Dubai is one of the seven emirates that collectively are known as United Arab Emirates. The emirate is situated on the southeast of the Gulf of Persia on the Arabian Peninsula. The emirate has the largest population count among the rest of the emirates and is the second largest emirate based on the land and territory area. The emirate is one of the two emirates in UAE that enjoy the veto power over critical matters that are of national importance to the country as a whole. The other emirate is Abu Dhabi. Dubai is mostly perceived incorrectly as a country or state however it is just a city located within the emirate of Dubai.
Dubai’s economy was previously based on the oil producing and trading business and it is known in the world only because of its oil and petroleum products. However in the past decades, it has emerged as a central business and trade hub in the region. The city is being developed both commercially and industrially that is giving a great boost to other industries in the country except for oil and petroleum and which is also helping in diversifying the economy of the city that was previously based on the oil production business only. Many new free zones and structures are being developed that have helped in developing the Dubai business sector and related industries.