The Gulf Tiger or Arab Gulf Tiger is a nickname used to describe the period of rapid economic growth in the city of
Dubai
Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...
. The boom that Dubai has been experiencing since the 1990s is still going on, transforming the city from a desert village to a world class economic hub.
Characteristics
The city of Dubai is the second most prosperous emirate of the
United Arab Emirates
The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a Federal monarchy, federal elective monarchy made up of Emirates of the United Arab E ...
, after
Abu Dhabi
Abu Dhabi is the capital city of the United Arab Emirates. The city is the seat of the Abu Dhabi Central Capital District, the capital city of the Emirate of Abu Dhabi, and the UAE's List of cities in the United Arab Emirates, second-most popu ...
, and with a cosmopolitan population of 1.6 million.
Dubai shares a range of characteristics with other
tiger economies
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was originally used for the Four Asian Tigers (South Korea, Taiwan, Hong Kong, and Singapore) ...
including a sustained double-digit
GDP
Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance o ...
growth rate since 1994. In 2004 Dubai's GDP grew 17%, mostly in the non-oil sectors.
Diversification
Dubai's oil production dropped steadily from an all-time high of 450,000 barrels per day in 1995 to less than 100,000 in 2005. But as the contribution of oil to
GDP
Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performance o ...
dwindled, the economy expanded. It almost doubled in size during the 1991-2000 period.
Economic development
Dubai attracts a great deal of
foreign direct investment
A foreign direct investment (FDI) is an ownership stake in a company, made by a foreign investor, company, or government from another country. More specifically, it describes a controlling ownership an asset in one country by an entity based i ...
(FDI). FDI has been growing with an annual rate of 11% in recent years. 90 companies of the
Fortune 100
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along w ...
list have located their regional offices in the city.
The
demographics
Demography () is the statistical study of human populations: their size, composition (e.g., ethnic group, age), and how they change through the interplay of fertility (births), mortality (deaths), and migration.
Demographic analysis examin ...
of the city have changed dramatically, with Emiratis making up only 12% of Dubai, with estimates indicating the share dropping to 1% in 2020.
See also
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Dubai Inc.
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Economy of Dubai
The economy of Dubai’s gross domestic product of the calendar year 2023 as of January 2024 is AED 429 billion ($USD 116.779 billion). Dubai has substantially transformed over the last couple of decades. More than 90% of the population are forei ...
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Four Asian Tigers
The Four Asian Tigers ( the Four Asian Dragons or Four Little Dragons in Chinese and Korean) are the developed Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Between the early 1950s and 1990s, they underwent rapid industrializ ...
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Tiger Cub Economies
The Tiger Cub Economies collectively refer to the economies of the developing countries of Indonesia, Malaysia, the Philippines, Thailand and Vietnam, the five dominant countries in Southeast Asia.
Overview
The Tiger Cub Economies are so named ...
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Celtic Tiger
The "Celtic Tiger" () is a term referring to the economy of the Republic of Ireland, economy of Ireland from the mid-1990s to the late 2000s, a period of rapid real economic growth fuelled by foreign direct investment. The boom was dampened by ...
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Tatra Tiger
"Tatra Tiger" is a nickname that refers to the economy of Slovakia in period 2002 – 2007, following the ascendance of a right-leaning coalition in September 2002 which engaged in a program of liberal economic reforms. The name "Tatra Tige ...
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Baltic Tiger
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Tiger economy
A tiger economy is the economy of a country which undergoes rapid economic growth, usually accompanied by an increase in the standard of living. The term was originally used for the Four Asian Tigers (South Korea, Taiwan, Hong Kong, and Singapore ...
References
{{Economic miracle and tiger economy
Tiger economies
Economy of Dubai
Economic booms