Fiscal and monetary
Dubai has not only become an important tourist destination and port (the jebereli artificial port, built since the 1970s, is the largest artificial port in the world), but also an important industrial center of information technology and finance.Established in September 2004, Dubai International Financial Center is a 110-acre free trade zone serving businesses between Western Europe and east Asia.
Dubai's oil now provides only 6% of GDP and is expected to run out by 2010, so it is no longer a purely Arab "oil state".In dubai, gasoline is cheaper than at home, usually more than 3 yuan a liter.
Dubai has experienced unprecedented growth as government decisions have shifted from oil to services, tourism and real estate.Orderly construction has made dubai one of the fastest growing cities in the world.
Dubai has long occupied a prominent position in the region's trade geography.Dubai has always been a prosperous commercial center and dubai harbour has played a very important role in the city's economic development.Dubai harbour has long been a safe and important port for small and medium-sized vessels carrying a wide range of cargo to different parts of the gulf, the Indian subcontinent and East Africa.
Dubai's market has no foreign exchange controls and is very open and easy to access.Import taxes are typically 4 per cent and the telecommunications infrastructure is superb, providing services to a thriving financial and services sector.There is plenty of energy, too. Even tap water, once a perennial problem in the Arab world, is now being desalinated.
The transportation infrastructure is comparable to that of any developed place in the world.As a hub for sea and air conversion, dubai airport takes off and lands nearly 300 flights a day, flying to about 130 destinations.The country founded its own international airline, emirates, in 1985, and has had a stellar record ever since.
It is home to many household names such as aiwa, brothers, casio, nokia and SONY, and 15 Hong Kong companies have started operations there.At dubai airport, a new light-industry zone has opened.Dubai's retail, entertainment and tourism sectors are growing strongly, and its image has been boosted by ambitious promotions.Staggering giveaways of luxury cars and gold bars, as well as city-wide discounts, are a feature of dubai's annual shopping festival.Shopping turns the whole city into a theme park.In 1998 alone, its huge success attracted more than 2 million visitors and brought in more than $1 billion in spending.
70% of dubai's imports are re-exported to other countries, usually to neighbouring islamic countries.Iran is the biggest export target, with Afghanistan and azerbaijan in fourth and sixth place respectively.One might prefer to see these markets still under the thumb of dubai's business community.