Hey Arjun. Dubai is very hot and humid in August. These extreme conditions will limit your outdoor activities and some cafe? terraces, restaurants and attractions will be closed as well. If you are happy to stay indoors, at waterparks or by the pool, then go ahead with your plan. Otherwise, skip Dubai in August.
It will be summer by the time you come, with the sun glistening down, it would be difficult for you to venture outdoors and you would end holed up inside your room. The best time to visit Dubai would be during Jan - Feb with DSF offers and the cool weather you would enjoy your stay in Dubai. Here are few places to visit in Dubai
Dubai Miracle Garden
Mall of Emirates
Dubai Mall etc...
Checkout for more info: http://www.malloftheemirates.com/trends/dubai-tourism/visit-dubai