Property Markets - Economy of Dubai

Running head: PROPERTY MARKETS
Property Markets
Name of the Student
Name of the University
Author note

PROPERTY MARKETS1
Table of Contents
Introduction......................................................................................................................................2
Main body........................................................................................................................................2
Discussion........................................................................................................................................2
Conclusion.......................................................................................................................................4
References........................................................................................................................................5

PROPERTY MARKETS2
Introduction
The capital city of the Emirates of Dubai is Dubai. It is also recognized as most populous
city of the United Arab Emirates (UAE). The city has transformed itself into a resilient economy
through diversification (Smartdubai.ae 2020). Therefore, Dubai is a model country that achieved
resilient economic growth, which may assist other counties to transform and diversify
themselves. The growth rate of the Dubai registered at 2.1% in 2019 and it is mainly driven by
growth of non-oil industry.
Main body
Discussion
The government of Dubai took decision to diversify the economy from the oil-based and
trade-reliant to tourism and service-based, which resulted in magnificent growth and
development for the city. Dubai acts as major transport hub for the cargo and passengers
(Pathirage and Al-Khaili 2016). Previously, main source of the revenue of Dubai generated from
the oil industry. As the city went through transformation and diversification, out of total revenue
of the Dubai now lower than 5% generated from the oil. The main areas of specialization and
economic strength of the Dubai include real estate, aviation, trade, financial services and
tourism. It established itself as vital center for international and regional trade.
The particular cluster of industrial activity that currently dominates the Dubai economy
include transportation, financial services, tourism, logistics and construction (Husnéin and
Chakravarty 2016). The cluster competitiveness is a significant contributor of the resilient
economic growth of the Dubai. Though, the country has open labor market, which brought many
migrant laborers in the city. The labor market of Dubai is very competitive due to presence of the