The world knows that Dubai (UAE) – where the Vietnamese team is competing in the 2022 World Cup qualifiers – is a rich and luxurious city. But perhaps many people are still unclear about the origin of this wealth. Invite readers to answer the question by clicking on the green section below the image.
Dubai is different from many Middle Eastern countries when it does not depend on oil for economic development.
Diversified economy
Everyone knows about Dubai and its wealth. Dubai is part of the United Arab Emirates (UAE), which is famous for its oil. This makes many people think that Dubai is rich because of oil, but according to The Richest, oil only accounts for about 5-7% of the city’s total revenue.
In the early 1980s, Dubai authorities realized that it would not last long by relying solely on oil resources.
As a result, the city focuses on developing a diverse and vibrant economy. Tourism, transport, commerce, finance and real estate are the main contributors to Dubai’s wealth. While the drop in oil prices affected many countries, Dubai remained largely unaffected.
Free trade attracts investment
In Dubai, investors no longer have to worry about high taxes on investments or income. Dubai is famous for being one of the few places in the world with low commercial taxes and no income tax for domestic and foreign investors. It is this that has attracted investors from all over the world to flock here.
Technology Center
In the past, it was almost impossible to find technology companies setting up branch networks in Dubai. But now, everything has changed. Dubai is gradually showing itself as a respectable “power” in the field of technology.
Skilled Migrant Workers
According to Worldation, one estimate shows that for every Dubai native, there are 9 immigrants. Most immigrants have the skills and business acumen that fuel the city’s growth.
Important position
Dubai is strategically located geographically. It is seen as a hub for Asia and Europe. This important location ensures potential business opportunities in the long run for Dubai. The airport in this city is always busy with flights.