How often have you heard that Dubai is the city of the future? A city that has emerged in the midst of nothing forty years ago, and now ten years ahead of the world – building, employment, technology, architecture, security…
Dubai is known around the world as a Middle Eastern capital of extravagance. It’s an emirate ruled by money and luxury. The infinitely high buildings of this city can only be measured with its huge shopping malls and with accounts in the banks of its inhabitants. Known as a fun park for rich people, Dubai is a place where entire emigrant communities enjoy the benefits of a tax paradise. Dubai is developing at incredible speed, and while you are reading this article, the city has probably added at least one building or road to its possession.
If you are living in Europe just a couple of hours is dividing you from a city that lives for twenty-four hours a day, a city with lots of entertainment, restaurants, clubs, indoor ski resorts, shopping centers, various attractive places. Those who had the opportunity to visit this city could see numerous cranes and workers who 24 hours a day constructing new, more luxurious hotels, business buildings, shopping centers. In general, this is one of the rare places in the world where you can experience security, kindness, high-level cleanliness and so many opportunities for work and pleasant vacation in one place.
Foreign investors have noticed that this city has huge tourist potential and in this area tourism has started to develop more and more. The first major tourist movements in Dubai were recorded in the 19th century, and today thousands of people come here every day.
Realizing how much the sector of tourism is influencing the development of the economy Dubai has invested both in infrastructure and in the promotion. The government of Dubai has also determined the so-called free zone – areas that are allowing investors to operate without customs duties and taxes, as well as without any kind of limitation in the transfer of funds.
As far as the real estate market is concerned, the development has been stimulated by changes in legislation more than 15 years ago, according to which foreigners are being allowed to buy real estate under certain conditions and freely manage them. Since then all analyzes are pointing out the meteoric economic growth. The real estate market of Dubai brings billions of dollars each year. Increased construction activity is a significant driver for the development of other production and service activities.
Although the city was largely built on oil production, it now accounts only 4% of the total national income, which amounts to over 45 billion $. Aware that stocks of the so-called black gold are close to an end, the Emirates wisely and in time decided to invest in tourism, construction and the creation of new business premises. Today, Dubai is a tourist city for the world elite and is named “city in the clouds”. This epitome was well deserved because of its modern architecture that is increasingly present in the city.
The Smart Dubai Initiative was launched in 2014 to strengthen and promote an effective and secure city experience for residents and visitors to the city. One of the “smart city” initiatives is measuring the happiness and satisfaction of citizens and visitors of the city. It is an initiative to measure happiness on the experience that visitors and citizens gain through innovation introduced by the public and private sectors. Measuring devices are installed on web sites as well as in certain locations in the city.
The city of Dubai is accelerating its plans to create a sustainable and ecologically urban landscape. It implements various measures to make the city more energy-efficient, including the installation of intelligent parking systems, LED traffic lighting and the introduction of electric vehicles and the charging infrastructure. With the introduction of electric vehicles, Dubai started in 2015. There are some strict but fair laws regarding car accidents and car insurance and those looking to find the best offer can go to buyanyinsurance.com
In 2017, Dubai was granted the right to host the World Expo 2023 exhibition on the theme “Connecting the minds, creating the future”. One of the interesting things connected to this exhibition is that “smart palm trees” is a part of it. These devices can be used to organize public spaces and, of course, as a place to rest, where they can surf the Internet. They also act as a tourist attraction, and besides being ecological, they are also useful for increasing public safety. A surveillance security camera, which can be used by the city authorities, is installed on each palm. Through the web site, companies can get data on the number of Internet users and devices that are filling in palm trees.
Dubai is often referred to as the largest construction site in the world: according to some estimates, there is now between 15 and 25 percent of all cranes in the world in this city. Dubai wants to surpass New York, Shanghai and Hong Kong and become a skyscraper metropolis of the world. With record highs of skyscrapers, which are a mixture of old and ultramodern architecture, Dubai has already captured the epitome of the futuristic city.
The expansion of Dubai is still happening, and the construction sites are at every turn. Road infrastructure is being improved, but new large business and residential complexes are also being built. The city is expanding rapidly and more often in the height than in the width, because the land is the most expensive thing in this futuristic city.
The Investment Corporation of Dubai (ICD), the “right-hand” of the government, was founded in May 2006. It was established with the aim of providing strategic supervision through the development and implementation of an investment strategy and corporate governance policy, all of which would increase the value of emirates with a long-term benefit.
The Dubai Emirates Investment Corporation has a rich portfolio of local and international assets, and works to preserve and improve economic prosperity for future generations.
Based on a sustained assessment of the regional and world economy and financial conditions on the market, the ICD checks and makes decisions on how to invest capital and which areas are favorable for investment, which are currently not in a favorable position.