I can probably say that Singapore is a complete developed model of Dubai. The population is more or less the same. FDI stock is 5 times higher than UAE stands at 500 b$ Versus UAE around 85 b$ ending 2011.
The credit rating is AAA.
In 2012, GDP at current price stood at 345 billion $ (Singapore Dollar) which 222 billion $ of it is from Services Sector that includes (Whole sales & retail trade, Transport, Accommodation & food services, Information & communication, Finance, Business Services). Manufacturing compromise 86 billion $.
It can clearly shown that major income of the economy comes from services. Not like UK, financial services, but mainly trade and tourism. A model as Dubai is following now. Which is a good strategy for countries with limited resource in manufacturing and agriculture.
It has been shown by so many economists that "trade" in particular has so many spill over effects to the economies.
As currently Dubai is planning for Expo2020, in case of winning the bid, there is a good chance for Emirate to pick up once again with help of trade.
Source of Data - http://www.singstat.gov.sg