Dubai’s economy and money - for Brits living in Dubai property or in the Emirates on holiday
Famed for being a shopper´s paradise, Dubai has made it very easy for one and all to part with their money, so whether you are travelling to the Emirates on holiday or are living in Dubai property on a more permanent basis, you should find your wallet has an acceptable currency. Dollars and Sterling are accepted in some of the hotels, but in most other situations the dirham (Dubai´s currency), a credit or debit card, or travellers´ cheques will be preferred.
Dubai currency - the Dirham
The dirham, written either AED or Dhs, is Dubai´s currency, and it is divided into 100 fils. It is fixed to the US dollar at an official exchange rate of US$1 = Dh 3.675. While those arriving in the Emirates on holiday for the first time often accept this rate at the airport, expats and owners of Dubai property have discovered that better rates can be obtained through private money changing firms who have offices in souks and in some of the shopping centres.
There are no government restrictions on Dubai currency or any other currency being brought into the emirate or leaving it.
Living in Dubai - banking system and opening hours
Dubai´s banking system is generally considered to be efficient and many international banks have a presence here. Among the largest banks in Dubai are National Bank of Ras Al Kaimal, known as RakBank, Lloyds TSB, and HSBC.
Most banks are open from 8:00 to 15:30 Saturday to Thursday but some remain open until 20:00. Some also open on Friday afternoons. In many bank branches you will find there is a women-only till.
If you are living in Dubai and wish to open a bank account, you will need a photocopy of your existing bank account statement and confirmation of your status from your employer. Banks in Dubai offer a full range of facilities including online banking. Cheques are usually used only for paying utility bills on Dubai property and for loan repayments. Once written they cannot be stopped.
Living in Dubai or in the Emirates on holiday - credit and debit cards
All major credit cards and debit cards are accepted in Dubai. ATMs are common throughout the UAE, in banks and many hotels, so whether you own Dubai property or are in the Emirates on holiday, you should not have any difficulty getting access to your funds.
In the Emirates on holiday - travellers´ cheques
Travellers´ cheques are widely accepted and exchanged by banks and hotels. They are best carried in US dollars or Sterling.
Dubai´s economic success and its impact on Dubai property
Dubai´s evolution into the wealthiest emirate in the UAE has been dramatic. Oil was discovered in 1966 and led to speedy economic growth, but the then ruler of Dubai, Sheikh Rashid bin Saeed al-Maktoum, set in train a programme of infrastructure projects to ensure the emirate would have another string to its bow when the oil reserves run dry in 2015-2020. With oil responsible for less than 6% of GDP in 2005, Dubai is now focusing on securing itself as the region´s top tourist destination.
The Sheikh and his successors have been particularly keen on grand building projects and superlatives. The Palm Islands development has already added about 70 miles of beachfront to the city while the world´s tallest tower, built above ´the largest shopping mall on the planet´ is on course to open in 2007. Still in the pipeline are Dubailand, which aims to be the biggest theme park in the world (phase one is scheduled for completion in 2010), and The World, which aims to build 300 islands in the shape of countries. The new airport terminal (which will open in 2007) seems almost pedestrian when compared with such ambitious and outlandish projects.
Thanks to these projects, plus enormous housing, retail and commercial developments, the construction industry is booming. Foreigners are now allowed to buy Dubai property and find they can enjoy a Western lifestyle even though they are in a Muslim country, and in these conditions, overseas businesses are more than happy to set up Middle East headquarters in the city´s specially built free-trade zones.
In 2005, Dubai´s GDP grew by 16% to reach Dh 136 billion.
