In the four years since the 2008-09 economic downturn swept the world, Dubai’s hotel industry has experienced substantial volatility. Occupancy and revenue per available room (RevPAR) rates dropped substantially in the wake of the crisis, especially at high-end luxury properties, as wealthy leisure tourists made an effort to reduce their...
The construction sector in Dubai was hit hard by the 2008-09 global economic downturn. Indeed, the constraints on financing slowed the pace of building work altogether and made many investors cautious about stumping up money before projects were completed. In mid-2011 and 2012 the market began to turn around slightly, buoyed by steady development...
For much of recent history, the emirate’s position has made it a hub for air travel. The city’s aviation history stretches as far back as 1937, when Dubai reached an agreement with the British government allowing Imperial Airways to land flying boats on the Dubai Creek in between buoys. The British carrier used the location for important flight...
As one of the fastest-growing economies in the world in the early 2000s, the emirate’s GDP grew by 18% between 2006 and 2007 alone, according to the Dubai Statistics Centre. The biggest achievement during this period, however, was the successful diversification of the economy away from oil. While the government was the main driving force behind this...
Using a combination of central location and advanced infrastructure to attract trade operators from around the world, Dubai has successfully carried on its legacy as an shipping point between East and West. After the discovery of oil in 1966, the emirate benefitted from increased revenues, which authorities used to invest in upgrades to the...
A business-friendly environment and prime location have helped Dubai maintain a long-standing reputation a centre for trade. Building on a historical model that gave tax breaks to pearl traders, the emirate has attracted foreign investment by developing free zones that appeal to investors and businesses alike. Dubai’s free zones generally offer a...
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