Dubai City Business
Dubai Business - Doing Business In Dubai City, by Dubai City Guide Summer 2008
Think of Dubai City and you cannot help thinking about its prosperity. The primary reason for Dubai’s position as a global economic giant is not the oil discovery, contrary to what’s believed popularly. Oil is mostly found in Abu Dhabi, the largest emirate in UAE. Dubai has made its fortune from international investments in real estate, construction and tourism, with some credit going to the oil industry. The super infrastructure, exceptional governance, tax-free system, free zones and international accessibility are among the many factors which help Dubai’s economic growth.
Dubai City business opportunities are wide and varied, ranging from small retail businesses to industrial giants. Doing business in Dubai requires an investor to licence the company according to the category under which it falls, as defined by the government. Licences are issued for commercial trading, manufacturing and processing, professional consultancies and service providers, tourism and travel agencies and regional or branch offices. Free zones allow 100% foreign ownership, while there are several restrictions on business ownership in the other areas.
Domestic imports in Dubai are higher than US$17 billion annually and have doubled since 1989. The strategic location along the access route to many countries only increase Dubai’s potency as a global economic hub. The diversified economy takes leaps and bounds in growth because of highly profitable industries including the luxury tourism, freehold property and construction industries. Exchange controls, quotas and trade barriers are non-existent in Dubai, which only increases the market potential for business in Dubai. The estimates show that Dubai will triple its GDP by 2015, a phenomenal growth in comparison to all major world economies. The tourism industry alone contributes to 30% of Dubai’s GDP.
The free enterprise system (tax-free), modern infrastructure, advanced telecommunications, sophisticated financial and services sector, energy abundance, high-quality health, education and social standards, modern living and 100% capital repatriation are some of the best benefits available for anyone doing business in Dubai.
