Dubai is the second largest of the seven Arab emirates
that comprise the United Arab Emirates – the others
are Abu Dhabi, the capital city, Sharjah, Ajman, Umm Al Quwain,
Ras Al Khaimah and Fujairah.
Facing the Persian Gulf, the city of Dubai
straddles the Dubai Creek, a natural inlet
which divides the city into the Deira and
Bur Dubai districts.
Oil
was discovered in Dubai some 40 years ago. But
it has not relied on this alone
and has reinvested into creating a modern
infrastructure and amenities and developing
as a strong trading centre and tourist resort.
The
UAE as a whole has an open economy with high
income per head and a sizable
annual trade surplus. It has a sub-tropical,
arid climate with average temperatures
ranging from about 24 degrees in January
to 41 degrees in July.
An explosion of exotic property developments
in Dubai was signalled by a 2002 Royal decree
permitting foreigners to own property. Previously
only UAE nationals were allowed the privilege.
However, the problem remained that there
was no federal law recognising freehold tenure.
Property laws are being developed but currently
there remains a fuzziness about the value
of Dubai freeholds (which come with a residency
permit) whose value relies partly on the
international trading credentials and good
name of the country rather than enforceable
law.
Even so the Dubai building boom has attracted
investors from across the world, partly due
to its tax incentives but also because of
its climate and luxury lifestyle.
Since
2002 property prices have been increasing
by rates as high as
25 per cent per annum.
However, prices remain low by UK standards.
Meanwhile rents are predicted to continue
to rise at the same rate as property prices – although
landlords should note that there are no eviction
laws in Dubai. |
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|
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Country
information - Dubai |
Area:
|
|
80,000 sq km
|
Principal
cities: |
|
Dubai
(Abu Dhabi,UAE) |
Language: |
|
Arabic (official),
Persian, English, Hindi, Urdu |
Flying
time
from UK: |
|
6.4hrs
|
Time
difference
from UK: |
|
Abi
Dhabi - UTC/GMT +4 hours |
International
dialling code: |
|
+971
|
Climate: |
|
desert; cooler
in eastern mountains |
Population: |
|
2.5m |
Median
age of population: |
|
total: 27.7 years
male: 35.7 years
female: 22.4 years
(2004 est.)
|
Employment
rate: |
|
97.6% |
Currency: |
|
Emirati dirham
(AED) |
Rate
of inflation: |
|
3.2% (2003 est.) |
Average
income
per person: |
|
$23,200
|
House
price inflation: |
|
11%
|
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