Future Forward

A visionary approach influences the shape of things to come in Dubai.

- SHERYL NANCE-NASH

When it comes to transformation, Dubai is a master. It’s hard to imagine this cosmopolitan city, the fourth-most visited in the world, once tied its livelihood to fishing, trading and pearl diving. The discovery of oil in 1966 marked the beginning of a new era. But even with that good fortune, Dubai was not content to be a one-trick pony and in the 1970s started diversifying its economy. Today oil represents less than 1 percent of its gross domestic product, whereas at one time it embodied more than 50 percent.

Dubai thrives on reinvention and innovation. The bulk of its varied economy relies on a mix of trade, logistics, financial services, hospitality and tourism, construction, real estate and manufacturing. In 2004 the Dubai International Finance Centre became part of the landscape, establishing the city as a go-to place for service industries like IT and finance. Dubai boasts an Internet City — home to the likes of Microsoft, Dell, Oracle and IBM, among others — as well as Media City, with the BBC, CNN, Reuters and other news operations. Dubai remains one of the world’s leading aviation and automotive export hubs. (You’ve never seen so many Ferrari, Maserati, Bentley and exotic car dealerships in one place.) Its port, Jebel Ali, is the ninth-busiest in the world and the heart of export trade in the Middle East. It’s not surprising Dubai is the second-wealthiest emirate, behind Abu Dhabi.