Online Business Opportunities In Saudi Arabia

dubai in the united arab emirates [em-er-it]is home to the tallest skyscraper in the world. it stands almost 3 thousand feet in the air,and cost the city more than 1 billion dollars. on the ground signs of dubai’s wealth areapparent, as the police patrol the streets in ferraris, and lamborghinis. so how didthe emirates, and dubai in particular, get so rich? well, the uae is a federation of seven emirates,each ruled, in part, by its own islamic monarchy. historically the uae has been a prime locationfor international trade. situated at the mouth of the persian gulf, ships sailing aroundasia and africa made frequent stops there. in the late 1950s, large oil deposits werefound near the uae’s capital of abu dhabi,

beginning a hugely lucrative oil industry.the oil deposits proved to be so vast, that presently, they account for a tenth of theworld’s total oil reserves. crude oil exports are responsible for almost $400 billion dollarsof the uae’s gdp. but dubai, by itself, isn’t very oil-rich.reports indicate that in 2010, only around 1% of dubai’s economy was from oil sales.so how is dubai so wealthy? well, both dubai and the entire uae have ahistorically productive relationship with the united kingdom. this relationship grantedthem access to exclusive western investments and partnerships . in 2000, the internationalcredit boom helped the emirates solidify their place in the middle east as a financial andcosmopolitan hub. foreign investments poured

in for ambitious projects like the world’stallest skyscraper, largest resort, and even a series of man-made islands. since then,tourism, trade, and retail has flourished, attracting a large number of visitors andimmigrants. dubai was reported to be the world’s 5th most popular tourist destination in 2014.additionally,there are no corporate taxes, except on oil companies and foreign banks,making them an attractive business destination. however, despite the flow of investments anda growing tourism industry, the late 2000s global economic crisis hit the emirates especiallyhard. real estate prices collapsed throughout the area, and one study found that more than200 construction projects were cancelled between 2009 and 2011. it got so bad that eventually,abu dhabi had to bail out dubai with a $10

billion dollar loan. so yeah, dubai is massivelyrich, but as we’ve seen in recent years, there’s no guarantee it’ll stay that way. migrant labor abuse is a huge problem in theuae and some of its neighbors. to learn about the details of this issue, take a look atthis informative video from our friends at aj+. thanks for watching testtube, don’tforget to subscribe for all of our latest.