad. Legislation in this area is still developing as the property market for foreigners is relatively new.
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Old Dubai:
There are records of the town of Dubai from 1799. Earlier in the 18th century the Al Abu Falasa lineage of Bani Yas clan established itself in Dubai which was a dependent of the settlement of Abu Dhabi until 1833.
The rulers of Dubai fostered trade and commerce, unlike the town's neighbours. The town of Dubai was an important port of call for foreign tradesmen (chiefly Indians), who settled in the town. Until the 1930s, the town was known for its pearl exports.
After the devaluation of the Gulf Rupee in 1966, Dubai joined the newly independent state of Qatar to set up a new monetary unit, the Qatar/Dubai riyal. Oil was discovered 120 kilometres off the coast of Dubai, after which the town granted oil concessions.
On 2 December 1971 Dubai, together with Abu Dhabi and five other emirates, formed the United Arab Emirates after former protector Britain left the Persian Gulf in 1971. In 1973, Dubai joined the other emirates to adopt a single, uniform currency: the UAE dirham. |
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Related Sites:
Emaar
Dubai Properties
Nakheel
The World
The Palm
Sama Dubai
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