When the United Arab Emirates (UAE) was formed in 1971, this paved way for Dubai. The city, situated between the United Arab Emirates’ (UAE) northern tip and the Persian Gulf was initially a small village on the coastline. Over the years, however, Dubai has become renowned the world over for trading and other associated business activities. In addition, Dubai is also famous for pearling settlements and fishing. Since 1833, the Al Maktoum Empire has ruled the Emirate. At the moment, Dubai has a population of approximately 1.6 million people (Williamson para. 1)
Buildings
In recent years, Dubai has witnessed the construction of the most magnificent skyscrapers in the world. For example, about 28 buildings in the city are above 200 meters high, all of which have been constructed after 1999. At the moment, 390 high-rise buildings have already been completed. An additional 321 are under construction. The tallest building in the world is located in Dubai. The construction of the building, Burj Khalifa, commenced in 2004. The project has been a success as a result of the strong backing from the government, and this has seen it gain the unquestionable prestige that characterizes it today. Dubai has also been affected by the bursting of the housing market bubble that began in 2007 in the United States. Consequently, various construction projects have been stalled due to cash flow problems. In addition, the depreciation in value of the dollar in comparison with the Euro has meant that the price of construction material from Europe has gone up and by extension; this has led to an increase in the overall construction cost.
Tourism
A few years ago, Dubai City was just a tiny Oceanside town but now the Emirate has emerged as an international vacation destination. From a humble village, Dubai has over the years transformed to become a leading tourist attraction city in the world. Tourism accommodation in Dubai is abundant and affordable, in comparison with other tourist destinations. This is because the city has in place an arrangement that enables visitors to book villas and apartments on a short-term basis. There are a number of leading tourist attraction centers in Dubai, notably the onboard desert. Surfing at the water part in Wadi is yet another attraction, as well as the numerous cruises that the tourism ministry organizes around the Creek in Dubai.
Although the city is not overflowing with museums, nonetheless, there is a number that is frequented by tourists. Due to its unique tourist attraction sites, Dubai is today the leading center for tourism in the UAE, mainly due to magnificent man-made sights such as its tall skyscrapers, in addition to its white sandy beachfront and palm-shaped island. Tourists are especially attracted to such locations in Dubai as the Deira, Jumeirah, and Bur Dubai. Each of these locations houses different outlets on tourism information under the management of the Department of Tourism.
Shopping
At the moment, the different shopping malls in Dubai have a combined space of approximately 14 million square feet. In the coming few years, plans are underway to double this space. Dubai offers an extraordinary shopping experience to individuals of diverse economic means. Some of the leading shopping malls in Dubai include the village and Ibn Battuta. In Dubai, a majority of the shopping malls operate between 10 am and 10 pm. The only exception is on Fridays, the day of worship for the Muslim faithful, who constitute a large percentage of the population in the Emirates. On this day, most of the shopping malls do not open till after 2 pm. The many souks and shopping malls found in the Emirates offer competitive prices to the diverse shoppers (Sue para. 4).
Investment
There are incredible prospects for growth over the next ten years and beyond. One of the big attractions to Dubai is the scale of developments planned in the near future. Dubai’s success is largely due to its central location for trade with Europe, Asia, Africa, and Russia. Many of the world’s biggest financial and corporate institutions are set up in Dubai and the Northern Emirates. While many parts of Dubai have been fully developed, there are some fantastic emerging investment opportunities for informed investor. At the moment, plans are underway for the creation of a property market with an international reach in Dubai. Previously, the property market has mainly been dominated by local investors, although foreign ownership has been on the increase since 2008.
Conclusion
Dubai is just the best place to go on holiday and do any shopping that is needed. It is so beautiful with tall buildings all over the place. Taking a trip to the Emirate may cost much in terms of air ticket but when one finally gets there, he/she will get fair prices of goods. Those purchasing goods from Dubai to other countries do not have much to spend compared to other countries where there is taxation. Dubai has really developed over the past years and still more infrastructure will be developed. Its economy is rapidly growing at a high rate hence attracting mere investors.
Works Cited
Sue, Stone. Mall of Emirates. Virtual Tourist. 2010. Web.
Williamson, Rhiannon. Dubai Lifestyle – The History of the City and Day to Day Life in Dubai. Dubai Lifestyle. 2004. Web.