TheGulf TigerorArab Gulf Tigeris a nickname used to describe the period of rapid economic growth in the city ofDubai.The boom that Dubai has been experiencing since the 1990s is still going on, transforming the city from a desert village to a world class economic hub.
Characteristics
editThe city of Dubai is the second most prosperous emirate of theUnited Arab Emirates,afterAbu Dhabi,and with a cosmopolitan population of 1.6 million.
Dubai shares a range of characteristics with othertiger economiesincluding a sustained double-digitGDPgrowth rate since 1994. In 2004 Dubai's GDP grew 17%, mostly in the non-oil sectors.[1]
Diversification
editDubai's oil production dropped steadily from an all-time high of 450,000 barrels per day in 1995 to less than 100,000 in 2005. But as the contribution of oil toGDPdwindled, the economy expanded. It almost doubled in size during the 1991-2000 period.
Economic development
editDubai attracts a great deal offoreign direct investment(FDI). FDI has been growing with an annual rate of 11% in recent years.[when?]90 companies of theFortune 100list have located their regional offices in the city.
Thedemographicsof the city have changed dramatically[when?],with Emiratis making up only 12% of Dubai, with estimates indicating the share dropping to 1% in 2020.[1]
See also
editReferences
edit- ^ab"Archived copy"(PDF).Archived fromthe original(PDF)on 2012-02-20.Retrieved2009-01-13.
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