Dubai Jobs and Dubai Economy
Hi, Sunil here to talk about Dubai jobs and their relation to the Dubai economy
How come most cities are not able to do what Dubai has done even in their dreams?
The answer is a combination of factors, and within that combination exists the discovery of oil in the United Arab Emirates (UAE) back in the 1950s and how Dubai used that to its advantage in developing a diversified economy of which oil is only less than 6% of annual revenues.
Dubai wasnt the first Emirate to discover oil.
But it was the first to have the leadership who had the strong determination and the long term vision to turn it into what it is today. You must already know that the UAE as a whole is governed by one council of rulers.
However, Dubai has increasingly branched out to be more autonomous than the rest of the 6 Emirates.
Many of Dubais decisions are made solely by Dubais government (mainly Sheikh Mohammed bin Rashid Al Maktoum)
The main industries in Dubai were fishing, pearling and small scale trading. Dubais coastal location between the European and Asian continents made it an ideal place for traders and merchants to meet for trade. There were no "Dubai jobs" per se back then.
In 1962, shortly after the discovery of oil, Abu Dhabi (the capital of UAE) was the first Emirate to begin exporting oil outside the country. The president of UAE at the time made sure that the entire country benefited from this discovery.
Dubai took advantage of the opportunity and expedited oil drilling within its boundaries and invested the money earned right back in into the Dubai economy. Not in oil, but in building structures, establishing free zones for larger trade and tourism. This is what created loads of Dubai jobs initially.
Dubai took the money it made from its diversified investments and reinvested it back yet again into its economy, this time doing bigger and better things. The cycle kept going (it still is) and The City evolved into one of the most modern, dynamic and fastest growing cities in the world.
Today, Dubai is at the forefront of any and every industry you can think of, from construction, financial services, engineering, healthcare, to IT and engineering. But it is really the establishment of the oil industry that started the snowball effect in Dubai jobs.
The need for oil labor brought in many immigrant workers from nearby nations due to Dubais lack of man power. Till today, less than 20% of Dubai is made up of local citizens (or Nationals). Most of the Dubai jobs, white collar or blue, are taken by expatriates.
The shortage of labor has made Dubai compromise its immigration laws to attract the best talent from overseas to aid in its development and progress. Today Dubai is saturated with immigrant workers in every industry. It is the fastest growing city in the world (2008). And I think almost too fast for its own good!
Dubais government made a very smart move before any other Emirate in the UAE. Dubai knew that it only had a little oil (relatively) and that it would only last them 30 years. In order to continue progressing, the government knew it needed to diversify Dubais revenue sources.
And that is exactly what they did. They invested all their capital in the emerging industries and diversified Dubai to the well-oiled economy that it is today. But where did all the investment money come from?
In addition to revenues collected from trading/docking fees, Dubai expedited oil extraction to generate the cash flow it needed to invest in its infrastructure and diversification. A very smart move.
So if you see someone mention anywhere that Dubai has developed and progressed into what it is because of all the oil wealth, you can tell them that they are clearly misinformed. This is a very common presumption many people share.
Open Trade & Tax Free Zones
A big catalyst in Dubais progress was also the governments decision to establish several tax free trading zones and the continuous encouragement of international trade.
Many businesses set up Dubai offshore companies specifically for tax and trading purposes. Dubai is continuing to establish more free trading zones to encourage further business development.
Two of the most recent projects include the establishment of Dubai Media City and the Dubai Internet City, which are two of the worlds first Free Zones dedicated only to technology. Keep your eyes peeled for many more to come.
Current State of the Estate
Today, Dubai is well known all around the world as tourism and hospitality hub. It also has very well established financial markets and the financial services industry is growing leaps and bounds. Other industries like engineering, IT and healthcare are also on the rise.
Dubai has some of the biggest and best designed structures you will see in the world. These modern skyscrapers coexist with the old traditional Arabic structures. Quite a contrast to the eyes but they blend it perfectly with each other.
Financial services is the fastest growing sector in Dubai today. People are becoming wealthier and there has never been more demand for finance jobs in Dubai around money management and investing.
Similar to the transformation in the US, the Dubai economy has mostly become a service economy. It has a strong manufacturing base as labor is cheap. However, service is where the future lies for the Dubai economy.
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