The government's decision to diversify from a trade-based but oil-reliant economy to one that is service- and tourism-oriented has made real estate more valuable, and corporations such as Emaar Properties, and Nakheel have benefited. Corporate office enclaves on Sheikh Zayed road were developed to shift Dubai's traditional business area from the Dubai creek to the western parts of the city.

Dubai's land-reclamation projects — the Palm Islands of Jumeira, Jebel Ali, and Deira and The World archipelago — will be the world's largest artificial island complexes, developed with villas, golf courses, and holiday resorts.

The first villa freehold properties that were occupied by non-UAE nationals were The Meadows, The Springs, and The Lakes (upper-class neighborhoods designed by Emaar Properties, collectively called Emirates Hills). Somewhere from 2005 to 2006, most of the freehold skyscrapers and other villa projects will be ready for occupancy.

The city has modern skyscrapers such as Emirates Towers, which are the 12th and 24th tallest buildings in the world[7], and the Burj al-Arab located on the Persian Gulf and is currently the tallest hotel in the world.

Emaar Properties is currently constructing what will become the world's tallest building, the Burj Dubai. It is expected to be completed in 2008.

In February 2005, Dubai Waterfront was announced, it will be 2½ times the size of Washington D.C., the size of the island of Manhattan. Dubai Waterfront will be a mix of canals and islands full of hotels and residential areas that will add 500 miles of man-made waterfront.

Dubai has also launched Dubiotech. This is a new park to be targeted at Biotech companies working in pharma, medical fields, genetic research and even biodefense. The aim of this park is to foster the growth of this sector in Dubai and to utilize the region's talent in addressing this rapidly growing sector.

The International Media Production Zone is a project targeted at creating a hub for printers, publishers, media production companies, and related industry segments. This project was launched in 2003 and is estimated to be completed by 2006.

Major development in Dubai

Dubai Aid City
Project : The fully integrated aid distribution and storage facility, designed and dedicated for use by the international aid community.It will provide international aid organisations an ideal logistical location from where to store, stockpile and distribute aid cargo via sea, land or air to locations around the world.(Free Zone City).
Expected Completion: 2005
Location: Southern Area of Jebel Ali Free Zone
Contact: DIC Tel: 3671199 Website: www.dubaiaidcity.ae

Dubai Flower Centre/Department of Civil Aviation
Project : The construction on this ultramodern facility already underway.The project will be completed in three phases.(Free Zone City).
Expected Completion: 2005
Location: Dubai Airport - Next to the Cargo Village
Contact: ADI Tel: 2997701 Website: www.dubaiflowercentre.com

Dubai Metals and Commodities Centre
Project : Dubai has established three refineries and a metals and commodities center that provides a full range of facilities and services for trading in gold, diamond and key commodities like tea and sugar.( Free Zone City).
Expected Completion: 2005
Location: Sheikh Zayed Highway
Contact: DMCC Tel: 3903899 Website:www.dmcc.ae

International Media Production Zone
Project : iMPZ will come up on 35 million square feet. Some major printing and publishing companies in Dubai are expected to set up operations. In the Future, dedicated areas for music, films and broadcasting will be built, along with printing. (Free Zone City)
Expected Completion: 1/1/2005
Location: Along Emirates Road