This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.Dubai’s economic rise since its independence from Great Britain in 1971 is nothing short of meteoric. Few economists expected that any economy in the Persian Gulf region could diversify beyond their vast petroleum interests. However, Dubai developed a multifaceted economy that weathered every economic downturn, even the 2008 worldwide recession that damaged almost every nation. Dubai absorbed significant hits during that recession but somehow survived due to its ability to rely on more than just the financial and petroleum sectors. The real estate market struggled during the height of the last recession but recovered in the last two years and boom-times might be possible again in the latter half of the decade. Tourism still flourished despite the downturn due to the climate and Dubai’s ability to attract wealthy consumers from the United States and Europe. Even finance, which was hit hardest by the 2008 recession, recovered nicely since 2012....
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