We all know about Dubai and its various reasons for being rich in a very short period. It is well off on the grounds because of oil, construction, tourism, and much more. Many of us think that Dubai became rich just because of oil, but that's not the case. If you are in Dubai, explore the various business opportunities in the Daily Rent a car.
The oil comprises overall revenue but it is just 7% of the total. The rest of the income is generated by heavy industries and land investment. The major revenue of more than 100 billion dollars comes from airlines, ports, and the real estate industry.
What is the reason for the development in Dubai?
The main reason behind the miraculous development of Dubai is because of the rulers as they adopted western methods. It was understood in the last decades of the 20th century that only oil resources are not enough to compete with other countries. So, at the time the foundations were laid for the investments in real industry estate.
The oil was discovered about 50 years ago in Dubai. It helped to build the modern metropolis for less than 1% of state GDP. For now, this city is not only the hub of global businesses but also a luxurious tourist destination. It has the tallest buildings of all times, most luxurious Safari deserts, and the police that drive supercars.
One of the other important reasons behind Dubai's better economy is maritime activities. It was a modest fishing town in the 20th century and that's why it has become the most important trading port. Furthermore, it is located close to Iran and the Persian Gulf so it attracts the merchants and traders from different regions.
Nowadays, the main cargo port of Dubai Jebel Ali is the busiest port of the Middle East. Also, it is the most worthy and valuable commercial asset of Emirates. The reason behind its success is that it is located inside the free zone of Jebel Ali called Jafza. It is one of the 20 other free zones in Dubai and it is all set up by the UE government.
Dubai also has the world's 6 largest migrant population and it means that almost 80% of the foreigners are living in this country. Most of them are working in construction companies on low wages and they are bound to work for hours as their passports are withheld. But, the bill passed later that allows these workers to enjoy 30 days paid vacations, medical insurance, one day off in a week, and much more.
Also, due to the world-famous tourist point, many people from outside UAE work as chauffeurs in “Dubai rent a car” companies. Most of these drivers are foreigners that stay in Emirates to work for a living.
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UAE Oil reserves:
The richest state of UAE is Abu Dhabi and it holds almost 9% of the world's oil reserves. The oil resources were found in 1930 when Dubai had failed to find large oil resources. It happened as the decline of the pearl market was the main source of income for the gulf. It creates a lot of friction between the 2 emirates.
Dubai faced tensions escalating into armed conflicts because of the border dispute in 1947 with the British. The consequences were pretty clear and something had to change. Later when Sheikh Rashid became a ruler in 1958 he got involved in infrastructures. He took loans to establish private companies, build ports, electricity lines, etc.
The relationship between the UK and Dubai began again in the late 19th century. That's when the UK government agrees to establish regions in return for many diplomatic concessions. Still, Uk has strong business relationships with Dubai.
We have discussed many reasons behind the strong economy of Dubai other than the oil reserves. It has the world busiest airport that determines its position as a main gateway to the East. Also, it has become the destination for millions of tourists around the world. Make sure to utilize Dubai, rent a car, or car lease options to explore different opportunities.