» About Dubai

Dubai's rapid economic growth began in the 1960s with the first production of oil. However the city's wealth is no longer dependent on natural resources. In 2003, tourism overtook oil revenues as the prime source of income. Dubai's annual gross domestic product (GDP) is now approaching $50 billion. Revenues from petroleum and natural gas contribute less than 3% of Dubai's US$ 46 billion economy (2006). Trade, commerce and tourism and other service businesses contribute to a major share of the Emirate’s revenues. Dubai has attracted world-wide attention through innovative real estate projects and sports events. It has emerged and is acknowledged as a world business hub of many distinct advantages.

Dubai is an important tourist destination and its port, Jebel Ali, constructed in the 1970s, has the largest man-made harbour in the world. The Emirates is also increasingly developing itself as a hub for service industries such as IT and finance, with the establishment of a new Dubai International Financial Centre (DIFC). Numerous industry-specific free zones have been set up by the government throughout the city. Dubai Internet City, combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority) is one such enclave whose anchor members include IT firms such as EMC Corporation, Oracle Corporation, Microsoft, and IBM, and prestigious media organisations such as MBC, CNN, Reuters and AP. The Dubai Financial Market (DFM) was established in March 2000 as a secondary market for trading securities and bonds, both local and foreign. As on September ’07, the DFM reports a market capitalization of about US$ 98.8 billion.