Dubai is the largest and most populous city in the United Arab Emirates
Dubai is a hub for anything to do with living a luxurious life
And the big question is how did this desert city of Dubai become so rich?
Let's find out hey guys. I'm Leroy Kenton, and this is another episode of FTD facts guys and before you continue
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So let's jump into this video about how Dubai became so rich and still remains so rich so the STC
economic power index ranks Dubai the 48th richest city in 2017 and that bumps it up ten spots since
2016 now check this Dubai has 14 resident billionaires and is a headquarters of seven of the top
2,000 public companies with a combined market value of 65 billion
Dollars now the first thing to look at when considering how Dubai became so rich is its huge oil reserves
This gave them the money to invest into economic development
Now the biggest forms of income for Dubai are real estate tourism and finance the real estate industry
Contributes more than twenty two point six percent of Dubai's total revenue, then there is a trade industry which contributes
16% and the finance industry contributes
11% but you see the oil reserves are not going to last forever
right
Dubai is actually
Expected to run out of oil in less than 20 years of course the government in Dubai is very concerned about this
I mean who wouldn't so they focused a lot of their attention to huge projects that will not only maintain Dubai's economy
But also allow for a lot of growth as well
So they're not just a one-trick pony hey we got rich from oil assists, try to keep oil forever alright
So even though the oil have been hugely profitable for a Dubai it only makes up four percent of its
Revenue the government decrease its dependency on oil from 9% from the years before as I was just
alluding to and doing that has allowed the economy to not be so affected by the
Volatility of the oil market and thanks to development of world-famous structures like the Burj
Kalifa and the Burj Al Arab as well as Dubai Mall
Which is the biggest shopping mall in the world as well as innovations such as air conditioned bus stops?
Dubai is a huge destination for tourists on top of that there's been a massive increase in
charges for government services which makes up 74 percent of the total budget
There's also the corporate taxes imposed on foreign banks the solid toll gates
Which earn millions every day and the Dubai Mall that gets 80 million visitors a year?
Brings in some serious cash for Dubai Dubai. Also has one of the highest
Concentration of millionaires in the entire world even though a lot of rich people
Live in Dubai many of them didn't make their wealth there many boutique firms
also settled in Dubai because of its tax rules as well as
Affordable labour and the final thing I want to share
Something to take a note of is that Dubai may not be as rich as other major cities like New York or London
But man their PR agency does a fantastic job in marketing Dubai which attracts a lot of rich people?
Which in turn contributes to their economy and since a large portion of Dubai's residents?
Live a good life
And the crime rates are super low and the general vibe of Dubai is just
Wealthy, that's mainly what people see and are focused on when they hear Dubai
So I mean they did a fantastic job, and the city is gonna continue to boom so there you have it guys
That was your brief snapshot of why do you buy has become so rich and why it continues to remain?
Wealthy and before you go. Don't forget to check out our facts videos about Dubai. I have a whole playlist
Specifically on Dubai that you definitely got to check out the link to that playlist is down below in this video description
This city will blow your mind
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Hey guys, so you're still here
Well that means you haven't clicked away from this video
So here's that playlist I was talking about which some more videos about Dubai as well as we have videos about other countries and places
All around the world, thank you guys so much for watching, and I'll see you real soon