Dubai (pronounced Dubayy in Arabic) refers to one of the seven emirates that constitute the United Arab Emirates (UAE) in the eastern Arabian Peninsula. Dubai is the second largest Emirate in the United Arab Emirates and probably the most well known. Under the guidance of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the Emirate has built a reputation as one of the most important and vibrant cities in the Middle East.
Whereas 20 years ago oil revenues accounted for around half of Dubai’s GDP, in 2005 the oil sector contributed just 5.4%. It is expected that by 2010 oil will account for less than 1% of total GDP. Dubai’s rulers have known for many years that the oil would run out, and so embarked on ambitions projects to diversify the Emirate’s economy. Today, trade, manufacturing, transport, construction and real estate are the main contributors to Dubai’s strong growing economy.
Dubai is well ahead of many other cities in the Middle East in terms of travel and tourism.
Dubai’s hotels and hotel apartments accommodated 6.16 million guests in 2005 and the first six months of 2006 they accommodated 3.12 million guests. The mix of visitors at the moment is roughly 40% business traveler and 60% leisure, but the ratio of leisure travelers is set to increase as Dubai strives to reach its target of attracting 15 million visitors a year by 2010.