Mark Twain once famously quipped, on seeing his own obituary printed in error by a newspaper: “Rumors of my passing have been greatly exaggerated”.
The same could have been said by Dubai at any point over the past three years. Even at the height of the debt crisis, when newspapers the world over were fighting with one another to do the city down, they all missed the point.
Sure, the mega real estate projects and developments, and the luxury malls and the 7-star hotels captivated the world’s attention. And so, when real estate, retail and tourism took a hit, it was obviously game over for Dubai, no?
Far from it. Dubai has never been about just hotels, real estate, mega projects, or bling. At its heart, this thriving city has been built on strong foundations of trade and tolerance, two things that have gone hand in hand, and helped the city establish itself as a world-class logistics and commerce hub.
Of course, trade, with its huge warehouses, gritty ports and dusty industrial parks will never be glamorous, or attract the attention of the mainstream press. A trip to Jebel Ali Free Zone takes you further from the glitzy and glamorous side of Dubai life than the 30km journey suggests, but these docks and these warehouses are the bedrock on which the luxury projects were built.
Hand in hand with the mega projects, too, came basic infrastructure developments that are second to none not just in the region, but in the world. Airports, the metro, roads and bridges were put up along with the skyscrapers and the malls, making the city easy to navigate, and not just for commuters, but for multinationals needing a secure, convenient and well serviced location in the Middle East.
Commerce, although dented by the global recession, is today helping to restore Dubai’s reputation as playground for the rich and powerful. The Dubai International Financial Centre (DIFC), the heart of the city’s commercial life, has in a few short years established itself as the GCC’s de facto finance hub. No mean feat, considering the equally ambitious, but wealthier, competitors.
For anyone looking to do business in the Gulf, or even further afield, the reasons to pick Dubai as a base are obvious. Great infrastructure, first-class services, a liberal environment, in terms of both business climate and society, combined with a strategic location straddling East and West, has made the city hugely attractive for multinationals and entrepreneurs from all corners of the globe.
In all, some 200 nationalities have chosen to live in this city. Safe, stable and full of opportunity, I first moved here to seize those opportunities in 2004. What I’ve found is a remarkable and unique place, a city that rewards risk and innovation, and one that I’m proud to call home.
Good Luck
Kabir Mulchandani