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Dubai Indulgence

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Another month, another trip, boy I could get use to this…

Next destination DUBAI! Let me dwell a bit into the history.

WAYYyyy back: Dubai was once controlled by the Byzantine and Sassanian empires. Islam only came into picture with the spread of the religion from Northern Arabia.

Still way back: In the 19th century, some 800 members of the Bani Yas tribe, led by the Maktoum Family, settled at the mouth of the creek in 1833. The creek was a natural harbour and Dubai soon became a center for the fishing, pearling and sea trade.

Not to far back: In the 20th century, the late Ruler of Dubai, His Highness Sheikh Rashid bin Saeed Al Maktoum began investing in infrastructure in particular its harbour facilities, to convert Dubai into a export hub. Similar to Singapore, its geographical advantage and close proximity to India, plus its free trade zone policies made it one of the most dynamic ports of its time.

With the discovery of oil in the 1960s, more developments were invested in. Domestic projects like schools, hospitals, airports were built to attract more immigrants to the region. By then, Dubai’s formula for development was becoming evident to everyone – visionary leadership, high-quality infrastructure, an expatriate-friendly environment, zero tax on personal and corporate income and low import duties. The result was that Dubai quickly became a business and tourism hub for a region.

In the 1980s and early 1990s, Dubai took a strategic decision to emerge as a major international-quality tourism destination. Investments in tourism infrastructure have paid off handsomely over the years.

And the rest they say is HISTORY…. I will leave it as it is here and see for myself the man made wonders that Dubai has to offer. It actually balls down to the vision of the royal family and the formation of the United Arab Emirates, with Dubai being part of it of course; that contributed to the massive investment flow into the economy. Its a way for the Arabs to show the world what they are capable of as well, besides terrorism. Only issue I think is the problem of “the bubble”. This economic phenomenon is ever present whenever a country is obsessed with growth. Too much too fast will result in a deflationary spiral that will have detrimental effects on the country. Just look at Japan…This of course can be prevented with good governance adopting its fiscal and monetary pressures. Its all about balance I say. So, on the surface, I hope I don’t see half completed projects, empty malls, spraying the city.

Plus plus, I want to explore the Islamic banking climate over there. Is it that hyped out to be? Can it really be an alternative to conventional banking? I hope I can be enlightened.

Till then Ma as’ salamah, Ilalliqa



Written by Nabs

May 20, 2009 at 4:25 pm

Posted in MIND, Travels

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