Dubai Debt Crisis
DUBAI DEBT CRISIS
INTRODUCTION
Dubai is one of the seven emirates of the United Arab Emirates (UAE). It is located south of the Persian Gulf on the Arabian Peninsula. The Dubai Municipality is sometimes called Dubai state to distinguish it from the emirate. Written accounts document the existence of the city for at least 150 years prior to the formation of the UAE. Legal, political, military and economic functions with the other emirates within a federal framework, although each emirate has jurisdiction over some functions such as civic law enforcement and provision and upkeep of local facilities.
Dubai has been ruled by the Al Maktoum dynasty since 1833. Dubai's current ruler, Mohammed bin Rashid Al Maktoum, is also the Prime Minister and Vice President of the UAE.
The emirate's main revenues are from tourism, property and financial services. Although Dubai's economy was originally built on the oil industry, revenues from petroleum and natural gas currently contribute less than 6% (2006)of the emirate's US$ 80 billion economy (2009). Property and construction contributed 22.6% to the economy in 2005, before the current large-scale construction boom.
Dubai has attracted attention through its real estate projects and sports events. This increased attention, coinciding with its emergence as a Global City and business hub, has highlighted labour and human rights issues concerning its largely South Asian workforce. Established in 2004, the Dubai International Finance Centre was intended as a landmark project to turn Dubai into a major international hub for banks and finance to rivals New York, London and HongKong.
Dubai's gross domestic product as of 2005 was US$37 billion. Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate's revenues. It is estimated that Dubai produces 240,000 barrels of oil a day and substantial quantities of gas from offshore fields. The
INTRODUCTION
Dubai is one of the seven emirates of the United Arab Emirates (UAE). It is located south of the Persian Gulf on the Arabian Peninsula. The Dubai Municipality is sometimes called Dubai state to distinguish it from the emirate. Written accounts document the existence of the city for at least 150 years prior to the formation of the UAE. Legal, political, military and economic functions with the other emirates within a federal framework, although each emirate has jurisdiction over some functions such as civic law enforcement and provision and upkeep of local facilities.
Dubai has been ruled by the Al Maktoum dynasty since 1833. Dubai's current ruler, Mohammed bin Rashid Al Maktoum, is also the Prime Minister and Vice President of the UAE.
The emirate's main revenues are from tourism, property and financial services. Although Dubai's economy was originally built on the oil industry, revenues from petroleum and natural gas currently contribute less than 6% (2006)of the emirate's US$ 80 billion economy (2009). Property and construction contributed 22.6% to the economy in 2005, before the current large-scale construction boom.
Dubai has attracted attention through its real estate projects and sports events. This increased attention, coinciding with its emergence as a Global City and business hub, has highlighted labour and human rights issues concerning its largely South Asian workforce. Established in 2004, the Dubai International Finance Centre was intended as a landmark project to turn Dubai into a major international hub for banks and finance to rivals New York, London and HongKong.
Dubai's gross domestic product as of 2005 was US$37 billion. Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate's revenues. It is estimated that Dubai produces 240,000 barrels of oil a day and substantial quantities of gas from offshore fields. The