Dubai's economy is going down, but why?
Dubai has been considered one of the richest countries but it looks like the economy is going bad now. Here is the reason.
Dubai got really rich in time. One of the reasons for it was Dubai found oil. The company suddenly had a lot of money and also another leader with a better vision for the country.
Why Dubai's economy is going bad now?
Beirut also has been one of the strongest countries in the area until things started to go bad. Dubai took this chance and basically utilized whatever they have to become the Dubai we know now. Tourists started to come, shops and restaurants started to pile up and the country has become a better one. During 1990's Dubai has focused on real estate as well. The construction and tourism has created the greatest Dubai we now today, yet what is going on now is changing.
Because Dubai did not have a lot of oil, they had to work harder. The global demand for oil is also decreasing, so the country might come face to face with shortage of money as well. If this happens they have to create another economic structure. Dubai's economic model seems to not work so well now because the world has changed.