Economic transformation: from oil to innovation 🌐💼
Once Dubai acquired its oil wealth, its rulers realised that it was essential to diversify the economy and reduce dependence on this one resource. Dubai began to profile itself as a global hub for tourism, trade and finance. It was a move that changed the face of the city and attracted investors from around the world.
The development strategy included the creation of free economic zones such as the Dubai International Financial Centre (DIFC) and the Jebel Ali Free Zone, which offered favourable conditions for business and attracted foreign investors. In addition, Dubai began to invest in luxury tourism, building high-end infrastructure and hosting world-class events, making the city a magnet for tourists and businessmen.
These steps have transformed Dubai from an oil town to a dynamic metropolis where innovation and growth come from a wide range of industries.