Re: Two gods that failed.May 5 2011 at 3:03 PM
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Response to Re: Two gods that failed.
Since UAE is located in oil rich Gulf, there is a common misunderstanding that most of the successes of Dubai was due to the oil. The real fact is that oil just comprised less than 7% of total revenue in the state. Most of the revenue came from real estate, various investments (ports, airlines and stocks). UAE is federally ruled i.e each state has it's own shiekh or ruler who has autonomy over the state. My friend UAE is a proud country made up of seven emirates with Abu Dhabi as the capital city. The UAE has an open economy with one of the highest per capita incomes in the world and a sizable annual trade surplus. In 2009, its GDP, as measured by purchasing power parity, stood at US$400.4 billion. The GDP per capita is currently the third in the world and second in the Middle East, after Qatar as measured by the CIA World Factbook, or the 17th in the world as measured by the International Monetary Fund and 6th on the World Bank.
I understand that there are autocratic roles as well as speculations flaring the super rapid growth of the nation but it's a classic example of a young developing nation making it's earth-shattering stand in the modern world. It's a nation growing more stronger and richer by the moment despite their national debt, multiculturalism and speculated revenues. Dubai is up on the richest cities in the world and trust me, it was never in a mess and it will never fall, infact in the next 5-10 years Dubai may become the most richest city in the world as calculated above.
Im starting to wonder if our government has seen a pattern in the growth of her peer nation. UAE has oil and oil alone in the first place but made something out of that. We have more than that, we have oil, we have gas, we have land and underwater mines of gold copper silver, we have minerals, we have loggings and forests and tourism sites and fishery and the list goes on. My god, what have all these riches got to show today? Olsem mi tok tasol, stap lo het blo yupla wanwan.