The Impact of Globalization on the UAE and Dubai During The Last Essay

The Impact of Globalization on the UAE and Dubai During The Last Decade - Essay Example This paper demonstrates that globalization has been an integral part in the economic growth of the Dubai. Globalization influenced economic, political and social advancements in the region. The impact of globalization on the UAE and Dubai is considered positive over the last years. Dubai, which is one of the wealthiest member countries in the Middle East, has benefited from globalization. Globalization has influenced Dubai significantly because it has increased the foreign investments, encouraged domestic investment and even stimulated free trade with other countries. Dubai has for a long time enjoyed global economic success since the discovery of oil and gas deposits. Before the oil and gas, Dubai was just a poor desert country but since the discovery of the resources, its market changed rapidly. However, oil is a resource that does not exist forever and one day all the oil resources will run out. However, thanks to globalization, the economic situation in Dubai will still remain stable and continue to enjoy dominance in the global market. The flourishing real estate business and industrial development is because of globalization. Globalization has opened up the country not only on foreign trade but also on import and export market. Globalization has resulted to openness of the country that has its negative impact on culture and tradition. The government must be able to manage the foreign investment flow to have a stable economy. It should be stated, that globalization is not a solution to every economic situation in a country.