ABSTRACT
This chapter provides an overview of how Dubai developed and the economic forces that made Dubai develop in the way it did. It presents a historical overview of economic and government policy that has supported its development, whilst examining interlinkages between real estate and the economy. It found that Dubai’s early economic and urban success was built off its geographical advantage between East and West alongside strategic political focus on establishing free zone/freeport infrastructure; and strong government-led development projects. The modern era of Dubai succeeded via an extensive global branding campaign; and building out a tourism infrastructure (hotels; malls; airports) to support economic growth alongside boosting its service sector economy in banking and finance. The chapter draws out key examples of how Dubai has attracted global UHNWIs; how the Emirate has developed and highlights an analysis as to why building high in Dubai has been so significant to its economic success. It concludes by looking to the future of Dubai’s real estate development focusing both on the Dubai 2040 plan as well as the legacy of Expo 2020 as key drivers.
