A trading Hub and dynamic market ...
Long recognised as the leading regional
trading hub in the Middle East, Dubai
has transformed itself in recent years
into a truly international business centre
of global significance. During the 1990s,
Dubai has expanded its trading activity
beyond its traditional base in the Arab
Gulf Cooperation Council states (the United
Arab Emirates, Saudi Arabia, Kuwait, Bahrain,
Qatar and Oman) and Iran. Today, the city
offers international companies an ideal
gateway for developing their business
throughout the Middle East, Asian subcontinent,
East Africa, the Eastern Mediterranean,
CIS and Central Asia. For example, during
the first six months of 1996, Dubai's
top ten re-export markets were countries
as diverse as Iran, India, Saudi Arabia,
Azerbaijan, Afghanistan, Kuwait, Russia,
Turkey, Oman and Pakistan.
|
In
early November 2004, His Highness
Sheikh Zayed bin Sultan Al Nahyan
sadly passed away after having
completed 35 years as Ruler of
the Emirate of Abu Dhabi; one
of the seven emirates that together
comprise the Federation of the
United Arab Emirates (UAE), of
which he had been President since
its creation in December 1971.
Sheikh Zayed provided great vision,
wisdom, leadership and guidance
to the country for over 50 years.
He will be sadly missed. |
Increasingly, international companies
are recognising that Dubai's expanded
business horizons cover many of the most
interesting emerging markets for the future.
The region has a combined population of
1.4 billion, and a large proportion of
this total will enter the international
consumer market for the first time in
the 21st century. While oil has been crucial
to Dubai's development since the late
1960s, the non-oil sector currently contributes
some 90% of total gross domestic product
and is continuing to expand in importance.
Manufacturing, tourism and services are
all growing strongly, helping to create
a well balanced and diversified economy.
However, trade remains the lifeblood of
Dubai's business life, as it has for generations.
This long trading tradition, which earned
Dubai the reputation within the Middle
East as the city of merchants, remains
an important consideration for foreign
companies looking at opportunities in
the region today. It is reflected not
just in a regulatory environment, which
is open and liberal, but also in the local
business community's thorough familiarity
with international commercial practices
and in the city's cosmopolitan lifestyle.As
a regional business base, Dubai is strategically
located midway between the Far East and
Europe on the east-west trading routes
and between the former Soviet Union and
Africa on the north-south axis. Its airport,
which ranks as one of the worlds busiest
in terms of transit passengers, is linked
to more than 130 destinations via some
86 airlines and Dubai Ports Authority
- the operator of Port Rashid and Jebel
Ali Port - is unrivalled throughout the
region in terms of both facilities and
efficiency.
The second largest of the seven emirates
which constitute the United Arab Emirates,
Dubai is politically stable and is open
to business with all countries of the
world, excluding Israel.Dubai has no taxes
on profits or incomes; it offers complete
freedom of capital movement; it boasts
a very sophisticated financial services
sector; its communications facilities
are excellent; and the cost structure
for doing business is highly competitive.
Apart from its attractions as a regional
office location, Dubai also offers incoming
companies excellent facilities for establishing
manufacturing and distribution operations.
In the Jebel Ali Free Zone and the new
Airport Free Zone, overseas companies
are permitted to set up wholly-owned ventures
and can enjoy an array of tax free incentives,
including exemption from import duties,
in addition to the favourable investment
conditions which prevail elsewhere in
Dubai. With these advantages and incentives
in place, Dubai has not surprisingly attracted
a massive inflow of investment in recent
years.
The number of investors in the Jebel Ali
Free Zone alone has soared from less than
300 in 1990 to more than 1,300 in 1998
and is continuing to grow beyond all expectations
through 2004. Aside from the economic
advantages of using Dubai as a business
base, international businessmen can be
assured that the city offers a superb
quality of life for themselves and their
families. Dubai is tolerant, welcoming
and virtually crime-free. The lifestyle
is international, with luxury residential
and office accommodation, good educational,
health and shopping facilities. Sporting
and leisure interests are well catered
for and Dubai's top class international
hotels offer a wide range of dining, entertainment
and nightlife.
CWC
Gulf have worked in the UAE for
a number of years and have built
very strong relationships with
many leading Gulf investors, Corporations
and members of the Government.
If you are planning to do business
in the Gulf States then speak
to us now.
