Demystifying Dubai

Dubai, a city with a population size of slightly more than three million, has earned a reputation as the most modern and progressive among the seven emirates that make up the United Arab Emirates (UAE), with luxury shopping, ultra-modern architecture and a lively nightlife.

The pace of Dubai’s development has been nothing short of amazing, supported by its strong economic success with non-oil Gross Domestic Product (GDP) growth of around 3 per cent in 2018 coming from sectors such as tourism and trade.

With Dubai less than an eight-hour flight from two thirds of the world population, it has certainly become an appealing choice for both business and leisure in terms of its geographical location.

One only needs to take a look at the city to recognise its development and progress. Dubai boasts the tallest building in the world, the 828m-tall Burj Khalifa, and the world’s biggest mall, Dubai Mall with its indoor waterfall, ice rink, theme park and aquarium as well as over 1,200 shops including many luxury brands. Another iconic landmark is the sail-shaped Burj Al Arab Jumeirah hotel, known for being one of the most opulent hotels in the world.

For lovers of superyachts, there is also the Dubai Marina, the world’s largest man-made marina, and the annual Dubai International Boat Show, one of the largest boat shows in the Middle East. The famed Palm Jumeirah, one of the largest man-made islands in the world in the shape of a palm tree, is home to some of Dubai’s most luxurious resorts such as Atlantis The Palm.

As another sign of how cosmopolitan the city is, Dubai now has the largest immigrant population in the world. As a whole, there are people of more than 200 nationalities living in the UAE, with Emiratis forming only about 20 per cent of the total population. About 71 per cent of the total expatriate population comes from Asia, with Indians and Pakistanis making up the largest segments, constituting 25 per cent and 12 per cent of the total population respectively. The British make up the largest population of Western expatriates.

The UAE established diplomatic relations with Singapore in 1985, and is now Singapore’s largest trading partner in the Middle East, with bilateral trade at $18.1 billion. With stock investments worth $3 billion, the UAE is also Singapore’s largest investment destination in the Middle East.

Singapore recently signed a new agreement to strengthen ties with the UAE in the areas of trade and investment, defence and security, and sustainable development. The signing was witnessed by Singapore Prime Minister Lee Hsien Loong and the Crown Price of Abu Dhabi, Sheikh Mohamed bin Zayed Al Nahyan.

Invest in luxury furnished residences, Celestia, in the heart of the Expo 2020 hub

In 2013, Dubai won the bid to host Expo 2020, the first to be held in the Middle East. It will be located in Dubai South, a 145 square-kilometre master-planned city which will be home to the world’s largest airport in the making, the Al Maktoum International.

In line with the government’s Tourism Vision 2020, Dubai is also set to attract 20 million visitors and generate 300 billion UAE Dirham or $82 billion Singapore dollars in tourism receipts annually by 2020, tripling the contribution of tourism to the city’s economy.

Dubai overtook London as the top property hotspot in 2017. In the first quarter of 2018, 58 billion UAE Dirham or more than 21 billion Singapore dollars was recorded in real estate transactions.

One of the first residential developments to be ready in Dubai South is Celestia, a collection of fully furnished luxury apartments. Residents of Celestia enjoy a multitude of exceptional amenities on-site including a state-of-the-art gymnasium, a health and fitness club, a swimming pool, and a luxurious spa. This incredible development also has its own retail area with fine dining restaurants.

If one prefers to live in the thick of action, Paramount Tower Hotel & Residences Dubai is the place to be. A luxury hotel and residences in a prime location on Sheikh Zayed Road, this 63-storey project offers a sky lobby with amazing views across the Burj area, a spectacular rooftop infinity poll and a host of other amenities – Hollywood style.

For those who prefer to live close to world class golf courses, DAMAC Villas by Paramount Hotels & Resorts would be the perfect choice. Located in the 42 million sq ft of lush greenery in the prestigious DAMAC Hills development, each villa comes fully furnished and offers a comfortable home environment complemented by the finest standards of service.

Find out more about the potential of Dubai here.