Dubai - The Commercial capital of the U.A.E.:

Historically, Dubai has rcial centre of the UAE.Historically, Dubai has always been a major entrepot in the Gulf and it remains the commercial centre of the .

Since the beginning of 1970s, Dubai Economy has been moving systematically towards reducing its dependence on Oil sector. Now the Non-oil sector contributes 90 % of Dubai’s GDP due to the initiatives taken by the proactive Dubai Government to develop the various non-oil segments of the economy.

Dubai has strengthened its distinguished strategic location by pursuing a free and balanced economic policy that has given it a good reputation in the international commercial and economic communities, which encourages national and foreign capital to enter into successful investment ventures in different commercial, industrial and service fields.

Government has successfully encouraged world class enterprises to invest in the conventional Free Zones ( Jebel Ali Free Zone & Dubai Airport Free Zone), Tourism projects and the New Internet Economy initiatives viz. Dubai Internet City, Dubai Media City (Free Zone) and Dubai Ideas Oasis (Business incubator).

Future Outlook

The growth rate of UAE economy is related to the oil prices. During 2001, the UAE economy shrank by 3 % (after a high growth rate of 17 % for the year 2000 mainly fuelled by the record average Oil price of USD 26.1 per barrel). Average oil price during 2001 was USD 23 per barrel. The growth forecast for the year 2002 depends on the oil prices. If the average oil prices for 2002 are in the region of USD 20 per barrel, the overall economy will post a growth of 4 % and the non-oil sector is likely to post a growth of 6 %.

All the emirates are vying with each other to attract investments by trans national orporations. Massive capital investments in infrastructure ( ports, freezones, roads, tourism oriented projects, oil refineries and petro chemical complexes) are being made in all the emirates.

A high level of political stability, a strong currency, and progressive policies of the Government assure the UAE of continued economic progress and growth.