City Profile Dubai, the second largest Emirate of the seven in the UAE, is truly a phenomenon.  With its oil production having fallen behind neighboring Abu Dhabi, Dubai has successfully replaced that source of wealth with a burgeoning service-based economy that is based on tourism, construction, telecommunications, media, and financial services.

Country Rankings United Arab Emirates Ease of Doing Business World Bank '05 69 of 155 Med* Corruption Perception Transparency International '05 30 of 159 High Growth Competitiveness World Economic Forum '05 18 of 117 High National Literacy 77.8% Med GDP Growth (2004 est.) 5.7% Med

Dubai has a high international profile and large expatriate population attracted by the relatively liberal social norms and multi-glot population in the Emirate. Of all the Emirates, Dubai is firmly established as the most dynamic and innovative economy within the federation, as well as the most high profile. 

Given the current construction boom, some market watchers fear signs of a bubble are emerging.  Despite such fears two new mega projects have been announced recently.  Emaar Properties has revealed a strong response from international, regional and local businesses from across the corporate spectrum to its recently launched Business Hub which is to be completed in 2007 and will be housed within the Burj Dubai Development.  The Business Hub is ideally positioned close to the Dubai International Financial Centre (DIFC) and the World Trade Centre to meet the needs of medium to large businesses.

Al Ahli Group has stepped forward to develop another multi-billion dirham mega project -- Dubai Outlet City -- at the massive Dubailand.  Dubai Outlet City, the latest in the unique line-up of iconic developments from Dubailand, will be a regional phenomenon. It builds on Dubai's global reputation as the region's trading and retail hub by creating a first-off and innovative retail environment at Dubailand.

The Dubai International Financial Exchange (DIFX), housed in the financial free zone called the Dubai International Financial Centre, started trading recently with the aim to offer a liquid, well-regulated market with an international presence.  Dubai-based mobile phone company Investcom is expected to become the first firm to list on the exchange, and DIFX officials said they expect about 15 companies to be trading by the end of 2006.

Source:

Population: 2004 or latest: http://www.citypopulation.de; GDP Data: 2004 CIA Fact Book estimate; Literacy: UN estimate

* Country Ranking Codes: A relative color coding of where the country falls compared to the 20 other Muslim countries represented in this list. Hgh/Green=Top 3rd; Med/Yellow=Mid 3rd; Low/Orange=Bottom rd

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