Dubai's Economy Is In Deep Trouble - Here's Why
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Dubai is a money making machine driven by a strategic vision, careful planning and some really smart decisions from the past decades that ended up creating a one-of-a-kind economic model.
But now something has changed. And after decades of working just fine, Dubai's economic engine is now for the first time ever in serious danger. And if the emirate wants to survive, it needs to change - radically and very soon.
00:00 - Intro
02:42 - The Birth of the Dubai Miracle
07:08 - The World Has Changed
im living here in dubai. and most of the salary here is not enough to afford a rent on those real estate. most people here are sharing low cost rental flats. those skyscrapers are half empty to be honest.
Wow.
Just returned from Dubai and I was soooooo amazed. But people I ran into that work and live there said it was unaffordable for.most.
Yeah I often wondered about those office buildings. It was hard for me to believe that they were mostly full. Also wondered about the affordability. What is your line of work if I may ask. Are you white collar worker. If so then how in the world do blue collar workers survive there.
Really? My friend said everything is good there and want to send her son there to work because salary is high
@@lyhs0219 I get two different stories. It's either a horrible place for workers or a wonderful place for workers. WTF!
There is something you are missing about the Dubai property market, money laundering.
The west has fairly strict rules for checking the source of your income, Dubai doesn't.
If you have a few million in illicit cash that you want to clean up, you buy a property in Dubai, wait a couple of years, sell it to the next "investor" and then move your millions to London or New York who are perfectly happy to only do a one level check when you say you made millions investing in the Dubai property market.
There is staggering amounts of money laundering going through the Dubai property market, replicating the "discreet" network of dodgy bankers & lawyers that Dubai has attracted over the last few decades will be more difficult than building a few skyscrapers.
It’s the money cleaning capital of the world right now. All the illicit money leaving Russia and China.
Their bubble needs to POP.
In America, only the elites and politicians are allowed to launder money, and i am sure you are good with that because when you elite Anglo-Saxons stealing and cheat, it's ok. I guess that is why they call it Anglo-Saxons crimes (white collar crimes).
Complete truth, great for pointing out. Laundered and checked only once as to source or proof of funds. Afghan, Iranian and criminal crypto cash all swimming around without shame
Right on Point! This makes for a "cute" video, but barely scratches the surface.
What really goes on in their underbelly makes the US Congress look like choir-boys
@@ashfaquekhan2276mostly Pakistani money. Around $150 billion.
Slightly more advanced than the above.
First announce a property development scheme. No real investment just paperwork (architect etc) and set up costs
Then announce attractive price for this development
Then say all units are sold offplan in 2 weeks.
So now you're ready to launder the money. Because these plots or scheme on paper is going to go up tremendously, atleast 2x or 4x.
So you now can launder 3x the money of the paper value (remember no cash actually spent yet) of the property development.
That's how Pakistani military gets it's cash out and launders it via Dubai
Without the healthy middle class, no country can survive. A country must produce something or provide some kind of service or have some source of real economic foundation, without that Dubai miracle won’t last.
Yep that’s is absolutely right people got to have money to spend
So is that why millions of Indians flee India and live in uae? No middle class in india?
they dont even have old people homes
This is a lesson the top countries that promote excess wealth .
This is what Europe is doing.
Keeping 85% to 90% people in Middle class State by imposing taxes on taxes and portraying non eu countries as Dangerous Side Of World.😂
I was in Dubai in winter, stayed on Jumeirah Palm for some days. On our side of palm, there were hotels and on the other side, right in front of us, private villas. The villas looked great and the beach in front of them was full of white, pretty sand, the sea was deep blue and clean. and guess what, not a single soul was in those villas. I didn't see a single light in those houses. It was clear, why, once I checked the prices: starting from 3-4 million dollars and more. Somehow is demand/supply stuff not working here, you have hundreds of luxury villas staying vacant but the prices are still record high.... all in all, it looked very artificial...
They were going for a “fairytale” kinda thing without really factoring in the reality that not everyone has THAT kind of money. If only there was a balance between affordable and straight up luxury.
You said it all in one word in the end - all "artificial"!
Yes, but there arent that many „oil rich arabs“.
Same like China throwing free money and printing Yuan like there is no tomorrow. People complain west is printing money, but China is printing much more and giving cheap loans to poor countries in order to trap them for China’s own economic benefit. They recently demolished many buildings fake cities no one live there.
Come one.. every country is artificial. USA was also built from nothing. Just a different time period. Last time i was staying at jumeriah saadiyat hotel and all the villas were rented out and the basic rooms where almost all booked out. The cheapest room went for 1000 USD / night… remember.. there is a low season and a high season…. Many Emirati expats travel for around 6 months as you don’t have to stay in the emirates for too long to maintain residency
i have friends doing blue collar jobs in Dubai. Workplace safety is very very poor and they are constantly threatened by their bosses (who are also from another third world country). Life down there in the lowest rung of society is very bad, and they mostly feel alienated looking at all those sky scrapers and fancy restaurants. Unwritten rules like blue collar is solely reserved for south asian workers exist there.
And they stay because life at home is WORSE.
@@ThomasTomiczek because of foreign remittance, govts at home also wants a proportion of people working at these countries.
I'm sorry you or your friends had a poor experience as a blue collar worker in Dubai. However salary of average worker is 4 to 5 times that of their home counties plus accomodation and visa is paid by the company that employs them. Workers save and send billions of dollars collectively back to their home country. No one is forcing anyone.
@@Bharatagrawal2540 you are not getting the problem here. There are blue collar workers in all the developed worlds but why this is so pathetic at this part of the world? They send billions of dollars collectively but at what cost? Countries like UAE need them as much as they need a job. These countries need their health and young age and what happens when these people move to their 60s?
Mostly Pakistanis
Dubai's treatment of the foreign workers who do all the work is shocking and unacceptable by anyone's standards.
America literally has children working in demolition sites , slaughter houses , steel forming companies , in 2023 you can look it up in 2 seconds
It's fine
The world knows the treatment of employees is terrible
@@danielgriffin8132 It's ok to mistreat pa jeets
I guess you have never been in the countries where the majority of those employees come from... India, Bangladesh, Pakistan, Nepal etc...
I just came back from Dubai where I have a lot of friends living and working. All of them have one goal and it is to make enough money to by home in there own countries and leave Dubai as soon as possible. Dubai not being able to make people feel at home will destroy it sooner than expected!!! I hope that changes and Dubai survives but who knows ...
Dubai is ONLY for local people, who were born there, others are working sources. It has been known long ago. You had zero chance to feel at home. So no surprise
I am from belgium, we have an apartment in spain also (marbella). If I would live in dubai, I would never wanna come back to belgium. It is like going from heaven to hell.
Dubai will offer citizenships in case it smells disaster so they are good. They are smart.
@@frevebe7693 Yes. It feels like heaven
@@edwardspencer9397 I hope so
If 90 % of people there are foreign, either as labourer or investor or temp, I doubt many of them will want to stick around once the growth there recedes. In fact once it starts it will probably accelerate very fast. I know people who lived there, and always only considered being there temporarily, never permanent
Soon dubai will be abandoned
It’s too bad they never offered citizenship to foreigners. They would’ve stayed in the hard times.
they like young brainless employees here, who can fill in the needs for the country to be a tourist driven economy, nothing more, there is no human right here, just restless work
really? i am confused because my aunt took her family to live in dubai after working there as a medtech for a year. idk their reason, but after learning about dubai, wouldn’t that be a bad decision? they seem to be living well and safe.. perhaps they are one of the lucky ones..?
@@enjatro6408she probably sold her body
There might be some remarkable similarity between Dubai and Masterworks. Both collect huge amounts of money, which some day will prove to be taken by a desert storm.
Yeah, It grew for decades, just like China real estate market. Bubble always pops at some point.
Only time will tell how Dubai will adapt in the post-American imperialism World. It’s completely unpredictable at this point but I think they will make it through the transition just fine.
they will start taxing income tax & corporation tax
@Piotr Majewski There is a big difference between the real estate problem in Dubai and the one in China.
The bubble in China was deliberately popped by the government. But that isn't the case in Dubai.
In China, property prices went ballistic. Prices were artificially being pushed up by investors who had no interest of ever moving in to the properties they bought.
The huge profit property developers were getting from the investors in turn drove developers to build more.
This vicious cycle created 'ghost cities' all over the place with investors buying properties that they have no interest in moving in.
All this while the average mums and dads could no longer afford a property that they *DO* want to move in to.
So enter the government. The CCP LITERALLY *FORCED* the prices in major cities to come down.
The unfortunate side effect of these laws was the collapse of the real estate market in major cities. And in turn the high profile collapse of the 2nd largest property developer in the country.
But for many of the mums and dads in China, that was a godsend. Literally a dream come true!!
There are always more average mums and dads than property investors in any country. So there were A LOT MORE winners than losers.
But this clearly ISN'T going to be the case for Dubai. There will be *NO* winners in that collapse.
@@ChinaSongsCollection Thanks for nuanced comment. Its hard to find those this social media era.
I invested in a hotel project in Dubai the money was stolen by uniestate through Standard Chartered Bank Do not invest in Dubai or Standard Chartered Bank
I’m going to go out on limb and say you didn’t actually invest via a chartered bank. You have invested in a Nigerians pockets.
@@Ruder6163These days it's myanmar and Vietnam who's running the operation
in short: the economic growth is based on Ponsi Scheme or Multi Level Marketing, as long as they can sell stuff and get money in, they can pay previous bills, but in the future when no one wants buy apartment as investment anymore, the system collapses. the town isnt really build for working class, that keep the society running, the city is not resilient or sustainable, everything from drinking water, vegetables, grain, meat need to be imported or very costly in small units produced. all these luxury sites and apartments are empty or hotels for tourists, taking space away from people who could actually live, work and invest there but greed will destroy it, along rising sea level, they can not do much against rising sea level and sand storms from the land side.
That's the most relevant comment so far in my opinion despite looking rather grim
That's how economies built on tourism work, or don't work, as is so often the case.
It`s basicly a place for money laundry for wealthy dictators, Russian/Chinese Oligarchs, Drug money. The place is fake, and has zero culture because to have " culture" you need regular people who settle down and create a life. This is also the reason why the city don`t go totaly bankrupt when there is a global crisis.
They hate Christians
They persecute Asians and Africans who work in their country .......10
You’re forgetting about the jobs generated by your “empty buildings “ or “only for tourists hotels” I live here 13 y and I’ve lived in buildings and gone on weekend vacation to the tourist hotels - on top of giving me service these two industries generate long term jobs
The artificial, Disney like culture does appeal to a certain kind of individual. But once you are there for sometime, it wears on you, especially if this is your year round residence and don't have homes in other countries. It's great for a class of individual who is wealthy enough to leave, when necessary. The culture of a city creates a vibe that takes multiple generations to achieve. Dubai is the definition of new money. It's a fascinating test city, only time will tell if this is sustainable.
wow way to say so much without saying anything.
WHAT is the bad part of it?
@@gwhothe artificial Disney like culture...
Try reading
Very shallow analysis
Dubai's only hope is to stop enforcing Islamic laws to attract rich people from other Muslim countries. This will for these other countries to do the same. The problem is that will anger the fundamentalists and then revolutions and civil wars will breakout and drive all foreigners out.
@@gwho 👶
Doing business in Dubai is becoming difficult because of licence fees, labour fees and rent is becoming costly day by day . I own a shop in Bur Dubai There is no demand. My business is not doing well.😢
So sorry to hear you, I hope there will be a chance to move your business into your home region, South Asian region.
@@ainsleyfrastructurekpopmashupsPakistan...?
What is your business?
@@playercamhd He has a shop.
Impressive video. I started a bit late (graduated from my doctorate program at age 30 in 2014 with 170k in school loan debt). Managed to pay off my debt by 2019 and currently have a house and 250k total in investments (combo of profit share, 401k and a brokerage account). I'm not very knowledgeable in investing, so I just have my investing currently in index funds mainly Too but have been putting a lot into Schd the past few months. I don’t know if that's the optimal strategy, but psychologically it is very set it and forget it, and prevents me from obsessing over individual stock performance.
Keeping some gold is usually a wise decision. You would be better off keeping away from equities for a bit or, even better, seeking advice from an expert given the current market conditions and everything that is at risk with the current economy.
@@belobelonce35 You have a very valid point, I started investing on my own and for a long time, the market was really ripping me off. I decided to hire a CFA, even though I was skeptical at first, and I beat the market by more than 9%. I thought it was a fluke until it happened two years in a row, and so I’ve been sticking to investing via an advisor.
@@edelineguillet2121 I just started a few months back, I'm going for long term, I'm still trying to wrap my head around it, who’s this advisor you work with?
@@fresnaygermain8180 Credits Julia Ann Finnicum, to one of the best portfolio manager’s out there. She’s well known, you should look her up.
@@edelineguillet2121 Thanks for sharing this.I just looked her up on the web and your advisor looks advanced and experienced. I will write her an e-mail shortly.
Pretends to be the richest city on earth when Boston has twice as many billionaires 😂
Like all amusement parks, Dubai will lose its novelty. Dubai has foolishly poured its oil money into poor investments that are nothing but show pieces that are expensive to maintain and will lose their appeal after a few years.
Instead of long term investments that will benefit Dubai and the world, they build extravagant projects that cannot provide a positive payback.
Absolutely agree
I agree 100%
you know nothing about economy nor have an idea whats happening in the west lmfao
@Ya know you're the one obviously who knows nothing about nothing especially dubai
The city does remind me of a book. Confessions of an Economic Hitman. It also reminds me of Vegas tho. Timeless.
Every family has that one person who will break the family's financial struggle, I hope you become the one 😊
My family everyone of us broke that financial struggle cycle
Abolish the caste system first
Already abolished as soon as we got independence. It was never ours and we dont need your twisted ideas here. Wierd how you get up in arms about discrimination but were perfectly okay with slavery and enjoy exploitation?@@stellviahohenheim
so what do i do jeremy? buy some villa in dubai?
Any country solely dependent on tourism is going to suffer with people traveling a lot less these days. Rent is too expensive in Dubai for investors. There are current projects in Dubai that are sitting unfinished and with no new investment.
Dubai is not a country
@@judybash9393 They never said it is. It's part of a country though.
Ah, you are aware that DXB - the Dubai Airport - is operating at capacity. Planes mostly full. And a lot of people move here - and the rents are not that high compared to certain other cities (Paris, London, Monaco).
@@ThomasTomiczek Heh Dubai is cheap compared to my own home city, Sydney.
@@ThomasTomiczek it is hot as hell in Dubai. Laws are too strict for women. I'm not interested in Dubai.
A smart thing would be for them to keep the tax free environment despite economical challenges. As soon as they start levying taxes, they will chase ppl away, they will have a crash in real estate and basically accelerate their way down.
They already started introducing taxes from VAT now to corporate taxes.
why have taxes when u could do extortion in various other forms
Yeah that time is gone, they already have introduced VAT and they will slowly just impose more taxes.
Taxes are a state's lifeblood.
If levying taxes kills a state, that state was never going to survive regardless
The shock to me is that Dubai has been able to "hold on" for as long as it has.
You mean DUBAI or US?😂
@@buravan1512 Huh?
@@buravan1512what exactly goes beyond 120trillion ?
like the US is holding on while its on debt since years
if you wanna be rich you have to work both hard and smart and reinvest the money in infrastructure and to the people instead of spending a ferrari
A ferrari is just like a pair of jeans. You dont invest in cars unless you sell them. Cars are like a shirt its not wealth its just nice ride. Like first class in a plane you dont invest in first class its something you can afford but the poor just look to buy thats why you will stay poor
If you want to be rich in Dubai you have to be born there. You can try to work there, but you are going to become a local slave.
It's their money, their decision... You focus on your business buddy
They are doing both
Cant wait for you to do one about Malaysia. We have very questionable policies, it doesn't matter if the conservatives or liberals take charge.
Fair point, but Malaysia's problems are easier to fix than Dubai's. You do need better leadership though.
Brother you don’t need to believe anything you saw in internet i am living in Malaysia ask me rather to ask an outsider, Dubai economy is flourishing they can’t see any Muslim city to be developed this is all propaganda
There is no such thing as conservatives or liberals in Malaysia. As far as policies are concerned, the Malaysian economic system from all parties is conservative by western standards. All parties want more investments for job creation, building more housing to meet demands, etc. Socialism doesn't exist in any party in Malaysia.
Malaysia has a new prime minister.. Mr Anwar Ibrahim and he will bring Malaysia forward..
clearly u dont have any knowledge about economy.. questionable policies? like what ? our export biggest are E&E industry make up 40% of GDP they were growing 18fold within 20years.. thats remarkable.. our oil and gas export only about 14% of GPD.. we have 'NET' export around 22.3 billion ringgit 2022, total around 130billion ringgit.. not only that we have export the best Islamic banking to the world and no1 islamic banking..
Dubai was rich from tourist. Problem was it got very boring very fast. Once you are awed by the buildings and shopping centres it’s over very quickly. You never feel the urge to return.
Places like Thailand has culture and fantastic food that tourists want to return again and again.
Dubai is a city of UAE. Dubai is not a country ... The government of UAE supporting Dubai economic because Dubai is the gate of investors for UAE.
Yes, thanks for the truth.
Unfortunately, many people don't know that and think Dubai is an independent country.
@@ollienilson1644 💯💯👍
@@ollienilson1644Not an independent country, but technically a country anyway since it and the other emirates have their own Sheikh and governing bodies.
As far as internal affairs go, it is pretty independent. The federal government dictates external policy but it doesn't touch the laws and developmental direction within the borders of individual emirates.
Just like how Scotland is a country within the larger country of the UK, the Emirate of Dubai is a country within the Federation of the UAE.
So does Qatar help Dubai economically when they need it?
thank you for letting us know Dubai is not a country. you sre genius 😂
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Hello ChatGPT
Dubai is a trade and banking hub and a large part of it's economy is based on those two things. It has been the Switzerland of the Gulf. Unfortunately for Dubai, Abu Dhabi was asked by the Saudi Arabia's government to open it's books on Saudi businessmen. And Abu Dhabi complied. This has caused a mass exodus of money to places like Doha who looks to be the new Dubai.
As the video states, if Dubai is no longer the go to place for rich Gulf businessmen not only for entertainment but for holding their assets, that will be a major problem.
There's also another potential issue, regarding trade. With the US Navy pulling out of the Persian Gulf, who is left to protect trade on the seas? It may or may not become an issue, but we all know it will.
Probably be annexed by Iran
I've been seeing videos saying Dubai is doomed for more than a decade now. Somehow these videos always turn out to be wrong.
but its different now, salaries in dubai when it was found used to be 1 million dollars per year and kept devreasing until 500k a year if you only worked at a restaurant you'd make 300k$ a year, UAE did not manage there richness at the time very well to the point the salaries now are the monthly rent, whivh is very scary
Lol salary info source ???
@@pbarcenalol
Read between the lines😂
All this news come from a place of Fear and Jealousy...
They don't want to see DUBAI succeeding.
@@buravan1512😂😂slavery- the secret sauce of Dubais “sucess”
I still LOVE this particular video out of the other explainers .. very well done on the points. Please make one on Saudi Arabia!!
Seems like Dubai's economic clout is could start to lose quite fast. More competitors in the region coming in could force the UAE to be competitive eventually.
The video is not mentioning Logistics, it is an important part of the UAE economy, eg 40% of all import in East Africa pass via Dubai.
Correct. On the airport you see african families with huge bags, complete with washing machine and tv set and other stuff. Apparently, it is cheaper to go to Dubai and buy stuff there than to buy it locally, in Africa.
Fascinating! Awe, gosh. My heart. I grew up poor here in SoCal and you could find a TV in the trash 🥲❤
This video has so much of negative side and assumptions
Yes but even that will face competition.
Big ports are being built in Oman and Saudi Arabia to compete with Dubai and Jebel Ali ports.
Even Abu Dhabi built a big port.
KSA's ports on the Red Sea and Oman's ports on the Arabian Sea have better locations than Dubai for trans shipping. Docking in Dubai requires taking a detour and passing through the straight of Hormuz.
Dubai's advantage is that their port is efficiently operated and has straightforward bureaucratic processes.
Saudi ports on the other hand have a reputation for poor operations and frequent delays. But if they can solve this then their advantageous location will come into play.
Not just East Africa, Middle Eastern and Gulf countries, north Africa and other régions. It is a regional hub.
Another important point...these countries fight to offer services, which may no longer be needed in this region, when demand for oil will decrease significantly.
Desert flowers germinate, bloom, and complete their life cycles in a fortnight. I wish Dubai all the best. Still, it is a desert flower.
Thanks for the upload! :)
You are overestimating Dubai's leadership. They think that building a mirror plated skyscraper wall across a desert is a good investment
I think you’re thinking of Saudi Arabia leadership not Dubai’s
@@johnl.7754 Dubai's dictator is dump too
@@kelstafo that maybe true just saying he’s not the one building the skyscraper wall in the desert
@@johnl.7754 but he have build the palm islands
Well it workded did it not, do you have any better idea
Well, one thing is for sure. You can't find a place quite like Dubai in this region of billions of people. Not in India, not in Iran, not in any Arab countries, even Gulf countries. A place that is A--Crime free B--Clean and convenient C--Extremely centrally located D--Stable politically and for investors (ask any Iraqi, Egyptian, Lebanese) E--A great base for locating business. So that by itself is a huge selling point. And if Dubai decides to give some kind of permanent residency to people who buy real estate, then the real estate sector will definitely go up. And Dubai has the support of Abu Dhabi which has a huge wealth fund (as does Dubai to a lesser extent).
Most of West Europe would fit that part. Media tends to overblow and protests during the Policy Burreacracy by the legislature; most of a city is always peaceful and calm except the pockets of localities where the protests take place.
Fully agree with you
UAE does have golden visa or permanent residency for real estate investor.
@@amberjha5974 You don't know the definition of safe if you really provide Western Europe as an example.
WE is riddled with petty crime, in fact, it's way less safe than Eastern Europe, whereas crime is basically nonexistent in Dubai, you have to experience it to understand it.
UAE and Singapore are in a league of their own in terms of providing a safe environment.
Hence it comes as no surprise that UAE is #1 in the world in the last 2 years in terms of attracting high net worth individuals, whereas Western European counties are losing theirs to immigration.
and what is it lacking? culture
The idea that people would go have a nice vacation in Saudi Arabia just seems wild to me
Bali, Tahiti, Costa Rica, Saudi Arabia. Yeah, doesn't quite flow does it?
Dubai started exporting oil in the 1960s. I predict by the 2060's it will be seen as a monument to Hubris and Myopia withering away in the sands.
Dubai is probably nice to visit once but I can never live there. It’s all buildings and sand which feels very oppressive to me, not to mention the heat. I need green vegetation and fresh water around me to feel happy.
I don't understand how people are living paycheck-to-paycheck with 100k because when I was making that kind of money I didn't have car leases, house leases or credit card debt. I saved up money and paid in full for everything. Hell I'm still driving a used Nissan Xterra I bought for 5k with cash. I live by the beach in Florida btw.
I could quit my job now and work at a convenient store and still be okay.
Rent $3-4k , fuel $4, food groceries everything is higher here stuck here in major cities because jobs are here… that’s why we all retire by you. Forget if you have kids to feed.
I've lived in the UAE. They're problem is two fold. This area of the world has a long history of slavery. If you're not an Emirate, you're a slave. Secondly, it's a Muslim country with the associated laws. Yes, you can drink, but it's not going to be having a glass of wine at a sea view terrace or cafe, it's going to be in a dark club, probably in a basement. And don't get caught walking on the street after you've been drinking. You won't be walking home, no matter how close home is. You'll be taking a taxi to avoid problems. Also, women can't own property. As an expat, a couple could buy a property. And if the husband dies, the property goes to his nearest male relative. This could be the couple's teenage son, or his father or brothers. Imagine the problems if the son or in laws decide to sell off the property, leaving the wife who has paid for the property high and dry.
What? Since when can't women own property? Are you talking about Saudi or Dubai here? Lol.. women in dubai can own property FYI.
You're also wrong about drinking. I don't know if you're talking about the version of Dubai 15 years ago, but things have changed, buddy.
@@jossilnazareth4402Women can own property in Saudi Arabia in their own name. They have had that right since the advent of Islam 1400 years ago. The original poster is a prejudiced ignoramus.
@@jossilnazareth4402 everything’s legal in UAE. They know who’s drunk who’s having illegal affair, who’s pregnant and who’s working in hotels for money, who’s married temporary since they are everywhere and follows you. It depends if they are involved with call girls and their nationalities they will not take legal action.
So Dubai is like China's ghost cities 😂😂😂
Every economic power tends to come down in time. Dubai is not just facing internal (*Abu Dhabi and Sharjah) competition but also from Saudi Arabia, Qatar, and soon Yemen. Too big a vision and artificial ambitions have consequences and will see in the coming month/year.
As the center of the world is moving to the East (with US and EU in a slow decline), the UAE will have a more important role to play, as long as they maintain stability and stay away from choosing sides geopolitically. Like Switzerland and Singapore.
Finally.. someone who knows 👌🏻
The UAE, while not perfect, made good economic decisions, I believe in its future. Can't say the same for Saudi Arabia or some of its neighbours
@@joaquimbarbosa896 I could see Kuwait and Qatar being even bigger powerhouses in the relatively near future. They all have the resources (oil & natural gas 😂) low taxes ECT available to them for such a goal. If they ease regulations and encourage further foreign direct investment, tourism, international banking insentives, startup grants ECT.
@@Anonymoose66G I kinda agree, but its not like they'll become major powers or even regional powers, maybe something like Switzerland though. Still, the fact they their tourism sector is similar limits their growth, same for lack of manufacturing and food production. But I agree they'll be more relevant in the future
But my main point really is Saudi Arabia, that one is doomed
@@Anonymoose66G I also see tech like CHPM or sea mining changing Europe all together to if they become acessible.
It wasn't built in the middle of the desert it was built on the edge of a desert.
The ocean is a desert with its life underground and the perfect disguise above. Coz I’ve been through the desert on a horse with no name it felt good to get out of the rain… 😜
It was built in the middle of the edge of the desert
Even though the Dubai isn't that "shiny city" it once was, it's still not going anywhere. I don't see any neighboring countries taking its place, no matter what sort of vision they put out. Dubai itself is known for putting out crazy visions, only for them to disappear. It is much more volatile in other areas. You can notice how things are getting more serious, everything is getting more expensive, there are charging you for everything, they are slowly introducing VAT on everything, crazy amount of empty buildings, etc.
I used to fly through Dubai in the early 1980's and it was almost nothing. Only about 3 or 4 good hotels. As recently as the late 1990's, Dubai was still next to nothing. I stayed on Jumeriah Beach facing the Burj Al Arab in March 1996. The beachfront area where Burj Al Arab and Jumeirah Beach Hotel are located was previously called Chicago Beach. In 1996 I stayed at the old Chicago Beach Hotel, which was actually quite nice, despite its corny name. Sheihk Zaheed Road was almost non existent. It was a two lane Road with little on it. The Burj Al Arab was not finished until the end of 1999. The Burj Khalifa was only completed about 2014/5. It is all very recent. I do like Dubai, but I think it is over-built now. When you fly into Dubai, it is often shrouded in smog which was never the case before all this development. It is a pity.
I lived in Dubai in 1989.. it was the best moment in my life as a kid fleeing civil war in Lebanon at that time. Do you know the neighborhood close to Automatic restaurant?
Dubai is full of hot air like the desert it's built on.
Indeed, the entire Middle East is that way (thousands of years of living in a scarce desert makes them that way).
During the hype, it appears awesome, but because there is no substance, it eventually collapses.
Unfortunately I agree ... despite the fact that I'd love it to be otherwise and Dubai survives
Based
Diversification is a good thing, but industries like banking, construction, real estate, and tourism won't provide any security during economic downturns. Wouldn't they be especially vulnerable? Maybe some forays into manufacturing would help.
@A B Oil is less than 1% of Dubai's GDP, natural resources in general - less than 2.5%.
@Joanne
"Diversification is a good thing, but industries like banking, construction, real estate, and tourism won't provide any security during economic downturns. Wouldn't they be especially vulnerable? Maybe some forays into manufacturing would help."
DOnt know about that, Singapore seems to be doing fine...
Emiratis are not going to work in a factory. The foreign workers are going to be doing that work. Why import then to do that when the India/Pakistani/Pilipino/ etc, can do low wage manufacturing at home.
Rich are going to work in manufacturing 😢
Forays you say? Tally-ho!
Dubai needs to change its policy for grant of citizenship and focus on education, IT and Industry. Its financial sector and tourism is already doing well.
no we dont need to give citizenship to some one who is not born emirati
Modern art. Good way to launder money.
Hi, I know this is out of the topic but, does someone know what type of video or what is this style or what is this photography called that's shown in 6:11 to 6:18? thank you very much, it's gonna help me a lot :))
Dabai is like the center of Middle East and Singapore is like the center of South East Asia. Both cities are good at management, marketing and finance.
Singapore wasn't a center of Southeast Asia. Every nation in Asean were independent and have their own centre! Singapore is the one who interdependent with neighborhood nations.
Singapore is way better than uae 😂
They need to start providing citizenships to investors who are investing in the city. Not everyone can get a Golden visa.
I will never invest in a City where I don't get citizenship. I'm British Asian very happy
@@rahanmiah9428 dont invest, we dont give citizenship to non arab muslim, and after decades their sons will turn our country into those of sinful countries, no thnx
The term "real estate bubble" comes to mind. The United States had one in 2008, you may recall, and it was really bad.
Banks are greedy and impulsive sometimes which is driving the world to collapsing and back to the pre modernist times
China is going through the same problem leading to an economic meltdown.
Dubai experienced an even bigger crash in 2008 during the global financial crisis
People in 2009 said Dubai would be a Ghost Town because of the Financial crisis
@@realABN
It would have if it did not got bail out by Abu Dhabi
what's funny about this is that I get dubai real estate ads in my homecountry for houses starting from 250.000 usd, when I go to italy I get houses that start from 400.000 usd and in germany it seems I get same adds but with prices starting from 600.000. it seems the ads are targeted in relation to the wealth of the location you are in at the moment, while in reality those houses are sold to whoever is dumb enough to move in desert.
The sponsor of this video seems sketchy at best
You're the first person that I've seen what I think, Dubai replaced Beirut! Kudos.
Thank you for sharing. Very nice story.
Most people venture into crypto to be a millionaire meanwhile I just want to be debt free
That's very practical and smart goal a wise man once said do everything in your power to get out of debt one of his tips on getting rich
Just do the right thing by trading with an expert, trust me you will be successful and debt free
I'm looking for something to venture into on a short term basis, I have about $6k sitting in my savings
@@mbalimaka6393I'm enjoying working under a platform that brings good return in my life and I've been making my weekly returns without stress all in cryptocurrency
@@mbalimaka6393Learn and trade under a guide I do same and I hardly make losses in the market
The only disappointing part about the video is the sponsor.
It's very true that UAE and Dubai in particular are facing some economical issues regarding their "backbone" tourism and real state industries, but the government is continuously changing the laws, like the introduction of Golden and Green long term visas, more softer ways to purchase a property while still living outside the UAE etc. And is also booming it's I.T and finance industry heavily. Lastly, being born and raised in Dubai, it's much more stable, secure and safer than ever before.
The west are dying inside seeing an arab country become such a success without the degenerate societal failure they are suffering. Im from Tunisia, I live in the US and never been to UAE but out of all the arabic country UAE is "THE ONLY" country I am proud of and I wish we had leadership like them 🇦🇪
@@Haythem93465certain parts of the west is dying while certain parts are and will be booming, the UAE, Qatar, Oman and the Saudis have a declining economy because their oil isn’t as important as it once was which is why they are spending trillions to try to attract foreigners but they have no homegrown innovation, most are lazy, rely on the outside world to buy their energy and above all they rely on foreign military to protect them 😂
No tf it’s not😂😂 it’s a shit place
@@Haythem93465
It was the West that created Dubai, not the Arabs. And who benefited the most from Dubai? It’s the West, not the Arabs. Where are the airliners built for Emirate, Etihad or Qatar? Europeans and Americans. Who are mostly the pilots? Europeans and Americans. Who supplies goods and services to those skyscrapers? Europeans and Americans. Who owns the banks? Again, Europeans and Americans and Asians.
So the white Europeans and Americans have built a satellite state far from their shores with added benefit of cheap labor, low risk, and great rewards.
So next time don’t be too proud of the Arabs.
Dubai is a fake city ... it will all crumble down 😂😂😂
Are You talking about Dubai or United Emirates ? Cause You referring to Dubai as it's a country trough out the video
It's unlikely dubai will lose out to other Middle Eastern countries as most of them have extreme religious belief. Most would be scared to travel to places with extreme beliefs
Saudi is trying to change that with there new cities. MBS's has arrested religious leaders who want to chase away foreigners from investing.
The rulers/leaders of Dubai did an excellent job with their resources versus most of the other Middle Eastern countries!
You didn't mention the lack of income taxes. Dubai has the potential to attract a lot of foreign talent and investment. A lot of the big tech companies has a office in the Emirates.
Yeah right if by foreign you mean rich Indians looking to get away from Indias pollution, crime, corruption, 😂
Why would foreign talent want to go to Dubai? It has bad weather, less freedom and no possibilities of putting down roots.
@@coolbuddydude1 ask the 3 million Indians why they left india and happily ran to the uae
@@Quantum-1157 Are you talking about foreign talent or cheap labor ?
@@coolbuddydude1 try telling an Indian accountant he is just cheap labour in dubai and he will start a 3 hour rant about how india is a super power doing dubai a favour by ‘exporting’ talented manpower! And now they also started harping on about landing an unmanned vehicle on the moon! So now I am talking about (Indian) foreign talent because dubai has some of the most deluded Indians on planet earth
00:25 careful planning?!!! They didn’t even put in a sewage system. They literally have to truck their poop out on a daily basis.
Thank you for the information.
I've been hearing that "end of an era for Dubai" since 2010 and nothing happened!
Dubai is not rich.
Dubai’s GDP is a little lower than Boston metropolitan area’s GDP, and more considerably lower than Houston’s metropolitan GDP. Also Dubai’s population of 3.33M people is about a million higher than Houston’s population of 2.2M and about 2.6M more than Boston’s population of 600k.
Turns out money can go along way when they aren’t overspent on unnecessary programs.
They hate Christians
They persecute Asians and Africans who work in their country
Like any city Dubai can go up and down based on many factors an example is Detroit it was rich and famous in 1950s now it's an abandoned city.
They should have built good housing for the middle class and poor, foreign workers.
Any oil-built cities that cater only to the wealthy will end up failing when there's no alternative structure besides oil money, to maintain it.
This is where city planning is so important.
As I see, Dubai wasn't build for people. So to change it to comfortable place where to live, it will be quite hard.
disagree they’re like 50% and they will achieve 100% before 2030
It's very unfortunate that Dubai was built so suburban and designed around cars. I hope future developments will be centered around people instead of cars.
They hate Christians
They persecute Asians and Africans who work in their country
@@TheJumpingGuy future developments? Please enlighten yourself on Expo City.
This is true, but the UAE has considered it, they must have a strategy to overcome it. There are also many foreign countries who have no world resources but still develop, for example, Singapore is still successful.
Singapore 🇸🇬 is hot 🔥 all the time ⏲️ but Dubai is getting the colder winters than Singapore 🇸🇬.
Singapore has a highly educated population that are willing to work hard. The citizens of Dubai don’t do any work. Most of the work is done for them by foreigners. It is not highly educated or technically competent population. That’s the main difference between Singapore and Dubai
I believe the stability of dubai in a world of chaos, dubai will continue to thrive. I also live in dubai since a while. Despite many real estate available, rents keep on jumping because people are stil comin here from all over Europe and russia escaping the uncertainty of that region
you will remember my words soon enough.......dbai gonna be a shinny coffin for the vast majority pretty soon..........money will not be able to buy food ,nor water,because food and water gonna be so scarse...........they all gonna try to escape the shinny glass jungle ,its gonna be too late.
Hearing this since for 2 decades. Dubai always grows
great work as usual
A classic case of walking before learning how to crawl. A city that shouldn't be where it is, no arable land nothing of value. Dubai doesn't even have proper infrastructure like a sewer system. No future for you.
as soon as I saw red, blue and white in that profile picture, for some reason I knew this comment was about shitting on Dubai lol
@@fadbob_ Can't wait till we get to nuke it.
Lived in Saudi for 5 years and had to do a visa trip every 30 days so went to Dubai many times. Fun for a weekend and the shopping is spectacular. Easy to find a good hotel for 60 quid a night and cheap excellent quality food. Beer so expensive though. Abu Dhabi is much chiller. Couldn't live there though I was offered well paid jobs.
Maybe they will have to bring in 5% income tax ?
The only country comparable to Dubai in terms of liberal rules is Bahrain.
I don’t buy into Qatar , Abu Dhabi and KSA being competitive to what Dubai has to offer .
Good vid , thanks.
They already have tax in Dubai, for high income earners..They also have GST. And tobacco tax and alcohol tax.
Bahrain is far more libral and modern and tolerant than any other middle eastern country, in Dubai there are different laws for immigrants and citizens, the Dubai Gov sees us as immigrants who are here temporarily and we contribute to their economy so they tend to ignore our actions like drinking, pre marital sex, short clothes etc. Because they know they we are not a part of that country. Unlike Bahrain which has a monarchy like the British where there is a proper government they have LGBTQ rights(this should tell you how libral they are), although the Bahrain monarchy holds more power than the British monarchy but they are by far the most libral in country in the gulf. Can't compare UAE and Bahrain.
Dubai has 5%VAT , 10%service charge,10% tourism tax ..worked as a migrant labour .. I can never afford to live anymore in UAE..
Abu dhabi is actually similar to Dubai...
@@Ai-vq8rj Abu Dhabi is cheaper ,more organised and has better facilities for families than Dubai .I live in AD since 1987
The first 7 minutes is a history lesson that everyone already knows. The video really starts after this. LOL
Dubai is a speedrun of American-style unsustainable urbanism.
They will not be immune to the impending commercial real estate crash; expensive office towers all over the world are sitting half empty while the cost of their loans skyrocket, and the worldwide economic depression is only just beginning. Those fabulous towers are the ghost towns of the future, as they are purpose located and built, and cannot usually be assigned another role as the world changes.
This goes on all the time though making strange bedfellows of tourists
Wakiki, Guam, and Saipan are all island areas with luxury shopping that Japanese tourists go to, regardless of luxury cities elsewhere
England has been updated for luxury shopping that now has Chinese tourists visiting that ordinarily would have visited other luxury cities
Basically it’s a form of “If you build it they will come”
Religious pilgrimages and health spas and oracles were all field of dreams type endeavors…as are amusement parks and sports parks etc
The biggest threat to Dubai's long term future is not economic, it's climate change. The area will most likely be uninhabitable by mid-century--initially due to extreme heat, and later by rising sea levels.
Of course, this will have a huge impact on other regions as well, and there are even more vulnerable areas of the world to CC than the Persian Gulf. The world is going to be VERY different in 50 to 100 years. Today's trends don't even apply to anything down the road.
Canada could become one of the most sustainable and liveable places in the world by 2100. True, it will also be affected by CC but some of the effects will be positive: longer growing seasons, milder winters, etc... Summers will be hot, but nothing like ME, India or parts of China and SE Asia.
Not many ppl know this. It will be catastrophic. Also I figured that the temp will move to moderate first then the rapid sea level rise will come
You are not considered the fact that fossil fuel use will end in future thanks to climate change propoganda. Canada will stay Canada ie freezing cold winters.
Climate change might be surprising : Canada could become more intolerably hot in summer than the tropics while the Gulf might get a thicker cloud cover and therefore a milder and moister climate in summer like some regions of Yemen and Oman.
@@SergiyMichaelthey need the wake up call those who rule
@@MrMirville yes it will. But the flood is inevitable
They don't t produce anything. Never saw a brand Made in UAE
bc they dont have anything in uae
They produced a lot of Oil.
There are shoes brands
صدقني وجت منتجات كثيرة في أروبا صنع الإمارات. 😊
You don't see it. You burn it.
Good Research, something to think about
Economy power always roots back to few factors : energy , military power , industrial power and agricultural strength. If your economy depends on anything other than the listed above, then you are bound to collapse in the inevitable coming recession.
Money can't buy Happiness?
Habibi ... Come to Dubai !!!
The shit trains that drive up and down the highways because of the poorly planned out sewer systems is a hilarious thing to see.
Dubai economy is better now, with a lot of infrastructure projects left and right. I currently live in UAE, and I am thankful that I am given the opportunity to stay and work here. Dubai no longer relies solely on these oil revenues, while Abu Dhabi make the most oil revenues for UAE. They now have diversified assets that make the revenues. The country had economic struggles in years of 2015-2022, but it is way a lot different now.
on the intro part u forgot to mention that Dubai dredged out Jebel ali port in the 1970`S to create a big port also operated by the state company called DP World yearly Revenue today 10 billion us dollars. And they also went into aluminum manufacturing Emirates Global Aluminium . And ship maintenance with Drydocks world. All listed companies are owned by the Dubai goverment and help fund the city state of Dubai
I dont see substantial reason for Dubai ending. Low tax with safety will always be a driver of growth.
Man,
Dubai's realest market has been growing rapidly, last year alone witnessed 76% of growth. Iam pretty dam sure lots western people are relocating to dubai because its a tax heaven. The propaganda against dubai is not new. We can see it from last two decades. But they are still keep growing no matter what.
Inevitably Dubai will weaken as time goes by. Tourism is getting very competitive and other businesses they going they face stiff competition. Miracles don't last long.
They must keep moving forward. Most of what we have today came as firsts from the middle east/Africa/Asia. Study the countries around the Mediterranean sea. Major destruction=major rebuilding. Expecting to see major innovation coming from that area of the world.
And KSA is desperate to replace UAE in the GCC. Most multinational companies have HQ in UAE as no expats want to live in KSA so they commute. Today, if you want to do business in KSA you need to set up your office there.
@A B 10 years ago I came across comment like this saying dubai gonna fail, bankrupt etc. Years goes on dubai going stronger and more rich. Then I stop believing everything on media sosial
@@sam-gt7eq 10 years ago Dubai was facing bankruptcy due to economic collapse... they rebounded just as Miami did after 08 which left half the city vacant. But 10 years ago Dubai was the only ‘Dubai’ in the Middle East. Now they are competing with Doha, Bahrain, and soon Riyadh. Rebounding will be harder and longer. Especially when Saudis Neom projects complete. People will flock to the Line leaving Doha and Dubai. Cities trend.
@@NarasimhaDiyasena Still, Doha, Bahrain and Saudi doesn’t have a half of Dubai have.
beautiful footage.
You forgot to add, they are cousins with Abu Dhabi and they can loan money anytime
Building a resort city in one of the hottest places on earth is stupid even without climate change. It will be an unlivable ghost town by 2040.
💯 % true.
Wish for Thailand soon.
Awesome stuff
What are the sources for what you are saying about the laws being loosened to attract western banks. And where do you find information about the money transfers from Beirut to Dubai. Im writing a assignment about this so please help