The United Arab Emirates are a unique combination of fast-growing economy, comfort, high quality lifestyle and safety. United Arab Emirates authorities professionally establish a sound reputation of the country as the global business hub, where it is prestigious to have a holiday and where living and working is deemed prestigious, favorable and comfortable. The United Arab Emirates are a unique spot for doing business and having a holiday.
The whole business and residential areas including financial district with modern stock exchange have been developed and put into operation. Stadiums, museums and entertainment parks are being currently built. Further development of existing airport and the development of a new one (the biggest airport in the world) is in full spate. There are lots of highly modern logistic and manufacturing premises in the Free Trade Zones – the whole business and social infrastructure is being actively developed.
There are still significant investments being made into infrastructure and various other projects in Dubai and other Emirates. The construction of high-speed ultramodern metro with air-conditioned stops, passages and way-outs with electronically running paths and escalators is completed. Third terminal of Dubai’s airport has been put into operation; the first phase of construction of the biggest airport in the World “Dubai World Central” has also been put in operation.
Advantages of the United Arab Emirates:
- High standard of living and favorable geographical position.
- Security and stability.
- Developed banking and financial sectors.
- Highly developed infrastructure for tourism, banking, entertainment and business.
- Infrastructure for children – nurseries, schools and international colleges.
- High level of a security and personal safety.
- Absence of corporate and income tax, as well as VAT.
- Comprehensive legislation protecting investors’ interests.
- Attractive legislation and infrastructure for doing business.
- Counter seasonality with a very benign climate from October till May.
- Insignificant time difference with the majority of the countries in Western andEastern Europe.
- Strategically good position in the region.
- Convenient location – flight time to Europe and Eastern Europe is 5-7 hours, whereas the most of other destinations for winter holiday take considerably longer.
In addition to the above, the liberal policy of the government towards foreigners coming to the country is the key for the current and future successful of Dubai. More than 150 nationalities call Dubai home. The local population makes around 10% of the total population the rest are foreign nationals from other countries. However, the UAE has created such conditions of life and work that nobody feels as a foreigner in this country.
The economics of the United Arab Emirates is steadily growing despite the past economic crisis. The expected economy growth in the UAE and GCC region (UAE, Bahrain, Qatar, Kuwait, Saudi Arabia and Oman) is estimated to carry on at 5-6% per annum as stated by the experts from international monetary fund. In 2010, 8.6 million guests checked in hotels of Dubai alone, whereas in 2009 it was 7,8 million. Experts suggest that by 2014 the air-trade market in Emirates will become the second world’s largest in terms of growth’s pace conceding only to China.
Nowadays the United Arab Emirates are the third re-exporter state in the world, whereas the Abu Dhabi Fund for Development is one of the largest stabilization funds in the world.
Dubai has undertaken all necessary and opportunely measures for the development of all sectors of economy, and as of today, Dubai’s oil revenue is less than 20 %, with the rest being income from the financial sector, tourism, business, education, air-travel, transport logistics etc.
The counter seasonality is also an important fact whereby the ideal climate lasts from October till mid-May, which is almost 8 months. When the hot period draws near many businessmen fly back to their home countries, which allows them to enjoy warm climate 365 days a year. At the same time, if properly planned, they keep their residence status in Dubai and benefit from absence of income tax, corporate tax, tax on the sale/purchase of real estate and tax on rental income.
See additional information on the page “UAE in Facts and Pictures” on our website.