The Gulf Tiger or Arab Gulf Tiger is a nickname used to describe the period of rapid economic growth in the city of
Dubai
Dubai (, ; ar, دبي, translit=Dubayy, , ) is the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, the most populated of the 7 emirates of the United Arab Emirates.The Government and Politics of ...
. The boom that Dubai has been experiencing since the 1990s is still going on, transforming the city from a desert village to a world class economic hub.
Characteristics
The city of Dubai is the second most prosperous emirate of the
United Arab Emirates
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
, after
Abu Dhabi
Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area.
...
, and with a cosmopolitan population of 1.6 million.
Dubai shares a range of characteristics with other
tiger economies
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was originally used for the Four Asian Tigers (South Korea, Taiwan, Hong Kong, and Singapore) ...
including a sustained double-digit
GDP
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...
growth rate since 1994. In 2004 Dubai's GDP grew 17%, mostly in the non-oil sectors.
Diversification
Dubai's oil production dropped steadily from an all-time high of 450,000 barrels per day in 1995 to less than 100,000 in 2005. But as the contribution of oil to
GDP
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is ofte ...
dwindled, the economy expanded. It almost doubled in size during the 1991-2000 period.
Economic development
Dubai attracts a great deal of
foreign direct investment
A foreign direct investment (FDI) is an investment in the form of a controlling ownership in a business in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment by a notion of direct co ...
(FDI). FDI has been growing with an annual rate of 11% in recent years. 90 companies of the
Fortune 100
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along w ...
list have located their regional offices in the city.
The
demographics
Demography () is the statistical study of populations, especially human beings.
Demographic analysis examines and measures the dimensions and dynamics of populations; it can cover whole societies or groups defined by criteria such as edu ...
of the city have changed dramatically, with Emiratis making up only 12% of Dubai, with estimates indicating the share dropping to 1% in 2020.
See also
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Dubai Inc.
"Dubai Inc." is a phrase used to describe a collection of diverse companies owned primarily by the government of Dubai. These state-controlled investment properties grew from what was just a vision of Sheik Mohammed bin Rashid Al Maktoum's predec ...
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Economy of Dubai
The economy of Dubai represents a per capita gross domestic product as of 2022 of US$ 46,665. Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, announced that the UAE’s non-oil trade over 10 years totalled Dhs16.14 trillion ...
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Four Asian Tigers
The Four Asian Tigers (also known as the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1960s and 1990s, they underwent ra ...
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Tiger Cub Economies
The Tiger Cub Economies collectively refer to the economies of the developing countries of Indonesia, Malaysia, the Philippines, Thailand and Vietnam, the five dominant countries in Southeast Asia.
Overview
The Tiger Cub Economies are so named b ...
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Celtic Tiger
The "Celtic Tiger" ( ga, An Tíogar Ceilteach) is a term referring to the economy of the Republic of Ireland, economy of Ireland from the mid-1990s to the late 2000s, a period of rapid real economic growth fuelled by foreign direct investment. ...
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Tatra Tiger
"Tatra Tiger" is a nickname that refers to the economy of Slovakia in period 2002 – 2007, following the ascendance of a right-leaning coalition in September 2002 which engaged in a program of liberal economic reforms. The name "Tatra Tiger" ...
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Baltic Tiger
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Tiger economy
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was originally used for the Four Asian Tigers (South Korea, Taiwan, Hong Kong, and Singapor ...
References
{{Economic miracle and tiger economy
Tiger economies
Economy of Dubai
Economic booms