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The Dubai bubble may have burst and some of its more glitzy ambitions modified, but it remains an important market – and gateway – for a wide range of UK companies. And it’s still awash with cash and opportunity.
A member of the United Arab Emirates, Dubai is known for the breakneck speed it transformed itself from a sleepy fishing village nestling on the Arabian Gulf into the ultimate world-class glass metropolis following the discovery of oil in the 1960s. Since it was formed in 1971 Dubai has undergone wholesale economic and social development, elevating it to the premier business centre in the region.
With a GDP of £55 billion, oil plays a far less prominent role these days. Producing between 50,000 and 70,000 barrels a day, oil now accounts for a mere six per cent of its revenue. Oil reserves are likely to be exhausted within the next twenty years.
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