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GALLERY
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Business
Dubai
was originally a small fishing settlement, which, in
about 1830, was taken over by a branch of the Bani
Yas tribe from the Liwa oasis to the south, led by
the Maktoum family, who still rule the Emirate
today. The main economy of the village was based on Pearl diving and
fishing in the coastal waters, and an entry port for traders.
When the
pearl industry declined in the early twentieth
century, due to the arrival of Japanese cultured
pearls in the market, Dubai government introduced
various measures to attract traders and businessmen to base their business establishments in Dubai.
In
the sixties, Oil was discovered in Dubai.
This was a godsend.
Soon the
economy started to grow by leaps and bounds.
But the government was well aware that the
over dependence on the oil income for economic growth may boomerang on them when
prices in oil markets were unpredictable, so, wisely, they decided to diversify the economy.
The
Government recognized that development of private sector
usiness
was vital in their planned drive for diversified
economic growth.
Apart from attracting foreign investment,
they encouraged local businessmen to invest their capital
into productive use. Development of infrastructural facilities, simplification of
administrative procedures with a view to cut down
red tape, protection of investors' interests, and
modifications in commercial law, resulted in
significant improvement in the non-oil GDP.
Favorable Tax laws and political
stability are other factors assisting UAE to
be a prime business location.
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The Creek,