dreamer wrote:Note: I was surprised to learn that Dubai had not made a fortune on petroleum (they do not have any) but just on tourism.
Chapeau!
I'm sorry, you'll think I'm angry with you for contradicting yourself all the time, but if you look at Wikipedia at the "Dubai" entrance, here's what you can read in the economy chapter:
Wikipedia wrote:Until the 1950s, Dubai's economy was based on trade and in particular the export of pearls. With the discovery and exploitation of oil and natural gas in the aftermath of World War II, Dubai received a very significant amount of money from the sale of black gold and virtually all other activity was abandoned in favor of the oil industry. fossil fuels.
With the recent decline in oil and natural gas exports and the depletion of reserves expected within a few decades, Dubai is embarking on a diversification of its economy in favor of new technologies, trade and luxury, commercial, tourism. business, etc. Thus, the emirate plans to become the world's leading center for luxury tourism and one of the world's leading tourist countries within a few years. Already, the export of oil represents only 6% of the emirate's GDP, the rest being provided by tax revenues from companies thanks to the Jebel Ali Free Zone and, increasingly, tourism.
This sudden turn is accompanied by a policy of major works in order to create reception facilities (airports, marinas, hotels, palaces, etc.), transport (highways, metro, etc.) and leisure (amusement parks in theme and aquatic, shopping centers, etc.) for future visitors. It is estimated that 15-25% of the world's cranes are in Dubai.
In 2002, a law was enacted to allow foreigners to own buildings (not land) for 99-year leases. This law will allow wealthy non-Emiratis to buy residences or apartments in the many real estate projects.