Financial Times names Dubai has won the title of 'Middle Eastern City of the Future' - MENAFN

"The title is a tribute to all the hard work that we all have put in to make Dubai what it is today. Each and every resident of this great melting pot of Dubai in his or her own way is responsible for creating a model society that has been recognized by no less than the world's best business publication,' said the DDIA [Dubai Development and Investment Authority] chairman.

"The title of 'The Middle Eastern City of the Future' is also a motivation for us to strive further. Under the leadership, guidance and direction of the rulers of Dubai, we affirm our resolve to make real their far-reaching vision of a Dubai that stands shoulder to shoulder with the major cities of the world," Al-Gergawi said.

In its latest issue, the FT publication pointed out that: "Time and time again, it (Dubai) has shown what can be achieved when oil resources are invested wisely."

The magazine pointed out: "Although Dubai's rapid economic growth began in the 1960s with the first production of oil, the city's wealth is no longer dependent on natural resources. In 2003, tourism overtook oil revenues as the prime source of income. Dubai's annual gross domestic product (GDP) is now approaching $20 billion, with annual FDI (foreign direct investment) inflows of more than $2 billion."