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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]
The emergence of Dubai's lively real estate market was briefly checked by the global financial crisis of 2007–8, when Dubai was bailed out by Abu Dhabi. [31] The recovery from the overheated market led to tighter regulation and oversight and a more realistic market for real estate throughout the UAE with many 'on hold' projects restarting.
Agriculture in the United Arab Emirates, including fishing, was a minor part of the UAE economy in the early 1990s, contributing less than 4 percent of GDP. [1] Since the formation of the UAE, the availability of capital and the demand for fresh produce have encouraged agricultural development. [1]
The Dubai Clean Energy Strategy aimed to provide 7% of Dubai's energy from clean energy sources by 2020 and planned to increase this target to 25 per cent by 2030 and 75 per cent by 2050. [5] The country, however, generated only 3,8% electricity from solar in 2020, reaching the target three years late.
The eight banks included Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank, Mashreq Bank, HSBC Bank Middle East, Abu Dhabi Islamic Bank, National Bank of Ras al-Khaimah and National Bank of Fujairah. [89] The UAE cabinet introduced a UBO law in early 2021 after global pressure for financial transparency in the corporate sector increased.
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Dubai is the second most expensive city in the region and 20th most expensive city in the world. [ 135 ] As of 2013 [update] , only about 15% of the emirate's population was made up of UAE nationals , [ 136 ] with the rest comprising expatriates, many of whom either have been in the country for generations or were born in the UAE.
Dubai United Arab Emirates: Skidmore, Owings, & Merrill: Emaar Properties: 2010 1.5 [38] 1.86 CapitaSpring Singapore Singapore: Bjarke Ingels Group, Carlo Ratti: CapitaLand: 2021 1.35 [39] 1.35 8 Shenton Way: Singapore Singapore: Skidmore, Owings & Merrill: Perennial Holdings 2028 1.24 [40] 1.24 Frasers Tower Singapore Singapore: DP Architects