Not Dubai's directly. Only 6% of their GDP comes from oil. Although the major investor in a lot of their infrastructure is the Abu Dhabi Investment Authority, the capital city's investment fund and the Emirate which is flooded with oil.newstyle666 said:I think oil played a role in building the city.. just a hunch.
Yes I know Dubai itsself does not rely on Oil. In fact, as of 2006 their GDP oil percentage has dropped to 4% according to the research Ive done..Gizmo said:Not Dubai's directly. Only 6% of their GDP comes from oil. Although the major investor in a lot of their infrastructure is the Abu Dhabi Investment Authority, the capital city's investment fund and the Emirate which is flooded with oil.
Part of Dubai's rationale for liberalistation is the lack of oil.
Dubai's money comes a lot from the Free Ports in Dubai and Jebel Ali.
Yes I would love to visit Abu Dhabi. Actually it seems rather easy to obtain a residence VISA too. Consitering that the UAE already has a well defined and reasonable tax treaty with Canada, it is tempting to consiter moving a business to the country. I read your other UAE thread... out of curiousity, why are you in Canada now?Gizmo said:Like I said, it comes moslty from Abu Dhabi.
You might want to visit that city as well. It's no where as glitzy, but is the richest Emirate in the UAE. The Al-Nahyan ruling family are also the most powerful in the UAE, and Sheikh Khalifa is the President of the UAE.
Abu Dhabi gets overlooked due Dubai's publicity, but there are lots of investment opportunities there.
The ruler of Ras-Al-Khaimah, Sheikh Saqr bin Mohammed Al Qassimi is also considered a liberal and has recently begun ambitious expansion. (Ras-Al-Khaimah is one of the poorer Emirates) so there are opportunities arising there.
While Dubai gets all the glitz (rightfully so) the rest of the UAE is awash with cash, and the poorer Emirates are looking to spend it. If you could extend your trip to other Emirates there, it might be beneficial.