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    Gulf Final

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    Parichit Ghai
    The document discusses how Dubai avoided the resource curse by diversifying its economy away from oil. When oil was discovered in the 1960s, it transformed Dubai's economy. However, by the 2000s oil revenues made up less than 7% of GDP as Dubai shifted focus to industries like travel, trade, real estate, and infrastructure. Megaprojects helped attract tourists and investment. Today sectors like travel and tourism account for 30% of GDP, demonstrating how Dubai successfully diversified to sustain growth beyond its oil resources.

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    Gulf Final

    Uploaded by

    Parichit Ghai
    26 views23 pages
    The document discusses how Dubai avoided the resource curse by diversifying its economy away from oil. When oil was discovered in the 1960s, it transformed Dubai's economy. However, by the 2000s oil revenues made up less than 7% of GDP as Dubai shifted focus to industries like travel, trade, real estate, and infrastructure. Megaprojects helped attract tourists and investment. Today sectors like travel and tourism account for 30% of GDP, demonstrating how Dubai successfully diversified to sustain growth beyond its oil resources.

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    The document discusses how Dubai avoided the resource curse by diversifying its economy away from oil. When oil was discovered in the 1960s, it transformed Dubai's economy. However, by the 2000s oil revenues made up less than 7% of GDP as Dubai shifted focus to industries like travel, trade, real estate, and infrastructure. Megaprojects helped attract tourists and investment. Today sectors like travel and tourism account for 30% of GDP, demonstrating how Dubai successfully diversified to sustain growth beyond its oil resources.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    26 views23 pages

    Gulf Final

    Uploaded by

    Parichit Ghai
    The document discusses how Dubai avoided the resource curse by diversifying its economy away from oil. When oil was discovered in the 1960s, it transformed Dubai's economy. However, by the 2000s oil revenues made up less than 7% of GDP as Dubai shifted focus to industries like travel, trade, real estate, and infrastructure. Megaprojects helped attract tourists and investment. Today sectors like travel and tourism account for 30% of GDP, demonstrating how Dubai successfully diversified to sustain growth beyond its oil resources.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 23

    Gulf:

    thE land
    of
    Oil in Dubai
    It could have been a curse.
    Resource curse:
    “the tendency of countries with high levels of natural
    resources to exhibit worse economic and political
    outcomes”
    (Morrison, 2008)

    “A paradoxical situation in which countries with an


    abundance of non-renewable resources experience
    stagnant growth or even economic contraction.”
    Dutch disease
    A nation finds ample natural resource reserves.
    Economic focus begins to target this high-income
    industry.
    Skilled workers from other sectors transfer to the
    resource sector.
    Higher wages make the national currency less
    competitive.
    Other industries, especially the manufacturing sector,
    begin to suffer.
    Dutch disease in Columbia
    Booming coffee sector
    Dubai and Economic Time-line
    1990- Persian Gulf war and its effect
    on Dubai.
    1985- Dubai starts Emirates airlines.
    1979- Modernisation of Dubai.

    1979- Construction of worlds largest


    man made port.
    1971- Dubai becomes part of UAE.
    1966- Discovery of oil in Dubai.
    1966- Dubai sets up new currency.

    1947- War between Dubai and Abu


    Dhabi
    1920-Dubai’s economic depression

    http://www.xtimeline.com/timeline/dubai
    Dubai and Economic Time-line
    2007- The Gulf emirate of Dubai
    2006- Oil revenues in Dubai dropped to announced it had bought the Queen
    7% of GDP as economic development Elizabeth 2.
    expanded to transport, tourism and
    business. 2005- It was reported that Dubai
    Holding, bought 21,000 rental
    apartments in the US Sunbelt for $1
    2002- Started creating a world-class billion.
    financial centre as part of its
    diversification into service industries
    before running out of oil and gas. 2002- Started $5.5 billion Palm Island
    resort project.
    2002- The $4.9 billion Dubai Land
    tourist city

    1994- Symbol of Dubai’s urbanisation.

    http://www.xtimeline.com/timeline/dubai
    So what did they do...
    “Our infrastructure has expanded to
    become one of the best in the world,
    ....... We are also witnessing the
    continued excellence of the
    logistics, retail, trade and tourism
    sectors, which power the dynamics
    of Dubai’s economy, and reiterate
    their legacy as the chief engines and
    enablers of growth.”
    Shaikh Ahmed,
    Chairman of the Dubai Economic Sector
    Committee
    Into the following sectors:
     Travel and Tourism

     Retail and Trade is staple to the diet of Dubai's

    economy
     Oil

     Real estate and infrastructure


    Travel and tourism
    Travel and tourism now accounts for 30% of the annual

    GDP.
    In 2010, there were nearly 15 million visitors to Dubai and

    the figure may touch 40 million mark by 2015.


    Hotel’s construction has seen a growth of 15 % annually.

    Hydropolis, the world's first underwater hotel.

    Entirely built in Germany and then assembled in Dubai.


    Travel and Tourism

    Dubai land is an entertainment complex, which includes


    45 mega-projects and 200 sub-projects, once completed
    will attract 200,000 visitors daily
    Real estate and infrastructure
    Currently Dubai is said to have 15-20% of world’s cranes.

    Dubai’s waterfront will be largest waterfront in the

    world when completed.


    Palm Island built in just 5 years, it will shelter nearly

    500 apartments, 2 000 villas, 25 hotels and 200 shops of


    luxury.
    Dubai in 90’s
    Dubai last year
    The World-nearly 300 artificial islands, seen
    sky will form a planes sphere.

    The Burj Al Arab(Tower of the Arabs) is a 7 star


    luxury hotel in Dubai ,was built to resemble the
    sail of a dhow.

    Hydropolis Underwater Hotel, Dubai, the


    world's first luxury underwater hotel.
    Burj Khalifa (Khalifa Tower), is a skyscraper in Dubai
    and is currently the tallest man-made structure ever
    built, at 828 m (2,717 ft).

    Dubai Marina(Canal City), When


    the entire development is complete, it
    will accommodate more than 120,000
    people in residential towers and
    villas.
    Retail and Trade
    Trading and retail sector contribute 60% to Dubai's

    GDP and 16% of the economy activities of the Emirate.


    Mr. E Kazim, Director General of the Dubai Financial Market and (DSES).

    Dubai’s Gross Domestic Product reached £28 billion

    in 2007, with Retail and Trade contributing upto 31%


    Oil
    In the early 1960's oil was discovered 75 miles off the
    coast of the United Arab Emirates transforming the
    economy of Dubai and its six neighboring federated
    states. (Angela Murray, 2007)
    In 2006, the contribution of oil towards Dubai’s GDP was
    less then 6%
    Sustained growth experts view
    Thank You
    Refrences
     Andersen, Christine H.. (2004). Trading and retail sector contribute 60 per cent
    to Dubai's GDP. Available: http://www.ameinfo.com/50060.html. Last accessed
    1st April 2011.
     Basit, Abdul. (2011). Stronger public-private alliance to drive growth. Available:
    http://www.khaleejtimes.com/DisplayArticleNew.asp?
    section=business&xfile=data/business/2011/march/business_march563.xml.
    Last accessed 29th March 2011.
     Shilpa. (2007). Dubai. Available: http://www.xtimeline.com/timeline/dubai.
    Last accessed 1st April 2011.
     Davidson, Christopher M. (2008). Dubai: The Vulnerability of Success. New
    York/ Chichester : Columbia University Press . Pg 99-136.

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