Currency and Economy in Dubai
Dubai uses the Emirati currency called Dirhams (Dhs). The country’s economic focus has shifted from oil export to tourism in the last 10 years and rightly so, the emirate earns its 80%GDP from tourism and less than 20% from natural gas and petroleum. A city that emerged as a business center in Middle East post the oil boom, Dubai transformed itself into a tourist hub with conscious efforts. The aim was to create larger than life and unimaginable attractions that will make the city unique and irresistible for the travelers all across the world. The introduction of the Dubai Shopping Festival further added to the city’s vision and since its inception in the 1990s, the festival has been a huge success. Attracting millions of tourists from all over the world, Dubai has positioned itself as a family destination and lived up to it. For a city that lives on tourism, no wonder, its hospitality is unmatched and the visitors are treated with royalty.
The introduction of the Dubai International Financial Centre (DIFC) in 2004 has allowed the city to develop itself as a finance and IT hub along with promoting various other service industries. The 2nd wealthiest emirate of UAE after Abu Dhabi, Dubai has long back moved its dependency from the oil export to the tourism. Today only a small amount of oil income makes a part of the city’s GDP as against the 90% in the 1990s. tourism has given overall boost to the services sector as well. With millions of tourists visiting the city every year, there are now plethora of hotels, restaurants and various other business establishments that has tremendously helped in making Dubai’s economy a thriving one.