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It could have been a curse.y Resource curse:

the tendency of countries with high levels of natural

resources to exhibit worse economic and politicaloutcomes

(Morrison, 2008)

y A paradoxical situation in which countries with anabundance of non-renewable resources experiencestagnant growth or even economic contraction.

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Dutch diseasey Anation finds ample natural resource reserves.

y Economic focus begins to target this high-income

industry.y Skilled workers from other sectors transfer to the

resource sector.

y Higher wages make the national currency less

competitive.y Other industries, especially the manufacturing sector,

begin to suffer.

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Dutch disease in Columbia

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Booming coffee sector

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1966- Discovery of oil in Dubai.1966- Dubai sets up new currency.

1947- War between Dubai and AbuDhabi1920-Dubais economic depression

1979- Construction of worlds largestman made port.1971- Dubai becomes part of UAE.

1985- Dubai starts Emirates airlines.1979- Modernisation of Dubai.

1990- Persian Gulf war and its effecton Dubai.

Dubai and Economic Time-line

http://www.xtimeline.com/timeline/dubai

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2002- Started $5.5 billion Palm Island

resort project.2002- The $4.9 billion Dubai Landtourist city

1994- Symbol of Dubais urbanisation.

2002- Started creating a world-classfinancial centre as part of itsdiversification into service industriesbefore running out of oil and gas.

2005- It was reported that Dubai

Holding, bought 21,000 rentalapartments in the US Sunbelt for $1billion.

2006- Oil revenues in Dubai dropped to7% of GDP as economic developmentexpanded to transport, tourism andbusiness.

Dubai and Economic Time-line2007- The Gulf emirate of Dubaiannounced it had bought the QueenElizabeth 2.

http://www.xtimeline.com/timeline/dubai

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So what did they do...y Our infrastructure has expanded

to become one of the best in the

world, ....... We are also witnessingthe continued excellence of thelogistics, retail, trade and tourismsectors, which power the dynamicsof Dubais economy, and reiteratetheir legacy as the chief enginesand enablers of growth.

Shaikh Ahmed,

Chairman of the Dubai Economic Sector

Committee

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Into the following sectors:y Travel and Tourism

y

Retail and Trade is staple to the diet of Dubai'seconomy

y Oil

y Real estate and infrastructure

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Travel and tourismy Travel and tourism now accounts for 30% of the annual

GDP.

y In 2010, there were nearly 15 million visitors to Dubai and

the figure may touch 40 million mark by 2015.

y

Hotels construction has seen a growth of 15 % annually.y Hydropolis, the world's first underwater hotel.

Entirely built in Germany and then assembled in Dubai.

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Travel and Tourism

y Dubai land is an entertainment complex, which includes45 mega-projects and 200 sub-projects, once completed

will attract 200,000 visitors daily

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Real estate and infrastructurey Currently Dubai is said to have 15-20% of worlds

cranes.

y Dubais waterfront will be largest waterfront in the

world when completed.

y

Palm Island built in just 5 years, it will shelter nearly500 apartments, 2 000 villas, 25 hotels and 200 shops

of luxury.

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Dubai in 90s

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Dubai last year

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The Burj Al Arab(Tower of theArabs) is a 7 starluxury hotel in Dubai ,was built to resemble thesail of a dhow.

The World-nearly 300 artificial islands, seen

sky will form a planes sphere.

Hydropolis Underwater Hotel, Dubai, theworld's first luxury underwater hotel.

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Dubai Marina(Canal City),Whenthe entire development is complete,it will accommodate more than120,000 people in residential towersand villas.

Burj Khalifa (Khalifa Tower), is a skyscraper in Dubaiand is currently the tallest man-made structure everbuilt, at 828 m (2,717 ft).

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Retail and Tradey Trading and retail sector contribute 60% to Dubai's

GDP and 16% of the economy activities of the Emirate.Mr. E Kazim, Director General of the Dubai Financial Market and (DSES).

y Dubais Gross Domestic Product reached 28 billion in

2007, with Retail and Trade contributing upto 31%

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Oily In the early 1960's oil was discovered 75 miles off the

coast of the United Arab Emirates transforming the

economy of Dubai and its six neighboring federatedstates. (Angela Murray, 2007)

y In 2006, the contribution of oil towards Dubais GDP wasless then 6%

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Thank You

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Refrencesy Andersen, Christine H.. (2004). Trading and retail sector contribute 60 per cent

to Dubai's GDP. Available: http://www.ameinfo.com/50060.html. Last accessed1stApril 2011.

y Basit, Abdul. (2011). Stronger public-private alliance to drive growth. Available:http://www.khaleejtimes.com/DisplayArticleNew.asp?section=business&xfile=data/business/2011/march/business_march563.xml. Last accessed 29th March2011.

y Shilpa. (2007). Dubai. Available: http://www.xtimeline.com/timeline/dubai .Last accessed 1stApril 2011.

y

Davidson, Christopher M. (2008). Dubai: The Vulnerability of Success. NewYork/ Chichester : Columbia University Press . Pg 99-136.