Dubai is an important tourist destination and port. Constructed in the 1970s, Jebel Ali is the largest man-made harbor in the world. But is also increasingly developing as a hub for service industries such as finance and IT, with the new Dubai International Financial Centre (DIFC). The major Business in Dubai is concentrated on IT, finance and construction industry. Real estate business is also developing in Dubai. Although the backbone of economy of Dubai was built on the oil industry, revenue from petroleum and natural gas presently account for less than 3 per cent of the gross domestic product of the country. Dubai gradually developed into an important port of call for Western manufacturers. Most of Dubai’s banking and financial centers were headquartered in the port area. Dubai maintained its importance as a trade route through the 1970s and 1980s. The city of Dubai has a free trade in gold and until 1990s it was the hub of “brisk smuggling trade”. Even after the export of gold has been restricted, gold smuggling still considered as an important Business in Dubai.
The government has set up industry-specific free zones throughout the city. Dubai Internet City is now combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority). The IT firms like Microsoft, EMC Corporation, Oracle Corporation, and IBM, and media organizations such as CNN, MBC and Reuters are member of one such enclave. Dubai Internet City and Dubai Media City are now providing combined facilities to train the clusters' of future knowledge workers. IT forms an important aspect of the multifaceted horizon of Business in Dubai. Dubai Outsourcing Zone has provision for companies who are involved in outsourcing activities and can set up their offices with the granting provided by Dubai Government.
The government's decision to radiate from an oil-reliant trade-based economy to one that is oriented towards service- and tourism has made Dubai real estate more valuable. The Dubai property boom from 2004-2005 is the result of this. Construction on a large scale has turned Dubai into one of the fastest-growing cities in the world. The International Media Production Zone is a project targeted at creating a hub for publishers, printers, media production companies, and related industry segments. This zone is aimed to support the new-targeted business in Dubai, that is the printers and publishers. Although the free trade license on gold has been withdrawn by Dubai government in 1990 but smuggling of gold still continues to support the livelihood of a large number of people.
With the overall development of Dubai, it attracted a greater number of people. Although UAE now a days is attracting tourists, both business tourists and travelers, but Dubai enjoys a position supreme than all. It attracts business travelers, tourists and even students through out the year. Even people from different countries, especially from the oriental country are settling in Dubai.
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