Discover what makes Dubai one of the best cities in the world through it’s journey, modern architectural wonders, multicultural environment and mega-projects that position Dubai as the future leader in tourism and economic development.
In 45 years, Dubai has transformed itself from a local trading community into one of the most inspirational, exciting and successful cities in the world.
An important milestone in Dubai’s history was the discovery of oil in 1960 at Dubai’s Fateh Oil Field. Upon the first export of oil in 1969, the economy of the emirate began to flourish.
In 1980s and early 1990s Dubai took a strategic decision to become a leading international tourism destination and it has quickly become a city that is recognized all over the world, with the world’s tallest building, the world’s richest horse race, the world’s tallest choreographed fountains, the world’s largest man-made island, the world’s most luxurious seven-star hotel and the world’s most visited mall in the world to start with. With extensive investment in advanced infrastructure and completion of incredible projects with unmatched speed and scale, Dubai has become one of the most futuristic cities in the world.
An Architectural Wonder
Dubai is a home to many world renowned architectural wonders, such as the Burj Al Arab and Burj Khalifa as well as major tourist and leisure attractions with more to come by 2020.
Some of the incredible projects that are expected to be completed by 2020, the year of World Expo in Dubai, include: the Dubai Water Canal Project, the Museum of the Future, the Jewel of the Creek, the Al Habtoor City, the Deira Islands, the MBR City – District One, the Aladdin City, the Dubai Frame, the Al Mamzar Beachfront, the Bluewaters Island with the Dubai Eye and the Dubai Creek Harbour.
The $10 billion Mohammed Bin Rashid Al Maktoum (MBR) City – District One is expected to be fully handover by 2020, many units are expected to start being handed over from the first quarter of 2019, followed by retail outlets such as another biggest mall in the world, 7km of Crystal Lagoons and the world’s largest artificial beach with a 14km boardwalk.
MBR City Guide with Imrann Nawab, Director of Sales at Gulf Sotheby’s International Realty
The Dubai Creek Tower is another very exciting architectural project as the tower will be taller than Burj Khalifa and it will be a result of an incredible collaboration between Santiago Calatrava and local entrepreneur Mohamed Alabbar. The design has been chosen by His Highness Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, following an international competition between five of the world’s top practices.
A Multicultural Hub
Dubai is a multicultural hub that is admired by it’s huge expat community, which makes 80% of the total population with over 200 nationalities, as a result of its tolerance and openness towards different nationalities, cultures and religions.
According to Andrew Nelson, Editorial Projects Director at National Geographic Travel, “Cities that support their residents with progressive policies and welcome newcomers of different nationalities, religions and races flourish and thrive…Cities that celebrate their residents’ differences transform themselves into places that embrace new identities and communities. These are the cities of the future: cities that make the most of the present tense to nurture sustainable growth.”
As mentioned in the World Best Cities Report that was recently released by Resonance Consultancy, Dubai rises from the golden sands like a mirage. Religiously tolerant, socially liberal and future-forward, the capital of the modern Arabia has become a brand – a brand that many in the Western hemisphere can understand, buy into and visit.
A Booming Tourist Destination
Dubai is recognized as a booming tourist destination with a vision to attract 20 million visitors every year by the year 2020, which is a double of what was recorded in 2012. According to Gulf Bureau of Statistics, Dubai’s future predictions in areas such as tourism and commerce would lead in the world by 2023.
In a recent report that was released by Euromonitor International, Dubai is the sixth most visited city on earth. According to the source, it is the only Middle Eastern city in the top ten and expected to attract more than 26 million visitors by 2025. The number of tourists has increased by 11.2 percent, from 14.9 million in 2016 to more than 16.5 million in 2017. Nicola Kosutic, Euromonitor senior research manager, says; Dubai’s focus on developing world-class theme parks across adventure and entertainment, such as Legoland and Motiongate, further drive the demand in the family holiday segment. With the construction of entertainment facilities such as those envisaged for Dubailand, Dubai is fast becoming one of the world’s most significant leisure destinations.
Another factor that makes Dubai an attractive tourist destination is it’s location. The UAE is located within 8 hour flight of two thirds of the world’s population, accessible from every major global city in one stop, which is why it is no surprise that Dubai has welcomed 15 million overnight visitors in 2016. During the World Travel Awards, Dubai was named the Middle East’s leading destination of the year with region’s leading tourist attractions.
A City built for Business
Dubai is a politically stable environment with a strong, stable economy and positive future economic outlook, which makes it an obvious choice for anyone looking to invest in real estate.
According to the International Monetary Fund (IMF) findings show 1.3 per cent growth in the UAE’s real GDP in 2017, which is expected to surge to 3.4 per cent in 2018. Real Estate and construction contribute 30% to the overall GDP of Dubai.
A safe, viable and profitable business environment is key to pulling international investors. It is the fastest growing economy in the world with massive influx of tourists from across the globe.
The steady market and the quality of tourist experience makes Dubai a premier destination for return on investment. It offers high rental returns, which attracts a significant amount of international investors. According to property portal Bayut.com Dubai’s rental yields can range from anywhere from 8% to 10%. As property prices are lower than other international markets and with a close proximity to Asia, investors from India and China possess a key advantage in making money from renting out property.
Luxury living continues to dominate the real estate sector in Dubai, yet now a rising demand for homes that answer the need of a new customer segment known as millennials is ushering in.
According to recent findings, 44% of millennial expats are keen on purchasing a home in the UAE within the next three years. Identifying the unique needs of this young, tech-savvy and connected new crop of individuals forms the first step in defining and designing concepts that best complement the urbanites fluid lifestyles.
With strong leadership and new exciting futuristic projects that are going to be built by 2020, Dubai is among the world’s best cities to visit, to live in and to invest it.