As the largest and most populous city in the United Arab Emirates, Business Chief showcases Dubai and explores how the city has become a major business and economic hub in the Middle East.
Considered one of the fastest growing economies worldwide, Dubai is a focal point in the exportation of trade in the Middle East with a growth rate of 6.1% (2014). The city has also become a global hub for service sectors such as IT and finance, according to Dubai.com. A key example of this is the Dubai Media City, which houses over 2,000 regional and international media companies including global offices of BBC, Sky News and CNN as well as IT giants including Microsoft, Hewlett-Packard and Dell.
Business in Dubai
Similarly to other regions in the Middle East, Dubai has undergone a significant transformation as it seeks to diversify from oil. As a result, it is believed that 95% of Dubai’s Gross Domestic Product (GDP) is non-oil based. Due to the city’s increased interest in tourism, oil is thought to only total less than 1% of Dubai’s income. In addition to tourism, Dubai has embraced a variety of different industries such as banking, property and investments and is home to a number of global companies.
The global investment holding firm develops and manages a number of global companies which specialise in industries such as investments, financial services, real estate, specialised business parks, hospitality and telecommunications. Dubai Holding has played a key role in helping to diversify the city’s economy across 12 industries in order to support the UAE’s Government Vision 2021. Dubai Holding has a range of subsidiaries that include; Jumeirah Group, Dubai Properties Group, TECOM Group, ARAB Media Group, Dubai International Capital, Dubai Group and Emirates Integrated Telecommunications Company.
Emirates National Bank of Dubai (NBD)
As one of the leading banks in the Dubai, the bank is listed in the Dubai Financial Market and has more than 9,000 employees across 70 different nationalities working for the group which makes it one of the most culturally diverse employers in the UAE. The NBD has operations in other countries such as Egypt, Singapore, Saudi Arabia and the United Kingdom. With total assets believed to be worth $134bn, the NBD was announced as being the “Most Innovative Financial Services Organization of the Year” at the 2017 BAI Global Innovation Awards.