DUBAI: FASTEST GROWING CITY IN THE WORLD 4 OF 4
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DUBAI: THE FASTEST GROWING CITY IN THE WORLD PART 4 OF 4
Today, Dubai is an important tourist destination and port (Jebel Ali, constructed in the 1970s, has the largest man-made harbor in the world), but also increasingly developing as a hub for service industries such as IT and finance, with the new Dubai International Financial Centre (DIFC).
Transport links are bolstered by its rapidly-expanding Emirates Airline, founded by the government in 1985 and still state-owned; based at Dubai International Airport, it carried over 24 million passengers in fiscal year 2005.
The government has set up industry-specific free zones throughout the city. Dubai Internet City, now combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority) is one such enclave whose members include IT firms and media.
Dubai Knowledge Village (KV),an education and training hub, is also set up to complement the Free Zone's other two clusters, Dubai Internet City and Dubai Media City, by providing the facilities to train the clusters' future knowledge workers. Dubai has also launched Dubiotech. This is a new park to be targeted at Biotech companies working in pharma, medical fields, genetic research and even biodefense. The aim of this park is to foster the growth of this sector in Dubai and to utilize the region's talent in addressing this rapidly growing sector.
The government's decision to diversify from a trade-based but oil-reliant economy to one that is service- and tourism-oriented has made real estate more valuable, resulting in the property boom from 2004. Construction on a large scale has turned Dubai into one of the fastest growing cities in the world.
The story of Dubai reads like a rags-to-riches tale, and indeed, it is hard to imagine anywhere else in the world a city that has developed at such a pace, in such a short time, for so many different people.
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