Dubai gdp

In the early 1990s, only a few hotels were available for tourists, and Dubai never had high oil revenues like Abu Dhabi. The Burj Al Arab hotel project in 1994 gave hope to the economy as a long-term strategy, an ambition to become the world's top tourist destination.

Being one of the favourite tourist destinations in the UAE, Dubai has seen a tremendous change in its economy in the past 60 years.

Some significant investments in Dubai have been primarily affected due to the recession that hit the global market severely.

Dubai economy facts

Even though Dubai's economy was built on the back of the oil industry, most of the city's banking and financial centres were headquartered in the port area and service industries got primarily affected as Dubai's property market faced a significant downturn during 2008-2009, as a result of the global economic slowdown.

During this recession, most of the ongoing projects, along with the jobs of the expatriates, got affected. Also, it was made public that Emaar had approximately $70 billion in credits and the state of Dubai an additional $10 billion w

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