In the early 20th century, Dubai developed into a significant regional and international trade hub, emphasizing tourism and luxury.[15] Dubai has been a center for regional and international trade since the early 20th century, and its economy relies on revenues from trade, tourism, aviation, real estate, and financial services.[16][17][18][19] Oil revenue helped accelerate the development of the city. However, oil production contributed less than 1 percent to the emirate's GDP in 2018.[20] Due to financial secrecy, low taxes, and valuable real estate, Dubai is an appealing destination for money launderers, criminals, corrupt political figures and sanctioned business-people to launder or hide money.[21]
Dubai is a major global business hub, consistently ranked among the top cities for trade, finance, and logistics.[22][23]The Dubai International Financial Centre (DIFC), a leading financial hub in the Middle East and Africa, is home to over 2,500 international companies.[24] The city is also known for its thriving real estate market, with $761 billion in transactions in 2024 alone.[25] It has the second-most five-star hotels in the world after London[26] and boasts the tallest building in the world, the Burj Khalifa, which stands at 828 meters (2,717 ft). In addition, Dubai International Airport (DXB) is the world’s busiest airport for international passenger traffic, handling over 92 million passengers annually as of 2024.[27]
Dubai has been recognized for its efforts in sustainability and technological development.[28][29] The city was ranked 8th in the Global Power City Index and ranked as the cleanest city in the world thanks to its focus on green energy and environmental initiatives such as the Mohammed bin Rashid Al Maktoum Solar Park and the Dubai Clean Energy Strategy 2050.[30][31][32]
Tourism is a major sector of Dubai’s economy, accounting for about 11.5% of its GDP in 2023.[33] The city is known for luxury shopping, modern architecture, and entertainment. The Dubai Mall, the largest shopping mall in the world by total area, receives over 100 million visitors annually.[34] In 2023, Dubai was the 3rd most-visited city globally.[35]
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