Business in United Arab Emirates UAE Dubai. Economy Foreign Trade

Today, Dubai is an important tourist destination and a hub for service industries such as IT, logistics, and finance, with the new Dubai International Financial Centre (DIFC). Oil income represents a small proportion of the emirate's income.

Dubai presents international business with a wide range of opportunities for different activities and operations, including: Trade, transport and distribution, Manufacturing and processing or Regional offices.

Despite the impact of the global financial crisis resulting in an inevitable contraction in 2009, the UAE economy remains robust, shielded by significant overseas financial assets garnered during the era of high oil revenues.

As the leading regional trading hub, Dubai offers access to a market of outstanding potential for overseas companies in a wide range of sectors. Among its key characteristics are:

• A large market - more than $17 billion in domestic imports annually; gateway to a $150 billion p.a., 1.4 billion population regional import market;
• A growing market - Dubai's imports have more than doubled since 1989; regional economic growth and liberalization is set to boost demand;
• A prosperous market - strategic location at the heart of one of the world's richest regions;
• A diversified market - wide import requirements; opportunities for suppliers of most products; An accessible market - served by more than 170 shipping lines and 86 airlines; An open market - no exchange controls, quotas or trade barriers.

The UAE’s strategic location between Asia, Europe and Africa is a major advantage to investors, particularly the country’s proximity to some of the world’s fastest growing economies in Asia.

Dubai offers foreign companies a wide choice of business options, including:

• Direct trade - selling directly to established dealers and distributors.
• Commercial agency arrangements - appointee must be a UAE national or company; agreement to be registered with Ministry of Economy and Commerce.
• Branch or representative office - 100% foreign ownership permitted; local agent (sponsor) must be appointed; Economic Development Department license required.
• Limited liability company - foreign ownership restricted to 49%; Economic Development Department license required.
• Special free zone investment incentives.

The economy of the United Arab Emirates (UAE) is 62.8 percent free, according to 2008 assessment of Heritage Foundation, which makes it the world's 63rd freest economy. The UAE is ranked 7th out of 17 countries in the Middle East / North Africa region (MENA), and its overall score is higher than the regional average.

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The transport and logistics cluster is an important sector in the UAE economy, comprising 10.4% of non-oil GDP in 2005. The size and efficiency of Dubai’s ports have made Dubai the third largest re-export hub after Hong Kong & Singapore.

Al Jazeera English, the 24-hour English-language news and current affairs channel, is headquartered in Doha, the capital of Qatar. The organisation is the world's first global English language news channel to be headquartered in the Middle East.

Mubadala Development Company (Mubadala) is a Public Joint Stock Company headquartered in Abu Dhabi, capital of the United Arab Emirates. Its focus is on developing and managing an extensive and economically diverse portfolio of commercial initiatives. Mubadala’s sole shareholder is the Government of the Emirate of Abu Dhabi.

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.

UAE is member of the United Nations, WTO, World Bank, IMF, Organisation of the Islamic Conference (OIC) and the Arab League. Has established diplomatic relations with more than 70 countries, including the United States, Japan, Pakistan, Russia, India, the People's Republic of China, and most Western European countries. Is member of the Organization of Petroleum Exporting Countries (OPEC) and the Gulf Cooperation Council (GCC).

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Business, Dubai, United Arab, Emirates, UAE, Economy, Foreign Trade, Abu Dhabi, Invest, Foreign Direct, Investment, FDI, Al Jazeera, Sharjah, Mubadala Company, Master, International Business