Heard the renowned management guru Peter Drucker's oft-quoted saying, “The best way to predict the future is to create it”?
If there is one place in the world that proves this saying, to me, it is the United Arab Emirates. As an expat living in Dubai for 30-plus years as a chartered accountant and entrepreneur, I am privileged to have witnessed the evolution of the professional and entrepreneurial realms of the UAE.
Year after year, the UAE--and more specifically, the emirates of Dubai and Abu Dhabi--has proven itself to be the game-changers in global business, lifestyle, and leisure. The UAE has an unabashed approach to introducing reforms, policies and business ecosystems. It is focused on creating a future built on values of growth, abundance and innovation.
While the UAE’s growth trajectory has been steady over the years, its economic recovery from the Covid-triggered challenges has catapulted it to a whole new paradigm of development. The country left no stone unturned to ensure its healthcare system stood up to the challenges of Covid. And, its economy could successfully host the delayed Expo 2020 between October 2021 and March 2022. In those six months, 24 million people visited the pavilions set up by 192-plus nations.
The economic momentum generated by the expo set in motion the infrastructure development and expansion of Al Maktoum International Airport which created a ripple effect in residential and commercial developments in the Dubai South area.
The visionary leaders of Dubai unveiled a $35 billion plan to create the largest airport in the world out of the emirate’s second largest airfield, the Al Maktoum International Airport.
The new airport, sprawling across 70 sq. km, will have 400 aircraft gates and five parallel runways, and will be positioned to handle 12 million tons of cargo per year. This will make it the world’s biggest airport in terms of size and passenger capacity by 2050. Industry reports estimate the airport will be able to handle almost 150 million passengers per year, upon completion of the first phase of expansion in 2034.
Meanwhile, Emirates Airlines was recently ranked as the world’s best airline with one of the biggest route networks in 140 cities across 77 countries.
The unprecedented growth in the Al Maktoum International Airport has catalysed the evolution of the industrial, commercial and residential zones in the Dubai South area. Dubai South is a 145 sq. km metropolis around the Al Maktoum International Airport.
Industry insiders feel that the Dubai South area holds the promise of the early-mover advantage, diverse investment opportunities and high rental yield potential for investors. These factors will be the key drivers of property prices in the future. Over the next decade, it is believed that the demand for properties will cross 1,00,000 in the Dubai South area and its vicinity.
UAE’s strides in construction, aviation, manufacturing, retail, and startups clearly indicate the country’s commitment to building a future forward foundation for its collective business landscape.
This sustained growth with vast opportunities is ideal for Indian professionals wielding financial and technical acumen to reach their career potentials.
After witnessing its sweeping transformation, from a socio–economic perspective, I can confidently say that the UAE is creating a future that will be the global gold standard for growth.
