Dubai shareslegal, political, military, and economic functions with the other emirates within a federal framework, although each emirate has jurisdiction over some functions such as civic law enforcement and provision and upkeep of local facilities. Dubai has the largest population and is the second-largest emirate by area, after Abu Dhabi. Dubai and Abu Dhabi are the only two emirates to possess veto powerover critical matters of national importance in the country's legislature. Dubai has been ruled by the Al Maktoum dynasty since 1833. Its current ruler, Mohammed bin Rashid Al Maktoum, is also the Prime Minister and Vice-President of the UAE.
The emirate's main revenues are from tourism, property, and financial services. Although Dubai's economy was originally built on the oil industry, revenuesfrom petroleum and natural gas currently contribute less than 6% (2006) of the emirate's US$ 80 billion economy (2009). Property and construction contributed 22.6% to the economy in 2005, before the current large-scale construction boom.Dubai has attracted world attention through many innovative large construction projects and sports events. This increased attention, coinciding with its emergence asa global city and business hub, has highlighted labor and human rights issues concerning its largely South Asian workforce.
The savings are something kept from being used: an amount of time or money that is not spent or used. Portion of disposable income not spent on consumption of consumer goods but accumulated or invested directly in capital equipment or in paying off a home mortgage, orindirectly through purchase of securities.
Dubai's gross domestic product as of 2005 was US$37 billion. Although Dubai's economy was built on the back of the oil industry, revenues from oil and natural gas currently account for less than 6% of the emirate's revenues. It is estimated that Dubai produces 240,000 barrels of oil a day and substantial quantities of gas from offshore fields. Theemirate's share in UAE's gas revenues is about 2%. Dubai's oil reserves have diminished significantly and are expected to be exhausted in 20 years. Property and construction (22.6%), trade (16%), entrepôt (15%) and financial services (11%) are the largest contributors to Dubai's economy.
A City Mayors survey rated Dubai as 44th among the world's best financial cities, while another report byCity Mayors indicated that Dubai was the world's 33rd richest city, in terms of purchasing power parity (PPP). Dubai is also an international financial centre and has been ranked 37th within the top 50 global financial cities as surveyed by the Mastercard Worldwide Centers of Commerce Index (2007), and 1st within the Middle East.
Dubai's top re-exporting destinations include Iran (US$ 790million), India (US$ 204 million) and Saudi Arabia (US$ 194 million). The emirate's top import sources are Japan (US$ 1.5 billion), China (US$ 1.4 billion) and the United States (US$ 1.4 billion). From 2005 to 2009, trade between Dubai and Iran tripled to $12 billion.
Historically, Dubai and its twin across the Dubai creek, Deira (independent of Dubai City at that time), became important ports ofcall for Western manufacturers. Most of the new city's banking and financial centres were headquartered in the port area. Dubai maintained its importance as a trade route through the 1970s and 1980s. Dubai has a free trade in gold and until the 1990s, was the hub of a "brisk smuggling trade" of gold ingots to India, where gold import was restricted.
Dubai's Jebel Ali port, constructed in...