Dubai beckons!

The story if Dubai is without doubt an interesting one.

Historically Dubai had based a thriving economy on trade, especially in pearls. It's location, close to India and well placed for the trade routes meant it was a frequent port of call for all kinds of traders, especially from India. Many Indian traders and their families settled in Dubai.

However the First World War dealt a terrible blow to Dubai's pearl industry, damage that became irrevocable during the Great Depression. The result of this was an exodus of people from Dubai as families sought income and stability in other points of the region.

Dubai also had very uneasy relations with Abu Dhabi, with hostilities ongoing until the signing of a formal agreement as late as 1979. However, this agreement did stick and the border disputes finally ended.

It was only in the 1950s that aspects of Dubai were modernised. Electricity, the airport and even telecommunications were put in during this decade with the movement of the British administrative offices and staff from Sharjah to Dubai.

The discovery of oil in 1966 propelled Dubai forwards and also marked the year that a new currency was established via an agreement with Qatar: The Qatar / Dubai Riyal was introduced to replace the Persian Gulf Rupee.

The discovery of oil secured the growth of Dubai. There was a huge influx of foreign labour to work the industry and the ruling family granted oil exploitation rights to foreign oil companies. This brought about a 300% increase in population from 1968 to 1975.

Then on December 2, 1971 The United Arab Emirates was formed after the United Kingdom formally left the Persian Gulf in that year. 1973 saw a new change in currency as The UAE adopted a common currency, the UAE Dirham.

The Jebel Ali port - said to be the world's largest man made port - was established as a Free Port in 1979, offering unrestricted access to foreign companies and workers.

The First Golf War of 1990 initially had a strong negative impact on Dubai, funds being withdrawn at an alarming rate from the banks as a result of the turmoil and uncertainty of the whole region.

However, this was soon overcome with the installation of many international trading companies, many from Kuwait during the war, and also from other regions rendered unstable during the war.

Dubai provided valuable support services to the Allied Forces via Jebel Ali and also benefitted again from Allied use of the port in the Second Gulf War.

It was the Jebel Ali's success that led the Dubai rulers to emulate the model again and again within the city. The creation of various "clusters" for free trade and business brought about the Dubai Media City, Dubai Internet City, Dubai Maritime City, Dubai Sport City and others.

It is no secret that Dubai has, since 2002, been pushing back the boundaries of real estate innovation and investment. The building of the truly impressive Palm Island using man made islands in the sea in the shape of a palm have captured the imagination of investors and tourists alike the world over.

The construction and inauguration of the worlds tallest free standing hotel, the Burj al Arab, and it's self proclaimed 7 Star category has brought in a new standard of service and changed luxury hotel service the world over.

The search for world records continues with the construction of the world's tallest building, the Burj Dubai and the move to create projects similar to The Palm such as The World Islands.

However, it is not all positive. This economic growth is sometimes said to be founded on a kind of slave culture whereby the imported labour is exploited in exchange for very little money and even less freedom. Inflation has been high (Recorded at 11.2% in 2007) and the current world economic crisis has brought overseas investment almost to a stop.

Many people feel that this shouldn't be a problem. "Dubai has oil" they say. Yet this magical city and it's amazing, some say crazy, projects have not been built wholly off the back of oil dollars. Indeed oil revenues accounted for only 6% of Dubai's income in 2006 with real estate and construction adding up to more than 22%.

However, investors in Dubai can feel reassured that the financial muscle of the country is such that there is an ability to back up the will to survive. The injections of capital into projects such as indoor ski slopes and yet more skyscrapers can only serve to enhance your investment. The growth of tourism goes hand in hand with the growth of commerce in this business friendly state. Clearly the lack of taxes helps, but there is a spirit of success breeding success that is contagious and leads us to believe that Dubai will prevail and continue to grow faster than any other city in the world.

So if you haven't already been, get on a plane, preferably Emirates so your Arabian adventure begins at your local airport, and experience it. You can even try a flight on one of the 58 A380 that Emirates have ordered. Some have already entered service!

If you're the owner of property there, then avail yourselves of our different services so that you can protect and maximise your investment. We not only snag and clean your property, but we can ensure that you get the best deals in furniture packages and rental management solutions. Vital now the possibility of making a quick sale has been postponed for the near future.

Snagging Dubai is a sub division of the very successful Snagging Overseas and draws upon more than 5 years of experience in the overseas property industry providing excellent levels of service to pre and post completion of property.

Operating in Dubai now for only 3 months we have already established a solid foothold in the Emirates and have been hired for snagging and relocation services in Qatar and Abu Dhabi as well.