how dubai has become so rich!?

Hey fam!

    Wlkm to my blog

       Today's topic is "why dubai is so rich?" How it has become a global destination, a global hub, and the third most travelled city in the world!?

       (Just to clarify, dubai is not a country , it is one of the seven emirates of UAE and hence is called an emirate)

       Returning to the qsn.. most of us will say that it is bcoz of the oil refineries present here. Bt my reply to this is a big NO..oil just accounts for 3%of total earnings in dubai in 2014 and even less now!!

       

         The reason behind their sucess  is a single person-

           " HIS HIGHNESS SHEIKH MOHAMMAD BIN RASHID AL MAKTOUM"

            a visionary leader, prime minister of UAE and ruler of dubai , who has converted dubai from oil based economy to tourism based economy , to a financial hub based economy ..yes! Have a look

TOURISM IN DUBAI:-

Tourism is one of the bigger non-oil sources of revenue in the UAE, with some of the world's most luxurious hotels being based in the UAE and so in dubai also.dubai never settles for anything less than first place..they just want only one or number one..here is a list of miracles owned by dubai:-

#biggest mall in world- dubai mall

# world's largest tower-Burj Khalifa

#man made island- palm Jumeirah

#only seven star hotel in the world- burj al arab

#flowers in the desert- dubai miracle garden

# highest five star hotel-JW Marriott

# largest fun park- the dunai land( 2.5× bigger than disney land)

#biggest gold store- the gold souk

And this list is never ending...

   The most interesting thing about this is that these are established on unbaked clay which is never preferred by any other country for construction purposes bcoz buildings leans in these kinds of soil ..

tourism sectors contibutes upto 12.1 % of GDP of dubai and that huge!!

FEES AND FINES!!--

Dubai does not impose tax on wages and income salaries.The Major sources are Government fees (62%) and Tax revenues (23%).

Here are the various tax revenues:

Oil companies pay a 55% in addition to paying royalties.

Foreign Banks: 20% corporate tax.

Hotels and entertainment : 5% on rooms,foods services etc.

Luxury imports: 10% on luxury and 4% on other items.

Alcohol: 30% sales tax

However all these together are only ~17% of the governments revenue.Fees to establish businesses and conduct trade accounts to around $5.5bn, or 62%, of the total revenues.

 They impose fines on even some silly mistakes...so beware if u go there ..u are not even allowed to wash ur own car by urself there!!! It costs u 200 dirham as a fine!!!!

INITIATIVES TAKEN FOR FURTHER DEVELOPMENT:-

dubai is developing very rapidly nowadays.the government is taking innovation led initiatives day by day...it  has launched a 10× project under which dubai aims  to Make everything 10 times bigger, 10 times faster and 10 times more efficient!!!

 Also they have been making free wifi zones , floating restaurants,marine beaches,hyperloop trains,canal projects and much more!

     Dubai has the richest police in the world .they are even making smart police stations without human intervention!!. 

The development is so rapid that  ¼th of the total cranes in world are working in dubai only 

They get 65% of the labour from the countries like India, Pakistan, Bangladesh,Nepal and Phillipines bcuz his highness know this very well that they'll find hardworking labourer here only that can bear hot temperatures !!!.

     DUBAI is one of the least conservative place where 200 nationalities live !!

  

 All in all ,no one can deny the advanced position that Dubai has reached throughout its hard journey. Since the union with other Emirates Dubai is working hardly to reach what it achieved today. Although, Dubai reached what was a dream for its sons, it’s continuously working hard with full ambition. I advice all people who want entertainment and pleasure to visit Dubai. 

 Thanks 😊