Post of 24 June 2024
According to magazine New Scientist, London “The global luxury travel industry is fast approaching a $2 trillion valuation, and Dubai’s contribution to it is completely untethered from the historical standards set by Paris, London, Saint-Tropez and New York.”
Dubai is a city in the United Arab Emirates (UAE) known for its rapid development, modern architecture, luxury shopping, and as a business hub. It is located on the southeastern coast of the Arabian Peninsula and is one of the seven emirates that make up the UAE.
Dubai is famous for its iconic landmarks, such as 2716-foot Burj Khalifa and the Burj Al Arab, a luxury hotel shaped like a sail and the Museum of the Future. Its unique architecture and infrastructure including Dubai Metro offers clue to the Dubai of 2030 or 2050 and beyond.
In addition to its modern attractions, Dubai also offers cultural experiences as it is home to a diverse population, with people from around the world living and working together.
Dubai’s real estate’s resilience may signal end of “boom-bust cycle”, whether new or old residents, most are buying for occupancy now and as a result prices remain silent.
It is noteworthy that Dubai’s economy is neither based on Keynesian theory of capitalism nor the Marxist theory of socialism, but it has its own “Economic Theory” free from inflation, interest rate and banking monopoly. It exports $60 billion of refined petroleum but in fact, 80% of city is car-free.
Overall, Dubai is a city that combines modernity and luxury with Arabian culture and traditions, making it a new regional sustainable leader and economic powerhouse in 21st century.
#NOTE: “We may not live for hundreds of years, but the products of our creativity leave a legacy long after we’re gone” said Sheikh Mohammed Bin Rashid Al Maktoum as inscribed in Arabic on “the Museum of the Future”.
