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Dubai suffered from a significant economic crisis in 2007–2010 and was bailed out by Abu Dhabi's oil wealth. Dubai's current prosperity has been attributed to Abu Dhabi's petrodollars. [40] In 2014, Dubai owed a total of $142 billion in debt. [41] The UAE government has worked towards reducing the economy's dependence on oil exports by 2030. [42]
Tourism is a major economic source of income in Dubai and part of the Dubai government's strategy to maintain the flow of foreign cash into the emirates. [19] The tourism sector contributed in 2017 about $41 billion to the GDP, making up 4.6% of the GDP, and provided some 570,000 jobs, accounting for 4.8% of total employment. [20]
VAT Return Filing [17] in Dubai is essential for taxable businesses. Once you have applied for VAT registration, your business will get the Tax Registration Number (TRN) and it is now mandatory to file VAT Return. As per standard, you need to file VAT returns every three monthly or quarterly.
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Modern shopping malls and boutiques are also found in the city. Dubai Duty Free at Dubai International Airport offers merchandise catering to the multinational passengers using Dubai International Airport. Outside of Duty Free areas and major sales, Dubai has a reputation for being one of the most expensive shopping destinations in the world. [36]
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The most expensive room in Dubai, and one of the priciest worldwide, The Royal Mansion is the best of the best. ... Holiday Shopping Guides. ... The Today Show.
Downtown Dubai or The Dubai Downtown [2] is a large-scale, mixed-use complex in Dubai, United Arab Emirates.It was developed by the Emaar real estate development company. . Before 2000, this area was called Umm Al Tarif [3] It is home to some of the city's most notable landmarks, including Burj Khalifa, Dubai Mall, [4] and The Dubai Fo
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