United Arab Emirates
Dubai is one of the seven Emirates that form the United Arab Emirates (UAE). The Government is fully committed to maintaining a stable, proactive and pro business environment. It has created a liberal but soundly based regulatory framework and sponsors a large number of imaginative and growth promoting initiatives. Dubai is the ideal starting point to develop a business in the Middle East, the Asian Subcontinent, East Africa, the eastern part of the Mediterranean, the previous Soviet Republics and Central Asia. Other Emirates of the UAE include: Abu Dhabi, Sharjah, Ajman, Fujairah, Umm Al Quwain and Ras Al Khaimah.
With the eyes of the world increasingly looking in Dubai’s direction, it’s amazing to think how quickly the city has made its mark. The incredible Dubai economy has helped the city emerge as a place where many of the globe’s leading business people have chosen to make their regional or even worldwide home.
Back in the early days, the Dubai economy was centered around oil. However, today, Dubai is only directly dependent of around 4% of its GDP in oil revenues. Nowadays, visitors of the city are met with ample proof of the booming Dubai economy. Everywhere you look you’ll find evidence of a huge amount of infrastructure spending on roads, airports, residential areas, hotels and attractions.
Today, Dubai’s economy is largely based on trading. The Government’s vision, set out in the ‘Dubai Strategic Plan’ emphasizes how diversification of the economy is the major strategic objective. Hence, the diversification towards a more knowledge- and service-based economy in Dubai. This has secured its position as a leading tourism, financial and business hub, as well as real estate player.
DUBAI BUSINESS ATTRACTIONS
Travel for business to Dubai and you will discover a country that enjoys consistent high levels of growth. Almost all international businesses now have a presence in Dubai, serving the UAE and the wider region. There are many advantages in this emerging market including:
- A growing, competitive and diverse economy
- Free zones
- A tax-free open market
- An open global trading hub for multinational firms
- Luxurious lifestyle
- A legal framework that encourages further foreign investment
What attracts people and businesses to Dubai:
Visionary leadership, lifestyle, shopping choices, connectivity, logistics and infrastructure.
The Emirates 24/7 news named Dubai the third largest export hub in the world. The report also noted that it has the fourth largest airport in the world. It’s superior transport infrastructure connects businesses and people to key international markets within the shortest time possible.
Up to 2020 it is expected that Dubai will attract 20 million visitors annually. Following this tourism growth, the business market is expected to grow at the same pace.
Dubai’s total non-oil foreign trade grew 13 percent. The Emirate is also the regional leader in information technology and telecommunications, with the world’s highest mobile penetration rate. Dubai was also ranked as the top Middle Eastern city in Mercer’s quality of life index.