Transformation of the Century: Middle East
Middle East, especially Dubai is home to multi-millionaires and the city smells of richness with high rise buildings which can make a person’s neck ache. Any place in Dubai or middle east like Muscat, Abu Dhabi is an indicator of the lavish life that it can promise to people. This is in stark contrast to other places in Asia where the affluent are present but not in as much abundance as in Middle East region. The world is growing at snail’s pace but amidst the recession from 2008 and the present economic downturn, Middle East continues to stay strong and spread affluency all around the region. The surprising fact around this is that the region is very barren with majority of it covered in desert and yet it symbolises the transformation of the century.
Having had the privilege to visit Dubai across a time span of 19 years between 2004 and 2023, I can vouch that Dubai and middle eastern region has undergone a transformation that one could not have thought about in dreams. Back in 2004, Dubai was a barren area with a few malls and negligible number of expats staying in the city. Fast forward to 2023, one can see endless skyscrapers, malls of world class quality, Tesla being a cab and a multicultural environment with expats forming over 80% of the population. What really enabled this transformation of the century?
1. The Oil Infusion: Oil is the natural resource which can bring world to knees for consumption. Dubai and Middle Eastern region have this in abundance and the possess the ability to control prices for trade because of its unavailability across the world except for Russia (which a lot of countries avoid trading with). The oil prices have only been shooting up owing to increased demand and changing lifestyles of the people across the world. This has resulted in a lot of infusion of cash into the economy allowing the government to invest in manmade resources.
2. Almost Tax-Free Haven: Tax is something that pinches the common man and anyone earning money. By making Dubai and United Arab Emirates tax free, the region has become an attraction for all those people looking to set up business or earn income. It allows people to take back income they rightfully deserve while the UAE government relies on cash infusion with oil to serve the economy and transform the region.
3. The Base of Middle East and Africa: By providing world class infrastructure and the establishing a need for expanding business across the economy of middle east and Africa, Dubai has gone on to build its image as a hub for the region much like Singapore symbolizes the hub for Asia Pacific. This has led to a lot of investments by top consultancies and banks to set up their centers in Dubai and providing opportunities to people to shift there with a strong focus to make business thrive in the region
4. The Promise of a better lifestyle: People are always on the lookout for better lifestyle. UAE and middle east countries have invested heavily in man made resources to make one feel that Dubai and its adjoining areas are a very good place to lead a better lifestyle leading to a lot of expats ending up settling there.
While multiple cities and region could transform in the hands of resources and people they possess, the government support for its citizens and the migrants has enabled Middle eastern region to establish itself at the forefront of the world and becoming a go to place for a lot of people. One would not be surprised if Dubai transforms even more in the wide spaces of land that remain barren at stretches and it soon becoming a haven for Asia Pacific region as well.
