Dubai - Dubai:Thinking Globally,Acting Locally 13:21...

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Dubai:Thinking Globally ,Acting Locally October 11, 2011 13:21 Dubai’s economy has been tied in many ways to the global market and it should be noted that Dubai’s oil reserves are limited and were projected to run out by 2010 therefore one of the previous rulers of Dubai, Sheikh Rashid, understood this and thrived to built an economy that wasn’t oil reliant, he famously said, "my grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel.” to signify the end of the oil boom. For this he set Dubai on a pathway which relies on global trade and other forms of commerce. The previous rulers of Dubai established this state as a hub of global trade; tourism and business travel by air and thus Dubai’s economy is largely influenced by the global market in a significant way. The largest manmade harbor was constructed in Dubai, The Jebel Ali port, which is the home to DP ports the worlds number three operators in terms of global coverage and thus directly affected by the global market for it serves as an important port for the delivery of goods to their destinations. Dubai’s prominent families built their empires on trade with Europe, Middle East and Asia and unlike their neighbors they didn’t rely on the riches brought by the oil wells. The government initiative to establish zones
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This note was uploaded on 01/18/2012 for the course DEP 235 taught by Professor Eeer during the Spring '11 term at Assoc. of Chartered Certified Accountants.

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Dubai - Dubai:Thinking Globally,Acting Locally 13:21...

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