Gulf Tiger
What Is the Gulf Tiger?
The term Gulf Tiger alludes to the Middle Eastern city of Dubai, a major city situated in the United Arab Emirates (UAE). It is one of the main areas of trade and the travel industry in the Middle East and is noted for being the area's central hub of export trade. It has additionally become one of the largest hubs for financial and data technology industries in the world.
Dubai is the second most well off emirate in the UAE, after the capital of Abu Dhabi, and is home to the world's largest shopping center and Burj Khalifa, the world's tallest building. The city's population was estimated to be 3.43 million of every 2021, which is comprised of around 95% expatriates and a nearby population of just 5%.
Figuring out the Gulf Tiger
The Gulf Tiger has one of the quickest developing economies in the Middle East, subsequently its moniker. Dubai, which is found south of the Persian Gulf on the Arabian Peninsula, is perhaps of the most cosmopolitan city in the region. It has the largest population and second-largest land area of the seven emirates in the UAE. It is additionally one of the top traveler objections in the Middle East and home to the region's most active international airport.
Dubai had a special interest as a tiger economy, an epithet customarily used to depict the booming economies in Southeast Asia, following several years of twofold digit economic growth beginning during the 1990s. This is one reason why it's additionally alluded to as an Asian Gulf Tiger.
In 2021, the UAE had a gross domestic product (GDP) of $410 billion. While oil exports shaped the initial foundation for its economy, Dubai diversified its economy into different areas, like real estate, construction, trade, and financial services. Oil presently makes up 8.3% of Dubai's government revenue.
Investment in the city's infrastructure has changed Dubai into a financial, data technology, and real estate hub. The construction, finance, trade, the travel industry transport, and aviation sectors are among the primary drivers of Dubai's economy. The building boom in the main decade of the 2000s prompted the construction of a portion of the world's biggest buildings and most aggressive construction projects, including:
- Burj Khalifa, the world's tallest building
- the Palm Islands, three artificial islands situated on the bank of Dubai
- Jebel Ali Port, the world's largest man-made harbor and the biggest port in the Middle East
Foreign investors focus on the UAE due to its positive business climate, political stability, and in light of the fact that the government doesn't tax corporations straightforwardly,
Special Considerations
The city is committed to diminishing its economic reliance on oil. Creating renewable energy resources is powering the city's proceeded with growth. In January 2017, government authorities announced a plan to fundamentally increase its reliance on renewable energy later on, with a goal of creating 44% of Dubai's energy from renewable sources by 2050. This involves an investment of $163 billion, which incorporates the expansion of Dubai's infrastructure.
Challenges
The Gulf Tiger was hit hard following the 2007-2008 financial crisis, due in part to its dependence on the travel industry and construction. Foreign travel retreated, which hugely affected the retail sector, and several major construction projects stopped. Construction on the Dubai waterfront, scheduled to be the world's largest waterfront, additionally stalled in 2009. Real estate prices additionally dropped. A few sectors in the city didn't see improvement until no less than 2011.
Like different parts of the world, Dubai's economy was additionally hit by the global COVID-19 pandemic. By and by, the retail, the travel industry, and transportation sectors are the ones that were raised a ruckus around town, with real GDP contracting by 10.8% in 2020. Reuters reported that the economy probably won't return back to previous levels until around 2023. The nearby economy is expected to bounce back in 2022-23. in part due to Expo, a large multinational convention which runs between October 2021 and March 2022.
Features
- The city is one of the main centers of trade and the travel industry in the Middle East.
- Dubai is a financial, IT, and real estate hub.
- The city is committed to diminishing its reliance on oil by investing in renewable energy sources.
- Gulf Tiger is a moniker given to the Middle Eastern city of Dubai, which is situated in the United Arab Emirates.
