Where I come from, when we see someone who seems to have an endless stream of money to spend, we call him ‘Arab Money’. Of course, that term comes from the fact that almost all Arab countries from the Gulf States especially seem to have an inexhaustible flow of dollars.
A look at the list of the world’s richest countries and you will find that at least, three or four countries from the Gulf States are in it: Saudi Arabia, Kuwait, Qatar, Bahrain, UAE, etc. These countries have, of course, made so much money from the discovery of oil in the oil-rich peninsula to which most of them are attached.
For most of them, if not all, one could say that they have made the most of their oil wealth, building infrastructures that have made most of their cities a much sort after tourists’ destinations. There is no doubt that, almost, as a rule, these Arab nations have made very judicious use of their wealth in the provision of both economic and social goods in spite of being in one of the harshest regions of the world.
The wonders that are the Emirates of Dubai in the UAE and Abu Dhabi in Qatar are clear manifestations of how much wealth their oil wells have brought them in the past five to six decades. The transformation of one of the driest environments into technological cities that are the hub of life shows how much oil dollars have come out of the numerous oil wells that dot the Arabian landscape.
Of particular mention is that of the Dubai Emirati; as in the eighties, the region that is now the city of Dubai was nothing more than a sea of sand dunes that had little or nothing to offer as attractive as it does now. But with vision and the abundance of oil dollars, the leadership of Dubai has been able to transform the region into an oasis of life and technological wonder. Nothing seems to be impossible to them anymore.
But what happens to Dubai after the oil wells run dry by 2029 as being projected? What will Dubai do for money?
Unlike some other similar, oil blessed countries in the Arab world and Africa; Dubai and its leadership have been planning for life after their primary source of foreign income dries out. In fact, the Emirati has consciously been diversifying its economy in order to continue to have the resources required to actualize its vision of Dubai in the future.
Their biggest area of investment has been in the tourism industry building infrastructures that have continued to attract millions of visitors to spend their dollars in the city. This deliberate policy of letting visitors into its traditionally conservative culture seems to pay off handsomely.
Dubai has ensured that there are infrastructures to tickle the fancy of holidaying and vacationing people. From the Burj Khalifa to the Dubai Dolphinarium, there are numerous sites that make people want to visit the city, over and over again.
And if you were wondering if there was something for you even now when the world of tourism seems to have come to a grinding halt as a result of the Covid-19 pandemic; Dubai is still able to provide you with one of the safest holiday and vacation experiences with Historical tours and Cultural and Theme Tours.
2. Real Estate Investments
Obviously, Dubai has one of the most sought-after real estate industries in the world right now. This is because the leadership of the Emirati knows that opening the doors of the Emirati to Direct Foreign Investments will help to guarantee that the city continues to spend money as only Arabs can. Investments in this sector are guaranteed to pay off, not just in the long term, but also in the short term.
3. Science and Technology
With the recent launch of the ‘Hope’ probe into Mars space; Dubai has shown how far it has developed in the areas of science and technology. Growing up, the world looked up to the superpower nations of America, Russia, Japan, Germany, Great Britain, etc for leadership in the areas of science and technology. Now, Dubai has shown that they not only have the resources but also the skills to reach for the worlds beyond our skies.
Dubai has a lot to live for beyond the oil wells when they eventually run out, and they are proving it now!