Investing in Dubai: Investing in the future
Modern Dubai is considered to be one of the most desirable cities for starting a business and investing in the world. Today’s Dubai is the product of 20 years of intensive development. Prior to that, Dubai was only a small trading centre, whereas now it is the home of some of the largest man-made constructions in the world and is often referred to as “City of the Future”. Overseas businessmen – including Cypriots – are attracted to the great potentials and incentives this city has to offer.
Dubai’s economy was solely based on oil extraction and even though prices in oil were noticeably declining in the mid eighties, the first step towards creating today’s city was taken. An airline company was established despite the risk of investing in such a critical period. Surprisingly enough, this clever maneuver launched the beginning of a new industry – tourism – with an amazing 6% annual growth. (Over 7 million tourists in total and an increase of 8% visiting in 2006). Today, with estimations that oil reserves in Dubai will run down in 2016, Dubai’s Department of Tourism states: “We are now ready to live without oil’.
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Source: Financial Mirror