Analysis Of Dubai

Dubai - The Introduction Dubai is the most popular city and emirate among the seven Emirates of the United Arab Emirates. It is the second-largest in terms of territorial size after the capital, Abu Dhabi. This emirate is located southeast of the Persian Gulf. Dubai is a global city and business hub, and as of recent, it has become a site to see for many tourists. Although statistics show that as of 2012, Dubai is the 22nd most expensive city in the Middle East, it is still rated as "one of the best places to live in the Middle East." Dubai has an area of 4,114km², and the country was first founded in June 1833. It has a population of 2.106 million (as of 2013). Dubai has a mixture of many different nationalities, which has given rise to a cosmopolitan culture. Question 1.

The Dirham replaced the currency Qatar and Dubai riyal, which was used in all of the emirates (except Abu Dhabi) since 1966. Coins Coins were introduced in the same year of 1973 in units of 1, 5, 10, 25, 50 fils, and 1 dirham. The color of the 1, 5, and 10 fils is bronze, but the rest, 25, 50, and 1 dirham, are in cupro-nickel. The value and numbers on the coins are written in Eastern Arabic numerals, and the text is written in Arabic. However, in the UAE, the 1, 5, and 10 fils are hardly used in citizens' everyday life. Like any other country, the UAE Currency Board has minted several commemorative coins celebrating different events and rulers. Banknotes In August of 2006, it became publicly known that the Philippine one peso coin was the same size as one dirham. 1 peso is only 8 fils, so this soon led to vending machine fraud in the UAE. As of then, a falcon watermark was then featured on all dirham notes to prevent such fraud from happening. NB: This fraud may have taken place because the people of the UAE and Gulf countries for a long time had used India's currency, the Rupee.

A second series of notes was introduced in 1982, which eliminated the 1 and 1000 dirham notes. The 500 and the 200 dirham were introduced in 1983 and 1989, respectively. However, they reintroduced the 1000 dirham in 2000. Banknotes (Denomination and Color) 5 dirham - green 10 dirham - purple 20 dirham - light blue 50 dirham - pink/purple 100 dirham - green/brown 200 dirham - brown/green 500 dirham - purple/brown 1000 dirham - green/brown Dubai – The Impact of the Global Financial Crisis on Real Estate Before the recession in 2008, Dubai's oil reserves were declining, so the government decided to expand into other areas, such as tourism and commerce. They did this by building the world's only 7-star hotel, an array of opulent islands, and the world's largest tower, Burj Khalifa. However, the global property bubble started to "overheat." Studies show that housing bubbles were bursting in many other countries and regions, including China, Spain, the United Kingdom, and Eastern Europe, but Dubai was hit the hardest. They experienced the world's most precipitous property slump during the global recession, with house prices declining by 50% from their 2008 peak. Hundreds of billions of dollars' worth of buildings and enterprises were either delayed or cancelled. They later uncovered the very real probability that their tremendous state-owned company, Dubai World, could eventually go bankrupt. Dubai World, established on March 2nd, 2006, is an investment company that manages and guides a portfolio of businesses and projects for Dubai's government over a wide range of industries, with main holdings and investments in the thrust of commerce and trading sectors far beyond the Persian Gulf area.