As the world economy slows down to a halt and there is a lack of ideas on how to stimulate it, UAE still seems to be an investor’s playing ground. There is renewed belief that as the whole world economy succumbs to the pressures of the global financial crisis, UAE has been resilient and robust in the face of it and is still seeing enviable levels of growth. The key factor for the growth is the continuing boom in tourism and cheap real estate which has meant that UAE is able to inject its own economy with key investment.
While other countries look to finance their day to day running with aid and bailout packages, UAE is generating enough funds to build the image it has of the millionaire’s playground. With the building of the world’s tallest tower Burj Khalifa in the midst of the crisis, it has shown the world that not only is it flexible enough but it is also insulated from most of the world. The voice of Russia released a report saying that UAE still has a stable investment environment which has been complemented by economic growth and remoteness from the woes of the world.
The key ingredients that UAE sees is the fact that at one hand it still has investment opportunities that have not been exploited fully that are still there to be taken hold of while it also has new investment and finance coming in each year. In addition to that, the booming tourism to the region means that no investment idea is too flamboyant or too exaggerated to fail. In a region where a 7 star hotel is able to sustain itself and a visitor can sky in the middle of the desert, it goes to show that there is much more to come from the region that has never been seen before.
The sectors that have made the major contributions to the region include tourism primarily moving away from oil that was once seen as the only driving force behind the economy. As time has passed, other sectors are also gaining significance. UAE is fast becoming the Islamic financial centre of the world competing with the likes of Hong Kong and London and now service based industries are also seeing a boom.
This means that as the products of growth have changed from oil to tourism to now becoming the new service centre to the world, the growth stays the constant theme that has been stable throughout. With best infrastructure being put in place, favourable tax laws and history of being a safe and stable investment, the funds are expected to flow in further in the coming years.
It seems like the once barren desert dwelled on by nomads has gone through an evolution as it moves to become the pearl of not only the Middle East but also the world. With projects like the Palm Islands, Burj Khalifa and Ski Dubai, and several other mega projects recently announced it is fast becoming an all-inclusive cosmopolitan that is growing economically every day. In addition to that, compared to its neighbours, it also has stability and certainty in the region which makes it safer to invest in and allows it to be the oasis in the region for new projects and investments going forward.