The Dubai economy, a segment of the larger UAE economy, is open to external trade and commerce. The average income of the people of Dubai is quite high.
It is not only sufficient for them to provide the basic amenities for living but also to have a surplus. You will notice that Dubai has taken a huge leap in terms of wealth and prosperity within the last 30 years.
Dubai economy depends mainly on its natural resource of oil, especially petroleum, gas and tourism. You can analyze the condition of the economy with the conditions of these resources. All major developments in terms of industry are related to these resources.
You will find the economy of Dubai a developing one. Hence, there is huge scope for it to diversify its business. Dubai is the centre of international communication due to its advantageous location. You can find plenty of ports and airbases in Dubai. The developing infrastructure is of high quality.
Again Dubai has served as an international market to several neighboring countries. It excels in re-export too. The economies that the Dubai deals with are comparatively less developed thereby increasing its future prospects. Therefore, besides oil, the economy could treat these as potential expansions.
In the past four years you will see the economy has developed considerably in its financial infrastructure. The Dubai International Financial Centre is an important centre for finance. It deals with both local and foreign money. The Dubai economy has opened its gates for international banks like HSBC, Standard Chartered Bank and Deutsche Bank.
Expansion of private sectors, the cheap cost of living and the high living standard, you will find, have all contributed in attracting additional human resource from other places and thereby in providing a boost to the economy.
Dubai has changed dramatically over the last three decades, becoming a major business centre with a more dynamic and diversified economy. Dubai enjoys a strategic location and serves as the biggest re-exporting centre in the Middle East.