Why Duabi become a successful city in short amount of time compare to Research Paper

Why Duabi become a successful city in short amount of time compare to other cities - Research Paper Example The economy of the city has grown in double digits for the past decade with the GDP per capita growing from â€Å"US $ 19,000 in the year 2000 to US $ 33,500 in 2006† (Matley & Laura 2007, p. 5). In fact, Dubai city has grown in stature to compete with the world’s biggest players in sectors such as port operations, financial services, tourism and construction. This research paper will evaluate the factors that have enabled Dubai to become a successful city in a relatively short period compared to other cities globally. It is evident that oil revenues have played a significant role in the economic development of most Arabic countries. Notably, the boom in oil prices in the 1970s helped the oil producing countries to obtain a cash windfall. Although Dubai had just around five percent of the oil reserves compared to other cities in the United Arab Emirates such as Abu Dhabi, its rulers realized early enough that the oil revenue had to be invested wisely so as guarantee the city economic prosperity even after the oil was exhausted (Matley & Laura 2007). Sheikh Rashid Al Makhtoum laid down the infrastructural foundations that heralded the rapid growth of Dubai as a global metropolis. The political landscape in the Middle East is different from the governance structures in the Western countries. Dubai is a monarchical state that is ruled by a prince. In as much as the political regime may not be necessarily democratic, the political environment in Dubai and the United Arab Emirates is stable (Bagaeen 2007). Thus, the stable political environment has played a critical role in attracting and facilitating investments. It should be noted in the past decades, the government of Dubai has been the leading investor in Dubai. Private investors have played a secondary role in the development of the city and it is the government that has driven the growth in