Attracting Commerce to Dubai – One of the top 5 fastest growing economies
Located in the Persian Gulf just 145km from Abu Dhabi, Dubai continues to shine as one of the world’s top 5 most improved cities since 2010, as reported by property expert JLL in partnership with the Business of Cities Group. Over 200 city performance indices were collected in this calculation by the Business of Cities 2015 report.
This ranking is due largely to its commitment and dedicated efforts in both financial services and innovation of other services. Its growing trade markets and steady increase in tourism has help Dubai leap into the top 5 out of 300 ranked growing economies, providing growth in both employment and GDP per capita.
This steady uptick and sustained growth is in spite of the recent global economic crises, having improved its ranking from 167th in 2012 and 149th/150 in 2010. Their concerted efforts in specialising in trade and tourism have had a significant positive impact on the city’s economic recovery with additional growth in some of the infrastructure hubs.
Abu Dhabi vs Dubai
Abu Dhabi has also sustained some growth in its GDP per capita with an overall increase of 0.3 per cent from 2013-14 in addition to a 2.1 per cent increase in employment for the same period. The drop in oil prices, which accounts for over 55% of the UAE’s economy has had the biggest impact on Abu Dhabi’s growth.
Dubai’s economy is expected to grow between 4-4.5% this year. According to the Minister of Economy, the plummeting oil prices will not have an impact this forecast. The sustained diversification in the economy over the last 42 years has benefited the city.
These economic indicators are very attractive, especially for companies seeking to expand their global footprint in rapidly developing cities globally – these cities that are not only displaying sustainable growth, but are seeking to diversify in order to ensure future growth.
As companies relocate to Abu Dhabi and Dubai, more and more expats are following. Once a desert outpost, gardening palms and pearling, Abu Dhabi offers a more relaxed environment, compared to Dubai.
The tax-free wealth seekers from all corners of the world are arriving daily to this now-attractive destination of huge diversity. Work opportunities are plentiful in Abu Dhabi, the largest oil-rich emirate in the UAE. Abu Dhabi boasts an expat community that now outnumbers the locals. The shopping and entertainment is plentiful, the lifestyle is lively and the area is a super safe environment - crimes are very rare to the point of non-existent. Although expats living in Abu Dhabi outnumber the locals, The Islamic Faith mandates behaviour and all expats must familiarise themselves with and respect the Arab culture traditions.
James Swallow is Commercial Director of Middle East based PRO Partner Group. PRO Partner Group specialises in providing foreign investors with a seamless and financially efficient means to setting up a profitable corporate presence in the Abu Dhabi and Dubai. Contact James direct on firstname.lastname@example.org