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Totality as seen from Columbia Missouri |
Totality as seen from Sweetwater Tennessee |
Totality as seen from Saint Paul Clarendon County South Carolina |
Totality as seen from Newberry South Carolina |
Images showing Baily s beads or a Diamond ring which occur just as totality begins or ends |
Beginning of Diamond ring as seen from Glenrock Wyoming |
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Baily s beads before totality from far western Nebraska |
Diamond ring as seen from Corvallis Oregon |
Diamond ring as seen from Saint Paul South Carolina |
Diamond ring as seen from Newberry South Carolina |
Diamond ring with large flare as seen from Cullowhee NC |
Images where the sun is partially eclipsed by the moon |
Seattle Washington |
North Cascades National Park Washington |
San Francisco California |
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Far western Nebraska |
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Maine at 2 41 pm EDT before maximum 68 coverage at 2 45 pm |
Brooklyn New York |
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Images of the eclipse created by natural pinholes formed by tree leaves |
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Astronomers Without Borders began collecting eclipse glasses for redistribution to Latin America for the total solar eclipse occurring on July 2 2019 and to Asia for the annular eclipse on December 26 2019 |
A partial lunar eclipse took place on August 7 2017 in the same eclipse season It was visible over Africa Asia Australia and eastern Europe |
Each member in a semester series of solar eclipses repeats approximately every 177 days and 4 hours a semester at alternating nodes of the Moon s orbit |
This solar eclipse is a part of Saros cycle 145 repeating every 18 years 11 days 8 hours containing 77 events The series started with a partial solar eclipse on January 4 1639 and reached a first annular eclipse on June 6 1891 It was a hybrid event on June 17 1909 and total eclipses from June 29 1927 through September 9 2648 The series ends at member 77 as a partial eclipse on April 17 3009 The longest eclipse will occur on June 25 2522 with a maximum duration of totality of 7 minutes 12 seconds |
The metonic series repeats eclipses every 19 years 693969 days lasting about 5 cycles Eclipses occur in nearly the same calendar date In addition the octon subseries repeats 1 5 of that or every 38 years 138794 days |
Notable total solar eclipses crossing the United States from 1900 to 2050 |
Notable annular solar eclipses crossing the United States from 1900 to 2050 |
Dubai duba doo BY Arabic Dubay Gulf pronunciation dbj is the largest and most populous city in the United Arab Emirates UAE It is located on the southeast coast of the Persian Gulf and is the capital of the Emirate of Dubai one of the seven emirates that make up the country Abu Dhabi and Dubai are the only two emirates to have veto power over critical matters of national importance in the country s Federal Supreme Council The city of Dubai is located on the emirate s northern coastline and heads the Dubai Sharjah Ajman metropolitan area Dubai will host World Expo 2020 |
Dubai emerged as a global city and business hub of the Middle East It is also a major transport hub for passengers and cargo By the 1960s Dubai s economy was based on revenues from trade and to a smaller extent oil exploration concessions but oil was not discovered until 1966 Oil revenue first started to flow in 1969 Dubai s oil revenue helped accelerate the early development of the city but its reserves are limited and production levels are low today less than 5 of the emirate s revenue comes from oil |
The Emirate s Western style model of business drives its economy with the main revenues now coming from tourism aviation real estate and financial services Dubai was recently named the best destination for Muslim travellers by Salam Standard Dubai has recently attracted world attention through many innovative large construction projects and sports events The city has become iconic for its skyscrapers and high rise buildings in particular the world s tallest building the Burj Khalifa Dubai has been criticised for human rights violations concerning the city s largely South Asian and Filipino workforce Dubai s property market experienced a major deterioration in 2008 09 following the financial crisis of 2007 08 but the emirate s economy has made a return to growth with a projected 2015 budget surplus |
As of 2012 Dubai was the 22nd most expensive city in the world and the most expensive city in the Middle East In 2014 Dubai s hotel rooms were rated as the second most expensive in the world after Geneva In 2013 US global consulting firm Mercer rated Dubai the best place to live in the Middle East |
Many theories have been proposed as to the origin of the word Dubai One theory suggests the word was used to describe the souq which was similar to the souq in Ba An Arabic proverb says Daba Dubai Arabic meaning They came with a lot of money According to Fedel Handhal a scholar on the UAE s history and culture the word Dubai may have come from the word daba Arabic a past tense derivative of yadub Arabic which means to creep referring to the slow flow of Dubai Creek inland The poet and scholar Ahmad Mohammad Obaid traces it to the same word but to its alternative meaning of baby locust Arabic due to the abundant nature of locusts in the area before settlement An inhabitant or native of the city is a Dubaian |
Although stone tools have been found at many archaeological sites little is known about the UAE s early inhabitants as only a few settlements have been found Many ancient towns in the area were trading centres between the Eastern and Western worlds The remnants of an ancient mangrove swamp dated at 7000 BC were discovered during the construction of sewer lines near Dubai Internet City The area was covered with sand about 5000 years ago as the coast retreated inland becoming part of the city s present coastline PreIslamic ceramics have been found from the 3rd and 4th centuries Prior to the introduction of Islam to the area the people in this region worshiped Bajir or Bajar After the spread of Islam in the region the Umayyad Caliph of the eastern Islamic world invaded south east Arabia and drove out the Sassanians Excavations by the Dubai Museum in the region of Al Jumayra Jumeirah found several artefacts from the Umayyad period |
The earliest recorded mention of Dubai is in 1095 in the Book of Geography by the Andalusian Arab geographer Abu Abdullah al Bakri The Venetian pearl merchant Gasparo Balbi visited the area in 1580 and mentioned Dubai Dibei for its pearling industry |
Dubai is thought to have been established as a fishing village in the early 18th century and was by 1822 a town of some 7 800 members of the Baniyas tribe and subject to the rule of Sheikh Tahnoon of Abu Dhabi |
In 1833 following tribal feuding members of the Al Bu Falasa tribe seceded from Abu Dhabi and established themselves in Dubai The exodus from Abu Dhabi was led by Ubaid bin Saeed and Maktum bin Butti who became joint leaders of Dubai until Ubaid died in 1836 leaving Maktum to establish the Maktoum dynasty |
Dubai signed the first treaty of Perpetual Maritime Truce in 1820 along with other Trucial States which was followed by a further treaty in 1853 It also like its neighbours on the Trucial Coast entered into an exclusivity agreement in which the United Kingdom took responsibility for the emirate s security in 1892 |
Two catastrophes struck the town during the 1800s First in 1841 a smallpox epidemic broke out in the Bur Dubai locality forcing residents to relocate east to Deira Then in 1894 fire swept through Deira burning down most homes However the town s geographical location continued to attract traders and merchants from around the region The emir of Dubai was keen to attract foreign traders and lowered trade tax brackets which lured traders away from Sharjah and Bandar Lengeh the region s main trade hubs at the time Persian merchants naturally looked across to the Arab shore of the Persian Gulf finally making their homes in Dubai They continued to trade with Lingah however as do many of the dhows in Dubai Creek today and they named their district Bastakiya after the Bastak region in southern Persia |
Dubai s geographical proximity to Iran made it an important trade location The town of Dubai was an important port of call for foreign tradesmen chiefly those from Iran many of whom eventually settled in the town By the beginning of the 20th century it was an important port |
Dubai was known for its pearl exports until the 1930s the pearl trade was damaged irreparably by the Great Depression in the 1930s and the innovation of cultured pearls With the collapse of the pearling industry Dubai fell into a deep depression and many residents starved or migrated to other parts of the Persian Gulf |
In the early days since its inception Dubai was constantly at odds with Abu Dhabi In 1947 a border dispute between Dubai and Abu Dhabi on the northern sector of their mutual border escalated into war Arbitration by the British and the creation of a buffer frontier running south eastwards from the coast at Ras Hasian resulted in a temporary cessation of hostilities |
Despite a lack of oil Dubai s ruler from 1958 Sheikh Rashid bin Saeed Al Maktoum used revenue from trading activities to build infrastructure Private companies were established to build and operate infrastructure including electricity telephone services and both the ports and airport operators An airport of sorts a runway built on salt flats was established in Dubai in the 1950s and in 1959 the emirate s first hotel the Airlines Hotel was constructed This was followed by the Ambassador and Carlton Hotels in 1968 |
On 7 April 1961 the Dubai based MV Dara a five thousand ton British flagged vessel that plied the route between Basra Iraq Kuwait and Bombay India was caught in unusually high winds off Dubai Early the next morning in heavy seas off Umm al Quwain an explosion tore out the second class cabins and started fires The captain gave the order to abandon ship but two lifeboats capsized and a second explosion occurred A flotilla of small boats from Dubai Sharjah Ajman and Umm al Quwain picked up survivors but in all 238 lives were lost in the disaster |
In 1962 the British Political Agent noted that Many new houses and blocks of offices and flats are being built the Ruler is determined against advice from the British to press on with the construction of a jet airport More and more European and Arab firms are opening up and the future looks bright |
In 1962 with expenditure on infrastructure projects already approaching levels some thought imprudent Sheikh Rashid approached his brother in law the Ruler of Qatar for a loan to build the first bridge crossing Dubai s creek This crossing was finished in May 1963 and was paid for by a toll levied on the crossing from the Dubai side of the creek to the Deira side |
BOAC was originally reluctant to start regular flights between Bombay and Dubai fearing a lack of demand for seats However by the time the asphalt runway of Dubai Airport was constructed in 1965 opening Dubai to both regional and long haul traffic a number of foreign airlines were competing for landing rights In 1970 a new airport terminal building was constructed which included Dubai s first duty free shops |
After years of exploration following large finds in neighbouring Abu Dhabi oil was eventually discovered in territorial waters off Dubai in 1966 albeit in far smaller quantities The first field was named Fateh or good fortune This led the emirate to grant concessions to international oil companies thus leading to a massive influx of foreign workers mainly Asians and Middle easterners Between 1968 and 1975 the city s population grew by over 300 |
As part of the infrastructure for pumping and transporting oil from the Fateh field located offshore of the Jebel Ali area of Dubai a number of 50000 gallon storage tanks were built known locally as Kazzans by welding them together on the beach and then digging them out and floating them to drop onto the seabed at the Fateh field These were constructed by the Chicago Bridge and Iron Company which gave the beach its local name Chicago Beach until the Chicago Beach Hotel was demolished and replaced by the Jumeirah Beach Hotel in the late 1990s |
Dubai had already embarked on a period of infrastructural development and expansion Oil revenue flowing from 1969 onwards supported a period of growth with Sheikh Rashid embarking on a policy of building infrastructure and a diversified trading economy before the emirate s limited reserves were depleted Oil accounted for 24 of GDP in 1990 but had reduced to 7 of GDP by 2004 |
Critically one of the first major projects Sheikh Rashid embarked upon when oil revenue started to flow was the construction of Port Rashid a deep water free port constructed by British company Halcrow Originally intended to be a four berth port it was extended to sixteen berths as construction was ongoing The project was an outstanding success with shipping queuing to access the new facilities The port was inaugurated on 5 October 1972 although its berths were each pressed into use as soon as they had been built Port Rashid was to be further expanded in 1975 to add a further 35 berths before the larger port of Jebel Ali was constructed |
Port Rashid was the first of a swath of projects designed to create a modern trading infrastructure including roads bridges schools and hospitals |
Dubai and the other trucial states had long been a British protectorate where the British took care of foreign policy and defence as well as arbitrating between the rulers of the Eastern Gulf This was to change with PM Harold Wilson s announcement on 16 January 1968 that all British troops were to be withdrawn from East of Aden The decision was to pitch the coastal emirates together with Qatar and Bahrain into fevered negotiations to fill the political vacuum that the British withdrawal would leave behind |
The principle of union was first agreed between the ruler of Abu Dhabi Sheikh Zayed bin Sultan Al Nahyan and Sheikh Rashid of Dubai on 18 February 1968 meeting in an encampment at Argoub Al Sedirah near Al Semeih a desert stop between the two emirates The two agreed to work towards bringing the other emirates including Qatar and Bahrain into the union Over the next two years negotiations and meetings of the rulers followed often stormy as a form of union was thrashed out The nine state union was never to recover from the October 1969 meeting where heavy handed British intervention resulted in a walk out by Qatar and Ras Al Khaimah Bahrain and Qatar were to drop out of talks leaving six emirates to agree on union on 18 July 1971 |
On 2 December 1971 Dubai together with Abu Dhabi Sharjah Ajman Umm al Quwain and Fujairah joined in the Act of Union to form the United Arab Emirates The seventh emirate Ras Al Khaimah joined the UAE on 10 February 1972 following Iran s annexation of the RAK claimed Tunbs islands |
In 1973 Dubai joined the other emirates to adopt a uniform currency the UAE dirham In that same year the prior monetary union with Qatar was dissolved and the UAE Dirham was introduced throughout the Emirates |
During the 1970s Dubai continued to grow from revenues generated from oil and trade even as the city saw an influx of immigrants fleeing the Lebanese civil war Border disputes between the emirates continued even after the formation of the UAE it was only in 1979 that a formal compromise was reached that ended disagreements The Jebel Ali port was established in 1979 JAFZA Jebel Ali Free Zone was built around the port in 1985 to provide foreign companies unrestricted import of labour and export capital Dubai airport and the aviation industry also continued to grow |
The Gulf War of 1990 had a negative financial effect on the city as depositors withdrew their money and traders withdrew their trade but subsequently the city recovered in a changing political climate and thrived Later in the 1990s many foreign trading communities first from Kuwait during the Gulf War and later from Bahrain during the Shia unrest moved their businesses to Dubai Dubai provided refuelling bases to allied forces at the Jebel Ali Free Zone during the Gulf War and again during the 2003 Invasion of Iraq Large increases in oil prices after the Gulf War encouraged Dubai to continue to focus on free trade and tourism |
Dubai is situated on the Persian Gulf coast of the United Arab Emirates and is roughly at sea level 16 m or 52 ft above The emirate of Dubai shares borders with Abu Dhabi in the south Sharjah in the northeast and the Sultanate of Oman in the southeast Hatta a minor exclave of the emirate is surrounded on three sides by Oman and by the emirates of Ajman in the west and Ras Al Khaimah in the north The Persian Gulf borders the western coast of the emirate Dubai is positioned at 25 16 11 N 55 18 34 E 252697 N 553095 E 252697 553095 and covers an area of 1588 sq mi 4110 km which represents a significant expansion beyond its initial 1500 sq mi 3900 km designation due to land reclamation from the sea |
Dubai lies directly within the Arabian Desert However the topography of Dubai is significantly different from that of the southern portion of the UAE in that much of Dubai s landscape is highlighted by sandy desert patterns while gravel deserts dominate much of the southern region of the country The sand consists mostly of crushed shell and coral and is fine clean and white East of the city the salt crusted coastal plains known as sabkha give way to a north south running line of dunes Farther east the dunes grow larger and are tinged red with iron oxide |
The flat sandy desert gives way to the Western Hajar Mountains which run alongside Dubai s border with Oman at Hatta The Western Hajar chain has an arid jagged and shattered landscape whose mountains rise to about 1300 metres 4265 feet in some places Dubai has no natural river bodies or oases however Dubai does have a natural inlet Dubai Creek which has been dredged to make it deep enough for large vessels to pass through Dubai also has multiple gorges and waterholes which dot the base of the Western Al Hajar mountains A vast sea of sand dunes covers much of southern Dubai and eventually leads into the desert known as The Empty Quarter Seismically Dubai is in a very stable zone the nearest seismic fault line the Zagros Fault is 200 kilometres 124 miles from the UAE and is unlikely to have any seismic impact on Dubai Experts also predict that the possibility of a tsunami in the region is minimal because the Persian Gulf waters are not deep enough to trigger a tsunami |
The sandy desert surrounding the city supports wild grasses and occasional date palms Desert hyacinths grow in the sabkha plains east of the city while acacia and ghaf trees grow in the flat plains within the proximity of the Western Al Hajar mountains Several indigenous trees such as the date palm and neem as well as imported trees such as the eucalypts grow in Dubai s natural parks The houbara bustard striped hyena caracal desert fox falcon and Arabian oryx are common in Dubai s desert Dubai is on the migration path between Europe Asia and Africa and more than 320 migratory bird species pass through the emirate in spring and autumn The waters of Dubai are home to more than 300 species of fish including the hammour The typical marine life off the Dubai coast includes tropical fish jellyfish coral dugong dolphins whales and sharks Various types of turtles can also be found in the area including the hawksbill turtle and green turtle which are listed as endangered species |
Dubai Creek runs northeast southwest through the city The eastern section of the city forms the locality of Deira and is flanked by the emirate of Sharjah in the east and the town of Al Aweer in the south The Dubai International Airport is located south of Deira while the Palm Deira is located north of Deira in the Persian Gulf Much of Dubai s real estate boom is concentrated to the west of Dubai Creek on the Jumeirah coastal belt Port Rashid Jebel Ali Burj Al Arab the Palm Jumeirah and theme based free zone clusters such as Business Bay are all located in this section Dubai is notable for sculpted artificial island complexes including the Palm Islands and The World archipelago |
Dubai has a hot desert climate Summers in Dubai are extremely hot windy and humid with an average high around 41 C 106 F and overnight lows around 30 C 86 F in the hottest month August Most days are sunny throughout the year Winters are warm with an average high of 24 C 75 F and overnight lows of 14 C 57 F in January the coldest month Precipitation however has been increasing in the last few decades with accumulated rain reaching 943 mm 371 in per year Dubai summers are also known for the very high humidity level which can make it very uncomfortable for many with exceptionally high dewpoints in summer The highest recorded temperature in the UAE is 521 C 126 F reached in July 2002 |
Dubai has been ruled by the Al Maktoum family since 1833 the emirate is an absolute monarchy with no elections other than the few thousand Dubai citizens participating in the electoral college for the Federal National Council of the UAE The ruler His Highness Sheikh Mohammed bin Rashid Al Maktoum is also the Vice President and Prime Minister of the United Arab Emirates and member of the Supreme Council of the Union SCU Dubai appoints 8 members in two term periods to the Federal National Council FNC of the UAE the supreme federal legislative body |
The Dubai Municipality DM was established by the then ruler of Dubai Rashid bin Saeed Al Maktoum in 1954 for purposes of city planning citizen services and upkeep of local facilities DM is chaired by Hamdan bin Rashid Al Maktoum deputy ruler of Dubai and comprises several departments such as the Roads Department Planning and Survey Department Environment and Public Health Department and Financial Affairs Department In 2001 Dubai Municipality embarked on an eGovernment project with the intention of providing 40 of its city services through its web portal dubaiae Thirteen such services were launched by October 2001 while several other services were expected to be operational in the future Dubai Municipality is also in charge of the city s sanitation and sewage infrastructure |
The UAE has a Minister of Happiness appointed by Mohammed Bin Rashid Al Maktoum The UAE has also appointed a Minister of Tolerance to promote tolerance as a fundamental value of the UAE a country filled with a diverse range of faiths and ethnicities and also a Minister for Youth Affairs |
The Dubai Police Force founded in 1956 in the locality of Naif has law enforcement jurisdiction over the emirate The force is under direct command of Mohammed bin Rashid al Maktoum |
Dubai and Ras al Khaimah are the only emirates that do not conform to the federal judicial system of the United Arab Emirates The emirate s judicial courts comprise the Court of First Instance the Court of Appeal and the Court of Cassation The Court of First Instance consists of the Civil Court which hears all civil claims the Criminal Court which hears claims originating from police complaints and Sharia Court which is responsible for matters between Muslims NonMuslims do not appear before the Sharia Court The Court of Cassation is the supreme court of the emirate and hears disputes on matters of law only |
Kissing in certain places is illegal and can result in deportation Sometimes certain narrow exemptions to Islamic law are made for adult nonMuslims Adult nonMuslims are allowed to consume alcohol in licensed venues typically within hotels or at home with the possession of an alcohol license Restaurants outside hotels in Dubai are typically not permitted to sell alcohol Like other parts of the world drinking and driving is illegal |
Human rights organisations have heavily criticised violations of human rights in Dubai In a notorious case a Norwegian businesswoman who claimed to have been raped was arrested and sentenced to sixteen months in prison for having extramarital sex |
Some of the 250000 foreign labourers in the city have been alleged to live in conditions described by Human Rights Watch as less than humane The mistreatment of foreign workers was a subject of the difficult to make documentary Slaves in Dubai 2009 The Dubai government has denied labour injustices and stated that the watchdog s Human Rights Watch accusations were misguided The filmmaker explained in interviews how it was necessary to go undercover to avoid discovery by the authorities who impose high fines on reporters attempting to document human rights abuses including the conditions of construction workers Towards the end of March 2006 the government had announced steps to allow construction unions UAE labour minister Ali al Kaabi said Labourers will be allowed to form unions |
According to the census conducted by the Statistics Centre of Dubai the population of the emirate was 1771000 as of 2009 which included 1370000 males and 401000 females As of June 2017 the population is 2789000 The region covers 12875 square kilometres 4971 sq mi The population density is 40818 km more than eight times that of the entire country Dubai is the second most expensive city in the region and 20th most expensive city in the world |
As of 2013 only about 15 of the population of the emirate was made up of UAE nationals with the rest comprising expatriates many of whom either have been in the country for generations or were born in the UAE Approximately 85 of the expatriate population and 71 of the emirate s total population was Asian chiefly Indian 51 and Pakistani 16 other significant Asian groups include Bangladeshis 9 and Filipinos 3 There is a sizable community of Somalis numbering around 30000 as well as other communities of various nationalities A quarter of the population local and foreign reportedly traces their origins to Iran In addition 16 of the population or 288000 persons living in collective labour accommodation were not identified by ethnicity or nationality but were thought to be primarily Asian There are over 100000 British expatriates in Dubai by far the largest group of Western expatriates in the city The median age in the emirate was about 27 years In 2014 there were estimated to be 1554 births and 199 deaths per 1000 people There are other Arab nationals including GCC nationals |
Arabic is the national and official language of the United Arab Emirates The Gulf dialect of Arabic is spoken natively by the Emirati people English is used as a second language Other major languages spoken in Dubai due to immigration are Malayalam Hindi Urdu or Hindustani Gujarati Persian Sindhi Tamil Punjabi Pashto Bengali Balochi Tulu Kannada Sinhala Marathi Telugu Tagalog and Chinese in addition to many other languages |
Article 7 of the UAE s Provisional Constitution declares Islam the official state religion of the UAE The government subsidises almost 95 of mosques and employs all Imams approximately 5 of mosques are entirely private and several large mosques have large private endowments All mosques in Dubai are managed by the Islamic Affairs and Charitable Activities Department also known as Awqaf under the Government of Dubai and all Imams are appointed by the Government Any person held preaching racism religious hatred or promoting religious extremism is usually jailed and deported |
Dubai also has large Christian Hindu Sikh Bah Buddhist and other religious communities residing in the city |
NonMuslim groups can own their own houses of worship where they can practice their religion freely by requesting a land grant and permission to build a compound Groups that do not have their own buildings must use the facilities of other religious organisations or worship in private homes NonMuslim religious groups are permitted to advertise group functions openly and distribute various religious literature However outright proselytising is strictly prohibited under penalty of criminal prosecution imprisonment and deportation for engaging in behaviour offensive to Islam Catholics are served pastorally by the Apostolic Vicariate of Southern Arabia British preacher Reverend Andrew Thompson claimed that the United Arab Emirates is one of the most tolerant places in the world towards Christians and that it is easier to be a Christian in the UAE than in the UK |
One of the world s fastest growing economies Dubai s gross domestic product is projected at US 1071 billion with a growth rate of 61 in 2014 Although a number of core elements of Dubai s trading infrastructure were built on the back of the oil industry revenues from oil and natural gas account for less than 5 of the emirate s revenues It is estimated that Dubai produces 50000 to 70000 barrels 7900 to 11100 m of oil a day and substantial quantities of gas from offshore fields The emirate s share in the UAE s total gas revenues is about 2 Dubai s oil reserves have diminished significantly and are expected to be exhausted in 20 years Real estate and construction 226 trade 16 entrept 15 and financial services 11 are the largest contributors to Dubai s economy |
Dubai s nonoil foreign trade stood at 362 billion in 2014 Of the overall trade volumes imports had the biggest share with a value of 230 billion while exports and reexports to the emirate stood at 31 billion and 101 billion respectively |
By 2014 China had emerged as Dubai s largest international trading partner with a total of 477 billion in trade flows up 29 from 2013 India was second among Dubai s key trading partners with a trade of 297 billion followed by the United States at 2262 billion The Kingdom of Saudi Arabia was Dubai s fourth trading partner globally and first in the GCC and Arab world with a total trade value of 142 billion Trade with Germany in 2014 totalled 123 Switzerland and Japan both at 1172 billion and UK trade totalled 109 billion |
Historically Dubai and its twin across Dubai Creek Deira independent of Dubai City at that time were important ports of call for Western manufacturers Most of the new city s banking and financial centres were headquartered in the port area Dubai maintained its importance as a trade route through the 1970s and 1980s Dubai has a free trade in gold and until the 1990s was the hub of a brisk smuggling trade of gold ingots to India where gold import was restricted Dubai s Jebel Ali port constructed in the 1970s has the largest man made harbour in the world and was ranked seventh globally for the volume of container traffic it supports Dubai is also a hub for service industries such as information technology and finance with industry specific free zones throughout the city Dubai Internet City combined with Dubai Media City as part of TECOM Dubai Technology Electronic Commerce and Media Free Zone Authority is one such enclave whose members include IT firms such as Hewlett Packard Enterprise HP Inc Google EMC Corporation Oracle Corporation Microsoft Dell and IBM and media organisations such as MBC CNN BBC Reuters Sky News and AP |
The government s decision to diversify from a trade based oil reliant economy to one that is service and tourism oriented made property more valuable resulting in the property appreciation from 2004 to 2006 A longer term assessment of Dubai s property market however showed depreciation some properties lost as much as 64 of their value from 2001 to November 2008 The large scale real estate development projects have led to the construction of some of the tallest skyscrapers and largest projects in the world such as the Emirates Towers the Burj Khalifa the Palm Islands and the most expensive hotel the Burj Al Arab Dubai s property market experienced a major downturn in 2008 and 2009 as a result of the slowing economic climate By early 2009 the situation had worsened with the Great Recession taking a heavy toll on property values construction and employment This has had a major impact on property investors in the region some of whom were unable to release funds from investments made in property developments As of February 2009 Dubai s foreign debt was estimated at approximately 80 billion although this is a tiny fraction of the sovereign debt worldwide Dubai real estate and UAE property experts believe that by avoiding the mistakes of the past Dubai s realty market can achieve stability in the future |
The Dubai Financial Market DFM was established in March 2000 as a secondary market for trading securities and bonds both local and foreign As of fourth quarter 2006 its trading volume stood at about 400 billion shares worth 95 billion in total The DFM had a market capitalisation of about 87 billion The other Dubai based stock exchange is NASDAQ Dubai which is the international stock exchange in the Middle East It enables a range of companies including UAE and regional small and medium sized enterprises to trade on an exchange with an international brand name with access by both regional and international investors |
DMCC Dubai Multi Commodities Centre was established in 2002 It s world s fastest growing free zone and been nominated as Global Free Zone of the Year 2016 by The Financial Times fDi Magazine |
Dubai is also known as the City of Gold because a major part of the economy is based on gold trades with Dubai s total gold trading volumes in H1 2011 reaching 580 tonnes with an average price of US 1455 per troy ounce |
A City Mayors survey ranked Dubai 44th among the world s best financial cities in 2007 while another report by City Mayors indicated that Dubai was the world s 27th richest city in 2012 in terms of purchasing power parity PPP Dubai is also an international financial centre IFC and has been ranked 37th within the top 50 global financial cities as surveyed by the MasterCard Worldwide Centres of Commerce Index 2007 and 1st within the Middle East Since it opened in September 2004 the Dubai IFC has attracted as a regional hub leading international firms and set up the NASDAQ Dubai which lists equity derivatives structured products Islamic bonds sukuk and other bonds The Dubai IFC model is an independent risk based regulator with a legislative system consistent with English common law |