Dubai is the most populous city in the United Arab Emirates (UAE). It is located on the southeast coast of the Persian Gulf and is 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 legislature. The city of Dubai is located on the emirate's northern coastline and heads up the Dubai-Sharjah-Ajman metropolitan area. Dubai is to host World Expo 2020.
Dubai has 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 has recently attracted world attention through many innovative large construction projects and sports events. The city has become symbolic 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 workforce. Dubai's property market experienced a major deterioration in 2008–2009 following the financial crisis of 2007–2008, but the emirate's economy has made a return to growth, with a projected 2015 budget surplus.
As of 2012, Dubai is 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. Dubai was rated as one of the best places to live in the Middle East by American global consulting firm Mercer.
Tourism and Retail:
Tourism is an important part of the Dubai government's strategy to maintain the flow of foreign cash into the emirate. Dubai's lure for tourists is based mainly on shopping, but also on its possession of other ancient and modern attractions. As of 2013, Dubai was the 7th most visited city of the world based on air traffic and the fastest growing, increasing by a 10.7% rate. Dubai is expected to accommodate over 15 million tourists by 2015. The emirate is also the most populous of the seven emirates of the United Arab Emirates.
Dubai has been called the "shopping capital of the Middle East". Dubai alone has more than 70 shopping centres, including the world's largest shopping centre, Dubai Mall. Dubai is also known for the traditional souk districts located on either side of its creek. Traditionally, dhows from East Asia, China, Sri Lanka, and India would discharge their cargo and the goods would be bargained over in the souks adjacent to the docks. Dubai Creek played a vital role in the sustaining the life of the community in the city and was the resource which originally drove the economic boom in Dubai. As of September 2013, Dubai creek has been proposed as a UNESCO World Heritage Site. Many boutiques and jewellery stores are also found in the city. Dubai is also referred to as "the City of Gold" as the Gold Souk in Deira houses nearly 250 gold retail shops.
Dubai Creek Park in Dubai Creek also plays a vital role in Dubai tourism as it showcase some of the most famous tourist attractions in Dubai such as Dolphinarium, Cable Car, Camel Ride, Horse Carriage and Exotic Birds Shows.