Dubai International Airport

Dubai International Airport (IATA: DXB, ICAO: OMDB) (Arabic: مطار دبي الدولي‎) is the primary airport serving Dubai, United Arab Emirates and is the world's busiest airport by international passenger traffic. It is also the 3rd busiest airport in the world by passenger traffic, the 6th busiest cargo airport in world and the busiest hub for the Airbus A380. In 2015, DXB handled 78 million passengers, 2.51 million tonnes of cargo and registered 403,517 aircraft movements.

Dubai International is situated in the Al Garhoud district, 2.5 nautical miles (4.6 km; 2.9 mi) east of Dubai and spread over an area of 2,900 hectares (7,200 acres) of land. The airport is operated by the Dubai Airports Company and is the home base of Dubai's international airlines, Emirates and flydubai. The Emirates hub is the largest airline hub in the Middle East; Emirates handles around 65% of all passenger traffic and accounts for about 45% of all aircraft movements at the airport. Dubai Airport is also the base for low-cost carrier flydubai which handles 11.6% of passenger traffic at DXB. The airport consists of three terminals and has a total capacity of 75 million passengers annually. Terminal 3 is the second largest building in the world by floor space and the largest airport terminal in the world. As of January 2016, there are over 7,700 weekly flights operated by 140 airlines to over 270 destinations across all six inhabited continents.

Financial centre

A financial centre is a location that is home to a cluster of nationally or internationally significant financial services providers such as banks, investment managers or stock exchanges. A prominent financial centre can be described as an international financial centre or a global financial centre and is often also a global city. An offshore financial centre is typically a smaller, low-tax jurisdiction that primarily serves non-residents.

Background

Financial centres are locations with an agglomeration of participants in financial markets and venues for these activities to take place. Participants can include financial intermediaries (such as banks), institutional investors (such as investment managers), as well as central banks. Trading activity may take place on venues such as exchanges and involve clearing houses, although many transactions take place over-the-counter (OTC), that is directly between participants. Financial centres may host companies that offer advisory services, for example relating to mergers and acquisitions, or which participate in other areas of finance, such as private equity and reinsurance.

Dubai International Financial Centre

The Dubai International Financial Centre (DIFC) is a federal financial free zone situated in the Emirate of Dubai, United Arab Emirates. The DIFC was established pursuant to UAE Federal Decree No. 35 of 2004, UAE Federal Law No. 8 of 2004 and Dubai Law No. 12 of 2004. The DIFC occupies a physical territory of approximately 110 acres. It has its own legal system and courts distinct from those of the wider UAE, with jurisdiction over corporate, commercial, civil, employment, trusts and securities law matters.

The DIFC aims to provide a platform for business and financial institutions to reach into and out of the emerging markets of the region. It was established to create an environment for growth, progress and economic development in the UAE and the wider region by providing the needed legal and business as well as physical infrastructure benchmarked against international standards.

Independent jurisdiction

The DIFC is an independent jurisdiction under the UAE Constitution, with its own civil and commercial laws distinct from those of the wider UAE. DIFC laws and regulations are written in English and default to English law in the event of an ambiguity. The DIFC also has its own courts, with judges taken from leading common law jurisdictions including England, Singapore and Hong Kong. The DIFC’s independent jurisdiction extends to a range of areas including corporate, commercial, civil, employment, trusts, and securities law matters. Other laws of the UAE or the Emirate of Dubai, such as criminal law and immigration regulations, continue to apply within the DIFC.

The Ritz-Carlton Hotel Company

The Ritz-Carlton Hotel Company, L.L.C. is the parent company to the luxury hotel chain, The Ritz-Carlton Hotels. Ritz-Carlton operates 87 luxury hotels and resorts in major cities and resorts in 29 countries and territories.

The current company was founded in 1983, when the previous owners sold the brand name to create The Ritz-Carlton Hotel Company, L.L.C., based in Boston, Massachusetts, which expanded the brand to other locations. The hotel company is today a subsidiary of Marriott International.

Predecessor Company

Ritz, Carlton and Ritz-Carlton in Europe

The story of The Ritz-Carlton begins with Swiss hotelier César Ritz who was well known in the hotel industry as the "king of hoteliers and hotelier to kings". Ritz redefined luxury accommodation in Europe with his management of The Ritz in Paris and the Carlton Hotel in London, among others. He and the renowned chef from his hotels, Auguste Escoffier, opened a la carte restaurants known as Ritz-Carlton on board the Hamburg-Amerika Line ocean liners SS Amerika in 1905 and SS Imperator in 1913. The restaurants on those ships ceased operating in 1914 with the outbreak of World War I. Although Ritz died in 1918, his wife Marie continued the tradition of opening hotels in his name.

Dubai

Dubai (/duːˈbaɪ/ doo-BY; Arabic: دبي‎ Dubayy, Gulf pronunciation: [dʊˈbɑj]) is the most populous city in the United Arab Emirates (UAE). It is located on the southeast coast of the Persian Gulf and is one of the seven emirates that make up the country. Abu Dhabi and Dubai are the only two emirates to have veto power over critical matters of national importance in the country's legislature. The city of Dubai is located on the emirate's northern coastline and heads up the Dubai-Sharjah-Ajman metropolitan area. Dubai is to host World Expo 2020.

Dubai has emerged as a global city and business hub of the Middle East. It is also a major transport hub for passengers and cargo. By the 1960s Dubai's economy was based on revenues from trade and, to a smaller extent, oil exploration concessions, but oil was not discovered until 1966. Oil revenue first started to flow in 1969. Dubai's oil revenue helped accelerate the early development of the city, but its reserves are limited and production levels are low: today, less than 5% of the emirate's revenue comes from oil. The emirate's Western-style model of business drives its economy with the main revenues now coming from tourism, aviation, real estate, and financial services. Dubai has recently attracted world attention through many innovative large construction projects and sports events. The city has become iconic for its skyscrapers and high-rise buildings, in particular the world's tallest building, the Burj Khalifa. Dubai has been criticised for human rights violations concerning the city's largely South Asian workforce. Dubai's property market experienced a major deterioration in 2008–09 following the financial crisis of 2007–08, but the emirate's economy has made a return to growth, with a projected 2015 budget surplus.