This tiny Middle East emirate has loads of business opportunities for companies with expertise and service know-how. But don't wait too long—your competitors are moving in.
Unless you’ve been camping out in Tibet for some time, it’s been hard to miss the news that Dubai is booming. The place is already home to the world’s tallest office tower; new residential islands bigger than San Francisco are under construction in the Persian Gulf; the Dubai government has ordered up an amusement complex the size of Paris. And according to Stephen Roach, chief economist at Morgan Stanley, 20% of the world’s construction cranes are operating in Dubai. To put it another way, Dubai is a swaggering, hyperthyroid boom town, reminiscent of Texas cities during the banking, oil, and construction fevers of the 1980s. In relation to its neighbors, certainly, it’s the most attractive place for a thousand miles around—a mecca of shoppers, vacationers, pensioners, ambitious expats, and worldly corporations. Even more impressive, tiny Dubai—it’s both a city and a state in the United Arab Emirates (UAE), and is only half again as big as Rhode Island—may transform not just itself but also the economy of much of the Middle East. Its successful launches of vast, well-run projects, including the profitable and popular Emirates airline, spectacular hotels, and a huge medical complex blessed by Harvard Medical School, have been noticed by its neighbors, such as Saudi Arabia. Now they too are spending far more on infrastructure improvements, health care, and long-term growth that will help build economies not entirely dependent on oil. Indeed, the recognition that Dubai was likely to run out of that very commodity is what spurred its ruler—His Highness Sheikh Mohammed bin Rashid Al Maktoum, who’s in his late fifties—to steer Dubai in this new direction some 15 years ago. Continue to the full article from Bloomberg.
Unless you’ve been camping out in Tibet for some time, it’s been hard to miss the news that Dubai is booming. The place is already home to the world’s tallest office tower; new residential islands bigger than San Francisco are under construction in the Persian Gulf; the Dubai government has ordered up an amusement complex the size of Paris. And according to Stephen Roach, chief economist at Morgan Stanley, 20% of the world’s construction cranes are operating in Dubai. To put it another way, Dubai is a swaggering, hyperthyroid boom town, reminiscent of Texas cities during the banking, oil, and construction fevers of the 1980s. In relation to its neighbors, certainly, it’s the most attractive place for a thousand miles around—a mecca of shoppers, vacationers, pensioners, ambitious expats, and worldly corporations. Even more impressive, tiny Dubai—it’s both a city and a state in the United Arab Emirates (UAE), and is only half again as big as Rhode Island—may transform not just itself but also the economy of much of the Middle East. Its successful launches of vast, well-run projects, including the profitable and popular Emirates airline, spectacular hotels, and a huge medical complex blessed by Harvard Medical School, have been noticed by its neighbors, such as Saudi Arabia. Now they too are spending far more on infrastructure improvements, health care, and long-term growth that will help build economies not entirely dependent on oil. Indeed, the recognition that Dubai was likely to run out of that very commodity is what spurred its ruler—His Highness Sheikh Mohammed bin Rashid Al Maktoum, who’s in his late fifties—to steer Dubai in this new direction some 15 years ago. Continue to the full article from Bloomberg.
No comments:
Post a Comment