The New Nation - Internet Edition

Mohamed Ali Alabbar

DUBAI'S socio-economic transformation in the past three decades can be described as no less than miraculous - one achieved by the concerted efforts of both the Government and the enterprising private sector. A range of pioneering minds has worked in unison to achieve the powerful shift that has elevated this city to the league of a Megacity.

This city inspires people. Dubai encourages people to believe in their dreams, to dare and to do. Dubai reveals the power of single-minded dedication, the right leadership and sustainable goals.

Why is Dubai an awe-inspiring success? What makes it stand out? Where does the city find reserves for unparalleled growth?

For years, Dubai and the UAE have quietly pursued primary economic activities. Oil changed the face of the Arab world, but Dubai has outgrown its dependence on petroleum.

Early on, Dubai's leaders and its people saw opportunities as yet unrealised. That is what vision is all about. Vision is not a cliché. It is creating a signpost for our future. In the UAE, we have been fortunate to be led by exceptional leaders who understood the need to look into the future - fearlessly.

His Highness Shaikh Rashid Bin Saeed Al Maktoum, the late prime minister of UAE and Ruler of Dubai, saw in this once empty patch of sand by the Arabian Sea one of the world's largest ports and a bustling metropolis. The Jebel Ali port and the free zone was born. Some doubted him but he proved them all wrong.

More recently, His Highness Shaikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, identified the power of information technology and media in building a knowledge-based economy. The results are here for all of us to experience today.

Today, inspired by this highly competitive, results-driven growth environment, people from over 180 countries call Dubai home. There is a sense of collective ownership among the city's residents, which gives Dubai its status as a world-class safe and secure destination.

In the coming decades, Dubai will further consolidate its accomplishments in infrastructure development. The Dubai Metro will redefine city commuting. Burj Dubai, the world's tallest building, will anchor one of the world's most vibrant lifestyle destinations - Downtown Burj Dubai. The Palm islands will offer a brand new and unique version of sustainable coastal living. The Dubai Mall will be a magnet for over two billion people from the Middle East, Asia, Africa and Europe, while Emirates flies into newer and exciting new destinations bringing the world to Dubai and Dubai to the world.

The catchments area of Dubai will have enlarged further. The 'Brand Dubai' footprint will have expanded to newer markets, and as His Highness Shaikh Mohammed envisages, Dubai Inc. will become synonymous with Catalyst Inc.

Twin engines of growth

DUBAI'S sustained status as a Megacity, in my opinion, will be led by two key engines of growth: tourism and services.

Creating niche growth hubs is central to the sustained growth of a Megacity. Dubai is naturally endowed with two core competencies - Tourism and Services - which the city has also built further upon over the past years.

Tourism has shaped the backbone of the economy, and several pioneering initiatives such as the Dubai Shopping Festival and Dubai Summer Surprises have contributed to not just building on the city's tourism potential but also creating vibrant socio-economic growth modules. Powering the growth of the tourism sector, Dubai has also consolidated its strategic position in aviation - through the phenomenal growth of Emirates airline and the Dubai International Airport.

The service sector is the second growth engine for Dubai. It encompasses all lifestyle-defining aspects such as financial services, banking, education, healthcare, real estate, retail, media and information technology. Services will redefine Dubai's predominant position in the years to come.

Building on tourism and services, Dubai will create opportunities not just for the city but for the region, and also for the new global markets where Dubai's industry leaders are already strengthening their equity and knowledge participation.

As a Megacity, Dubai's priorities will be economic competitiveness and employment generation. And in achieving this transformation, the operational word will be sustainability.

But how will we sustain this growth? How will we meet the Megacity challenges? How will we strike a balance between competitiveness and cost of living, and between the Gross Domestic Product and Gross Happiness Index?

The roadmap to Dubai's growth will require a holistic approach to Megacity management involving all stakeholders. In this drive, the use of modern technology will be paramount in delivering a more sustainable, environment friendly approach to growth. The private sector will play a more proactive role in enhancing efficiency and there will be a shift from demand management to supply scheduling.

Driving this change will be a new force: the youth of today. They will be at the forefront of creating a new Dubai for the generations that will follow them. They will continue to be the torch-bearers for a new tomorrow which we are building today. Dubai's story has only begun. I thank the Khaleej Times for covering the Dubai story over the last three decades and wish the team continued success in the many decades to come.

(Mohamed Ali Alabbar is Chairman, Emaar Properties PJSC )