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IPFS News Link • Dubai

A Timelapse Video Of Dubai's Astonishing Growth

• https://www.zerohedge.com,

Today's motion graphic video, from Knight Frank, is a unique overview of Dubai's half-century long growth spurt.

Dubai's ruler, Sheikh Mohammed bin Rashid Al Maktoum, summed up the ambition of his people in a quote:

Dubai will never settle for anything less than first place.

Indeed, the city's economic growth has been nearly unparalleled over the past two decades. Unlike neighboring emirates, Dubai had a modest supply of oil and knew that diversifying their economy would be vital for future success.

As oil production leveled off in the early 1990s, the tourism industry ramped up. In 2002, reforms allowed foreigners to own real estate and that industry boomed overnight. Today, oil accounts for a minuscule 1% of Dubai's GDP.


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