About Dubai - UAE
The United Arab Emirates is a constitutional federation of seven emirates; Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Qaiwain, Ras al-Khaimah and Fujairah. The federation was formally established on 2 December 1971. The United Arab Emirates (UAE) occupies an area of 83,600 sq km along the south-eastern tip of the Arabian Peninsula. Qatar lies to the west, Saudi Arabia to the south and west, and Oman to the north and east. The capital and the largest city of the federation, Abu Dhabi, is located in the emirate of the same name. The United Arab Emirates is rich in oil, the country possesses 9% of the world's oil reserves. But only 35% of the GDP originates from oil. the rest of the industrial sectors are developing continously. The United Arab Emirates has one of the world's most liberal economies: no social tax or personal income tax. There are no foreign exchange traffic regulation, quota or commercial barrier, the import customs are particularly competitive, there are lot of duty-free products. The undertaking conditions are excellent, there are lot of offshore firms, its number is increasing from year to year. International firms such as Reckitt Benckiser, Unilever, Alstom, Acer, Aiwa, ABB, BenQ, Daimler Chrysler, Goodyear, General Motors settled down because of favourable conditions. The country's industrial growth was 16% in 2007, two times more than China's. The tourism blossoms (favourable weather, seacost, eastern culture), the trade (favourable geographic position), the bank sector, the industrial sector and of course the real estate sector. While the world sinks into recession, the economic growth is huge in Dubai and Abu Dhabi. The GDP will grow by 9% in 2009! As rest of the world's parts are suffering from recession, the companies will be looking for regions like this, like the United Arab Emirates: tax exemption, good infrastructure, cheap workforce, easily achievable steps for entering the market. The emirates will provide these conditions in the future: newer and newer industrial areas are opened, and a 50-year tax-free environment is guaranteed in the free zones.
