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Dubai 's government pursues a free and balanced economic policy that has fostered an excellent international reputation, and encouraged both national and foreign capital to invest in almost every conceivable sphere of economic activity. The non-oil sector in Dubai currently contributes around 90% of total GDP, and is expected to grow to 94% by 2005, with manufacturing, tourism and services all growing strongly.
With the advent of Dubai Internet City , Dubai Media City and Knowledge Village , the dynamism of Dubai 's traditional sectors is being transferred to the development of the knowledge economy. An ambitious e-Government initiative has enabled a wide range of government services to be provided online.
Dubai 's open economy and high living standards attract the best of talent from across the world. Several companies and businesses have shifted their operations to the city to take advantage of its strategic position at the crossroads of the Middle East, Africa and South Asia to target fast-growing emerging marketing of nearly two billion people. Dubai is a prominent transportation hub and has one of the busiest ports in the world. Its airline Emirates has been named several times as the Airline of the Year and was the first carrier to order the giant Airbus A340 from Airbus Industrie.
Dubai also has a lively and well-known nightlife, with many state-of-the-art nightclubs and bars being strewed in all areas of the Emirate, mainly joined to hotels (properties not adjoined to hotels are not allowed to serve alcohol). Despite the relatively early closing time of 3am for these clubs, their trade is brisk.
Dubai hosts many world class sporting events, including the Dubai Tennis Open, Dubai Desert Golf Classic, and the Dubai World Cup, an annual horse racing event. The World Cup is the world's highest stakes horse race, with over US $15 million worth of prize money handed out.
Dubai is fast gaining its name as international venue for sporting activities. The International Cricket Council selected Dubai as its new headquarters, leaving behind its home for 95 years, Lord's.
Rugby is quickly becoming a popular sport as is netball, Dubai hosts an annual Rugby Sevens tournament which is incredibly popular with the rugby playing nations.
The Dubai Post Department took over the postal service on June 14, 1963 and the following day issued a series of stamps depicting sea life, views of Dubai, and Sheikh Maktoum bin Rashid Al Maktoum. This was the opening salvo of a barrage of stamp issues over the next few years. The emirate discovered that stamp collectors were willing to give it money for colored labels with "Dubai" printed on them, and by the time the postal system was merged with those of other emirates in mid-1972, it had issued over 400 stamps, few of which ever saw usage on mail.