UAE has been for long considered an oil-based economy due to its over-dependence on oil. It is still dependent on oil but now the government is actively trying to shift towards a diversified economy which will be less dependent on oil. This is resulting in huge investments from companies both in and outside UAE to bring world-class projects in UAE. These projects are catering to different types of market and will truly enable UAE to become a diversified economy.
Many companies and investors from all around the world are getting in line to invest in various parts of UAE, especially in megacities like Dubai and Abu Dhabi. Already finished projects like Burj-Al-Arab and Burj Khalifa along with Palm Islands and Abu Dhabi Mall have been successful in generating interest among bigger players around the world who now recognize the potential UAE holds for the future. Innovative projects like The Louvre in Abu Dhabi and Dubai Water Canal Project has left everyone fascinated and made UAE an example to follow in terms of development.
Not only these mega structures, UAE is also investing heavily in digitization. It understands that digital world is the future and is providing a platform to innovative companies to innovate and excel in the digital space. Recently, Hyperloop announced its first route to be the one between Dubai and Abu Dhabi. Hyperloop is a company led by Elon Musk and is trying to revolutionize the train travel.
Following these examples, there are hundreds and thousands of other projects taking place all around UAE. UAE government is providing tender based opportunities for companies to take part in these development projects, both public and private. It has also generated interest among several companies which are now applying for these tenders and taking part in this development process set by the government.
UAE plans to make its cities as true Smart Cities and they want these cities to lead by example for the world. Dubai and Abu Dhabi are considered two of the most developed and advanced cities in not only UAE or the Middle East but in the entire world. It will be seen as to what happens in the future but for now, it is a golden time for developers and investors all around the world to be a part of the development revolution taking place in this small nation of the Middle East.