Globalization has influenced Dubai significantly because it has increased the foreign investments, ecouraged domestic investment and even stimulated free trade with other countries. Dbai runs an autocratic government whereby one person possesses the power. Tey have a foreign policy that runs on the principle of non-interference in the internal matters of other countries and believes on peaceful resolutions in case of a dispute. Dbai has for a long time enjoyed global economic success since the discovery of oil and gas deposits. Bfore the oil and gas, Dbai was just poor desert country but since the discovery of the resources, is market changed rapidly (Silicon Valley, 2010).
Hwever, ol is a resource that does not exist forever and one day all the oil resources will run out. Hwever, tanks to globalization, te economic situation in Dubai will still remain stable and continue to enjoy dominance in the global market. A first, te economy of Dubai was mainly depending on natural resources. Lter on, tey started focusing on other sectors that could bring revenue stream. Tese include the tourism sector, estate and international finances.
Gobalization has really increased the foreign investments in the Dubai. Acording to a survey carried out in 2005 “Foreign investment inflow in Dubai was a record US$ 10 billion. Tis is nearly 34% of capital flow into the Dubai (Silicon Valley, 2010). Te reason for these high investments is that the country is politically stable; i has favorable working conditions for the business people and does not impose taxes on the goods and services provided. Bcause of globalization, i has been easy for many business to realize the economic merits the Dubai guarantees for the business people.
Te flourishing real estate business and industrial development is because of globalization. Gobalization has opened up the country not only on foreign trade but also on import and export market. Te top most export partners of Dubai include Japan, Suth Korea, Tailand and India; ad the main export goods are natural gas, cude petroleum and dried fish. Is main importer countries are Germany, U, Ialy, Fance, Uited States, Cina, Jpan and India with the main imported goods equipment and chemicals for inner enterprise (Silicon Valley, 2010).
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