Dubai is a city in United Arab Emirates and became one of the 7 emirates of UAE in the year 1972. Today, Dubai has developed than any other city in the world to become an economic hub for investors, a repository for vast foreign investment and a world-class city for pleasure seekers. Krane (2010) equates Dubai to City of Gold due to its drastic growth from a Gulf port to a world-class economic giant.
The currency used in Dubai is UAE Dirham and its abbreviation is AED. It was first introduced in United Arab Emirates on 19th of May 1973. As of 24th of October 2013, the exchange rate of 1 United Arab Emirates was equivalent to 0.27 USD.
Today, Dubai and UAE is ranked among the world’s preferred trade and logistics hubs. In 2012, World Bank rated Dubai the 5th out of 183 countries for the easiness of doing business. Dubai has emerged competitive and creative in trade through online trade network that has been very successful. Dubai trade accessed through an online platform (www.dubaitrade.ae) remain focused in ensuring trade is made easier, faster and cost-effective. Due to high economic activity, it has been reported that Dubai has the lowest unemployment rate standing at less than 4.2%.
Previously, Dubai’s economy was largely built on oil exports, these days Dubai’s economy largely depends on tourism, foreign investments, real estate and financial services. Today, oil trades makes up 6% of the total GDP. Since Dubai has grown immensely, it uses various means of advertisement. For instance, the government has created tourism and commerce marketing department whose main role is marketing the city. The GDP for UAE is ranked 30th in the world and 2nd in CCASG after Saudi Arabia. It is estimated that in 2012, its GDP rose by 20% and is recorded to be among the fastest growing economies in the world.
Krane, J. (2010). City of gold: Dubai and the dream of capitalism. , NY: St. Martin's Press.