What has made Dubai economically successful?

What has made Dubai economically successful?
It’s easy to pull a couch, grab a bag of popcorn with soda while one talks with happy people about thriving economies, rich culture, good spots for a family vacation, yadda yadda yadda.  

Don’t we all just love good stories or happy endings like those Telenovela on our cable? Well, I do. But let us not be too quick to forget the premise of vision, efforts, deprivation, sacrifices, and commitment put into whatever beautiful thing you see around you; these are rewards only to those who stood to the end. 

That Dubai has been considered a successful economy today is no magic, the zeitgeist then was just the sight of the mark and a coalition of goal-getters through the leadership of Rashid al Maktoum who was widely regarded as the driving force behind Dubai's massive expansion. One of his Aha moments was the discovery of oil; a good foundation for their successful economy. 

In today’s topic, we shall see how development started in the UAE [United Arab Emirates], how Dubai's economy became successful, and other economic activities in the UAE. 

Is Dubai economically successful? 
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What most people are unaware of is that the UAE is still categorized as a Developing country. The question gets more intense that: if a country is seen as developing, does that imply the economy is less successful? 

The truth is this: Dubai, amongst the other 7 Emirates is a successful economy. It has been known as a Megacity going by several objects of wonder it provides. Dubai’s economy is a stable one, hence you see the daily flux of ex-pats moving in to reside, and others to start-up businesses.  

Dubai’s economy has enjoyed a swarm of investors, residents, and tourists, all thanks to the environment that stirs you up to do more, and supports good intentions. 

What has made Dubai economically friendly? 
One of the most common misconceptions is that tourists believe Dubai's revenue is primarily derived from oil, even though only a moderate amount of oil reserves were used to generate the necessary infrastructure for trade, manufacturing, and tourism to build up Dubai's economy. The majority of Dubai's GDP (more than 95 per cent) is non-oil-based, owing to diversification from technology, tourism, real estate, construction, and other industries. 

Is UAE economically developed? 
While there are significant monuments to hold unto as validations for development in the UAE as a country, the UAE is still termed as a developing country according to development metrics. 

Talking about metrics, the economy of the UAE has been identified as the 4th largest in the Middle East with a striking GDP [Gross Domestic Product] of over USD 421 billion as of the year 2020. 

The metrics to this effect in a country group would term the UAE as a Developing/Emerging High-Income Economy. 

What are the economic activities in UAE? 
Although the UAE still has a large quadrant of its revenue generation from petroleum and natural gas, it has embraced the upscale of diversification which has been amazing in the Emirates.  

Dubai, amongst others, has a smaller oil reserve but has channelled its energy on other sectors that sets it on the map beyond its counterparts. 
The economic activities in the UAE range from construction, which currently has over USD 380 billion budget to that effect in the process, Tourism, Hotel Services, Healthcare, Software development, Technology, Space exploration, and a list of more. 

Does the UAE have a good economy? 
Let it be known that the UAE's economy is open, with a high per capita income and a sizable annual trade surplus. Oil and gas account for only about 30% of the country's GDP. 

There are other premises that revenue is generated from, which confirms that the UAE is an enabling country, and thrives in areas other than oil. 

The UAE has a good economy for the young, old, and non-citizens; this is obvious even to the non-tax receipt which was just reviewed some years back. 

The economy provides funding for various sectors just to encourage growth and empowerment for the people. 
 
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