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Dubai’s economy went through several years of expansive growth in the years following the turn of the millennium, with much of this driven by an active and rapidly expanding construction sector. Indeed, such was the pace and scale of activities at the time that a popular claim had it that the emirate was home to around 20% of the world’s cranes at the height of the boom in 2006. Even though growth levels are not what they once were, Dubai’s construction industry continues to play a significant role in its economy, and the emirate has become a global leader in terms of the value of its ongoing projects.

Maritime endeavours are a key component of Dubai’s history. The city was originally established as a trad¬ing port and achieved its prosperity chiefly from pearl exports. The discovery of oil in the emirate in the 1960s not only created a new source of wealth, but also encouraged the nation to develop modern maritime infrastructure, as oil exports relied heavily on shipping. In recent years, maritime facilities have been instrumental in Dubai’s efforts to diversify its economy. As part of a larger network of transport, logistics and free zones, the maritime industry is one of the cornerstones of Dubai’s economy. This chapter contains an interview with Sultan Ahmed bin Sulayem, Chairman, Ports, Customs & Free Zone Corporation and Dubai Maritime City Authority.

As a well-established regional hub for transport and logistics, Dubai is the UAE’s primary transit point for passengers and the main gateway for its non-oil exports and imports. Counting one of the world’s busiest airports and the Middle East’s largest port among its facilities, the transport sector makes a significant contribution to Dubai’s economy as well as that of the wider UAE. In 2017 transport and storage accounted for 11.2% of Dubai’s economy at a value of Dh46.1bn ($12.5bn), second only to wholesale and retail trade, which accounted for 25.8% of the economy. Although the emirate’s economy has had difficulties in recent years due to a series of largely external fac¬tors, the trans¬port and logistics sector has by and large bucked the trend. This chapter contains an interview with Mohammed Al Zarooni, Director-General, Dubai Airport Freezone Authority.

Dubai has a growing and multi-tiered insurance sector, with options including a conventional market as well as an offshore segment that features specialists and reinsurers that cover the region. The sector is part of the larger UAE’s insurance industry, in which federal regulators and laws oversee providers that operate nationwide as well as those created to service specific emirates and market niches. Together, they comprised the largest insurance market on the Arabian Peninsula in 2016, with premiums valued at $216m. Although retail insurance remains a small part of the UAE economy, the crowded and competitive nature of the segment indicates most players anticipate future growth.

Throughout 2018 Dubai continued working towards the goal of establishing itself as the global capital of the Islamic economy. Financial services are a core aspect of that project, and the emirate has taken a leading role in hosting Islamic financial services companies. Its government and government-related entities were early sellers of sukuk (Islamic bonds), and the industry has become one of the world’s most active in takaful (Islamic insurance). Dubai’s market is a two-track one; its onshore oper¬ations are complemented by an offshore element operated by the Dubai International Financial Centre. The free zone is emerging as a global hub for secondary market trading of sukuk, sharia-compliant, risk-management tools and insurance syndicates, and soon its first offshore Islamic bank. This chapter contains an interview with Adnan Chilwan, Group CEO, Dubai Islamic Bank.