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More Dubai…

This really is an amazing place as far as wealth creation and economic activity. Keep in mind that 10 years ago, Dubai was almost entirely sand. There is no oil there, there are no natural resources to speak of. So how have they created this incredible wealth? The guy that was in charge (can’t remember his name) decided to make it. He set up the entire Emirate as a business friendly place. There is a massive free port there which helps get all the goods there, there is no income tax, no sales tax, no import or export restrictions (other than illegal drugs and people of course) and very little fees involved with starting and operating a business. They do not manufacture anything there (except buildings) and the vast majority of people working there (78%) have been imported. In other words, it is the textbook example of how to create wealth, and they have done very, very well. There is no crime to speak of and unemployment is almost unheard of. They took what was essentially a pile of sand and made it an attractive tourist destination and it is now worth trillions of dollars. Well done!

Isaac

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