The approach pursued by the glitzy Gulf city-state is a reboot of a flamboyant economic model that for decades focused on property investment, tourism and inflows of foreign capital.
Property is booming once more -- helped by Russian demand amid war in Ukraine and laxer residency rules -- and analysts this time see more guardrails in place against any repeat of the problems that subdued Dubai after the 2008 global credit crunch.
Home to the world's tallest tower and man-made islands, Dubai is chasing lofty new goals: A 10-year economic plan known as D33 aims to double the economy's size and make Dubai one of the top four global financial centres in a decade.
It also wants to increase the length of its public beaches to 105 km from 21 km by 2040 and revive the dusty Palm Jebel Ali island abandoned in the wake of the 2008 financial crisis.
Tourist numbers in 2023 are almost back to levels of 2019, and last year Dubai was the world's fourth busiest ultra-prime property market, with 219 home sales over $10 million, according to Knight Frank research.
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