Transformation journey: UAE's evolution from 1993 to a global hub

Khaleej Times

10 hours ago

Maliha and Faraz came to Dubai in 1993, and since then, the UAE has been their home.
Faraz arrived in Dubai on a five-day visa, hoping to find a job in a land that was still in its infancy stage of development.
'When we first came to the UAE, we lived in the city of Sharjah, which bordered Dubai. I joined the Bank of Oman, which later came to be known as Mashreq Bank. Dubai at the time had started to show signs of development but was still sparsely populated and dotted with a few high-rise buildings,' Faraz recalls.
Faraz and Maliha have witnessed the rise of the UAE over almost three decades. When they moved to the UAE, the country was very different. The infrastructure was still world-class but not as extensive as we see it today.
Most banks were located on Al Fahidi Street, commonly known as Bank Street. In those days, the Clock Tower was an important landmark.
Maliha recalls coming to Dubai and not knowing what to expect. She had moved from the US and initially thought she would have to make a lot of adjustments. In no time, however, she got used to life in Dubai, where the Pakistani community at that time was small and very supportive of each other.
'It is astonishing to see the speed with which the UAE has developed. When we came to the UAE, we could see the Trade Centre from our apartment in Sharjah. There was one mall and only two golf courses,' she shares.
The UAE at that time had started to show signs of further development. However, at the time, it was difficult for women to make a mark in the workforce. Mostly, women taught in schools or found related work. Today, this has changed by many folds. We see women in every field. The gender difference is a thing of the past, and we see women employees in all kinds of jobs.
As parents of two boys, Faraz and Maliha are full of praise for the UAE, where they have managed to raise them in a safe and healthy environment.
The UAE offers one of the best schooling systems and, without a doubt, the safest environment for raising children.
However, the students who leave the UAE are now coming back and serving the community. This trend is becoming more perpetuated as we are seeing a large number of the younger generation opting to work in the UAE rather than working abroad.
Both Maliha and Faraz are of the opinion that great leadership is single-handedly responsible for the exemplary progress of the UAE. The vision of its leaders cannot be replicated. It has been exceptional.
The rulers of the UAE have provided a first-class structure and an upbeat environment for startups and investments. The bureaucracy has always been conducive for investors from around the world. New investments are encouraged and facilitated by the government. This makes the UAE extremely attractive for investors. Faraz's own experience at Mashreq, and later at Dubai Islamic, has been a very successful career journey.
'Though Faraz has now retired, the facility of the Golden Visa has given us the opportunity to continue living here. The UAE offers us a very safe environment, a robust lifestyle and a medley of cultures very hard to find elsewhere,' Maliha says.
Dubai, from a trading country, has changed into a mega financial hub. The focus on tourism, education, medical systems, and world-class infrastructure has facilitated economic growth exponentially.
'In the financial sector, the UAE has realised the need for modern tools and that the offerings on the trade side and treasury side should be world-class. The UAE has very successfully implemented this, and today it stands tall as a financial hub globally,' Faraz concludes.