Dubai has an open economy with a high per capita income, and a pretty good annual trade surplus. Although Dubai has reduced their GDP based on oil and gas output by 25%. This could be due to them trying to conserve their oil outputs or due to them just running out of oil and gas. The GDP has also dropped 4% because of the global financial crisis, falling oil prices, and deflated asset prices. They have made successful efforts at making their economy diverse in tyring to make up for this deficit. Dubai has increased job creation by trying to expand on their country. Due to the high Standard of living, jobs have opened up to expand on infrastructure expansion. Dubai also has Free Trade Zones, which offers 1005 foreign ownership and zero taxes, trying to attract foreign investors.
Out of all the United Arab Emirates, the global crisis has hit Dubai the hardest. It lacked the sufficient cash to meet its debt obligations, so it launched a twenty billion dollar bond program so it could meet its obligation. Dubai's dependence on oil has been a significant long-term challenge. They are trying to focus on diversification and creating more opportunities.