Why Dubai is considered the richest country in the world

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Dubai is a city situated on the north coast of the United Arab Emirates. It is the most populated and most expensive city in the whole country. It is often known as a high-end shopping destination, a cosmopolitan city, and a solid business center. It is also a basic transportation hub for people and cargo. Dubai has been rated as one of the best places to live in the Middle East, as well as one of the richest.

Dubai is often considered a small heaven on earth. When people hear the word “Dubai,” they have a vision of luxury living. It is the largest emirate among the seven emirates in the United Arab Emirates. Dubai plays a vital role in promoting the economy of the United Arab Emirates and is also known as the business capital. Here are some of the reasons why Dubai is considered the richest country in the world

Gold trade

Gold is known as the capital of the world, and Dubai had a thriving gold trade in the 1960s, which helped it build up its business. The monthly salary of a gold business is a number with a whole lot of zeros. Dubai is one of the fastest growing business destinations in the world and it is also a world-famous shopping center in the Middle East.

Real estate and commercial properties

The real estate business is one of the most important of all. Investors around the world seek to invest in commercial real estate in Dubai to double their capital. The strategy for investors is to buy properties at lower prices and then rent them out to produce a monthly profit, or sell them at a higher price. The real estate business really helps boost the economy of the UAE. There are many luxurious houses, villas, and apartments available for rent in Dubai.

Fabric trade

The textile market in Dubai includes local and foreign products. As you know, the climate in Dubai is very hot thought of the year, therefore, cotton fabric is preferred because it maintains body heat and helps to reduce sweating. Local clothing is sold in shopping centers and small stores. Some shopping centers for clothing markets include the Golf Mall, Bloomingdale’s Mall, and BurJuman Shopping Center. In addition, wholesale garments are exported from here to the entire Middle East and Africa. There is a wide range in the Dubai clothing market.

Tourism

Dubai is one of the most luxurious properties in the world. People dream of heading there to see the sights for a pleasant vacation. Each year in the first quarter, Dubai organizes a shopping festival and attracts almost three million tourists who will improve their economy and provide a golden opportunity for investors to double their investments.

Banking sector and financial institutions

The street crime rate in Dubai is almost zero, and is a driving force to strengthen the banking sector and attract foreign investment institutions as well. The banking sector is very well established, with multinational financial institutions in the Middle East and Asia using Dubai banks for their secure and offline transactions. The vital reason for the growth of the banking sector is foreign investment in the business.

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