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As a regional trading hub Dubai had greatly expanded its
status with the creation of the Jebel Ali Free Zone in the early 1980s, and was
well placed to capitalize on the inevitable upswing in Middle East business activity
that came with high oil prices. Also, after the liberation of Kuwait, most of the
supplies to reconstruct the oil field came through Jebel Ali.
The business upturn that followed the First Gulf War more than compensated for a
slump in local business in 1990; and hotels, offices and other real estate projects
followed in modest scale.
In 1995 General Sheikh Mohammed bin Rashid Al Maktoum was appointed Crown Prince
of Dubai. For Dubai, this meant an accelerated economic transformation under clear
and decisive leadership with expansion plans that are underpinned by business planning
and a focus on investment return.
The original success of the Jebel Ali Free Zone in making Dubai a bigger trading
hub has been used as a model in the development of a cluster of free zone cities.
Dubai Internet City has been joined by the Dubai Media City, Dubai Maritime City
and many others from a thriving zone for secondhand cars to one for tea trading.
Late 1990s saw some notable new buildings in Dubai designed to put the emirate on
the global map. Seven-star Burj Al Arab hotel, the tallest free-standing hotel in
the world, was the most successful in drawing attention to this city. Emirates Towers
was built at the same time and is the tallest commercial building in Europe and
the Middle East.
Sheikh Mohammed focused on world-class buildings and facilities which would make
Dubai the location of choice for the worlds biggest companies. The return on investment
was not just in real estate rentals but in the wider benefits that highly paid staff
would add to the GDP of the emirate.
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