Dubai is indeed one of the richest cities in the world and so many people from all over the world want to live a life in the Gulf region due to the attractive and rich lifestyle of the people of Dubai. Dubai is one of the richest cities in the world but some other countries lie above it. However, it can be possible that Dubai can take over those countries that are currently at a higher spot.
When we talk about the Gulf region, we consider that most of the earnings of these countries come from producing and exporting oil and gas. When it comes to Dubai, only 7 to 10 percent of its revenue is generated by exporting crude oil and gas. Then how is it one of the richest economies and how can it come at number one spot? Here are some of the reasons why and how Dubai can become the richest economy in the world.
Money Flows From Diverse Directions
If you are thinking that Dubai is largely dependent on its oil and gas exports as its neighboring gulf nations then you are absolutely wrong here. Dubai is a diverse economy and apart from exporting oil and gas, it has a very big tourism sector that brings a lot of revenue. Apart from this, transporter, trade, commerce, finance, and accounting services contribute a lot to the growth of the city. Even if the crude prices are down, Dubai won’t be much affected as compared to other neighboring Gulf nations.
Dubai has a very skilled workforce, people who are from different nations are far more in population as compared to the local people and most of the people are more skilled than the natives there. So, the companies employ more of those people whose main focus is to earn money and give their best for the organizations there. These workers are employed in every trade and operation of the city. People working in Dubai earn a respectable and competitive amount which makes them even more hardworking. If you are from some other country use the Dubai Salary Calculator to convert it into your home currency.
Busiest Gateway Of The World
Dubai has indeed the busiest airport as it is the gateway to all other countries. Most of the big flights connecting the USA, UK, Asia, or Africa connect from Dubai. All the major connecting flights always make a stop for some hours at Dubai Airport. Besides traveling, these locations are also quite important economic hubs, with markets increasing very quickly relative to developing nations. The only other option to expand into those economies would be through Dubai. So, from here as well the city earns a good amount of wealth and contributes towards the upliftment of the nation.
Booming Tourism Sector
Tourism in Dubai is yet another sector which is the major revenue-generating option for the nation. People from all over the world come to explore the beauty of the city, its exceptional cuisines, desert safari, the world-famous Burj Khalifa, and much more. The tourism industry in Dubai is a major resource of income and wealth after oil export. It can be a bit expensive to take a tour of Dubai from a country with lower currency value than Dubai but it is definitely a must-visit place for everyone once in a lifetime.