Dubai today is an important tourist destination and a port-city.Jebel Ali its port constructed in the 1970s, has the largest man-made harbour in the world. Dubai is also increasingly developing as a hub for service industries such as IT and finance, with the establishment of a new Dubai International Financial Centre (DIFC). The government has set up industry-specific free zones throughout the city.Dubai Internet City, combined with Dubai Media City as part of TECOM (Dubai Technology, Electronic Commerce and Media Free Zone Authority) is one such enclave whose members include IT firms such as EMC, Oracle, Microsoft and IBM and media organisations such as MBC, CNN, Reuters and AP.
The government's decision to diversify from a trade-based but oil-reliant economy to one that is service and tourism-oriented has made real estate more valuable, resulting in the property appreciation from 2004–2006. Large scale real estate development projects, undertaken by firms such as Emaar Properties, have led to the construction of many skyscrapers such as the Emirates Towres and the world's tallest hotel, the Burj al-Arab. Burj Dubai also being constructed by Emaar Properties, is expected to become the world's tallest structure.