Dubai, is one of the wealthiest of the seven emirates that constitute the federation of the United Arab Emirates, created in 1971 following independence from Great Britain. In recent years Dubai has been compared to Singapore and Hong Kong and is often regarded as the hub of the Middle East.
Dubai does not primarily rely on the oil industry. Instead, it was used to enhance other sectors of its economy by building physical infrastructure. Trade and tourism remains at the core of Dubai’s economy, with the city operating two of the world’s largest ports and a busy international air cargo hub.
By 1998 Dubai had begun to permit foreign investors to purchase 99-year leases on properties, allowing the real estate sector to flourish. The Dubai International Financial Centre, which opened in 2006, is set aside in the UAE constitution as an independent legal jurisdiction; it operates under a separate commercial and civil framework based on English common law. This arrangement caters to international financial companies seeking to establish a presence in the Middle East. These companies can use Dubai’s location as a means to bridge the time zones between major financial hubs in Europe and East Asia.