The transformation that the United Arab Emirates has undergone in the last two decades is remarkable. Once just a vast, dusty, and uninhabitable land is now a thriving nation rich in natural resources. The UAE has gone through a complete aesthetic makeover, and here, Middle Eastern ethics coexist with a Western business culture.
If you happened to see the movie, Fast and Furious 7 you would have seen Dubai in all its glory.
Business Prospects in the United Arab Emirates
With hundreds of foreign investors and large multinational companies, the UAE, and particularly its capital Dubai, has become a mecca for business.
What makes the United Arab Emirates so favorable to Western countries for business is the social liberalism and the open approach to business and commerce. Women have complete freedom in the country, with no restraints on professional or educational pursuits.
Religious freedom is also an important factor that has contributed to the success of the region. This is a major competitive factor on why Saudi Arabia is discussing changing their laws since they are getting beat down in the tourism sector. Foreign products are available throughout the country, and alcohol is allowed to be consumed everywhere. Even though it is technically an Arab country, the UAE is free from the hindrances that plague other regions in the Gulf.
The Best Place in the Middle East for Business Expansion
No matter where your business is located, if you ever plan to expand to other regions, you should consider the UAE. With sunshine, blue skies, sandy beaches, and sleek architecture, UAE draws in visitors and business people alike.
The following reasons make the United Arab Emirates a happening business hub:
- Open and free economy: In order to attract foreign investments, the economy of the UAE has remained free and open. There are minimal controls and regulations by either the government or by the private sector. There are no direct taxes on corporate profits or personal income.
- Simple regulations, favorable business climate, and no foreign exchange controls or trade barriers combine to make the UAE a global center for business and commerce.
- Quality of life: The UAE is known for its high standard of living, with remarkable real estate developments like hotels, residential, and commercial properties with recreational and leisure facilities.
- There are various social and environmental factors that have contributed to the success of the UAE. Besides the real estate development, the United Arab Emirates boasts a low crime rate, warm climate, clean environment, tolerance and cultural diversity, a cosmopolitan lifestyle, contemporary public administration, along with an accessible range of consumer goods and services.
- Stable economy: Dubai, the capital of UAE, has social stability and a low crime rate. The capital markets of the Emirate boast world-class technology, making it an ideal destination for business and commerce.
The government of the UAE is committed to the development of business in the region, and to facilitate better business, there are lenient economic policies and advanced infrastructure initiatives that make this country highly modern. Balanced industrial and economic relations, and a stable legal business structure make it easier for both small and large companies to work there.
Foreign investments: The UAE is known for its massive foreign investments. Countries like the US and the UK have invested heavily in the region. Besides, the UAE government has committed itself to the development of world-class infrastructure and facilities in order to attract foreign investors and business. There’s a well-connected transport system, state-of-the-art telecommunications, highly developed energy systems, and a network of seven industrial areas.
Aside from that, the country houses a business park, free industrial zones, two seaports; an international airport, and a highway network. The UAE also has developed shipping, finance, banking, legal, hospitality, retail, and healthcare sectors.
According to information released by the Dubai Statistics Center, the United Arab Emirates economy grew at a rate of 4.5 percent in the year 2015, with an average GDP of US $107.1 billion. In the beginning, the country grew on the oil and natural energy reserves, but now this sector accounts for a mere five percent of the economy because the UAE has developed its other industries, like real estate, construction, financial services, trade, and tourism.
One of the fastest growing economies in the world today, the UAE’s free-market capitalism has taken the world by storm. From its dependence on oil and gold to the development of a service-driven, tourism-oriented economy, the United Arab Emirates has shown the world what it is capable of. The country is home to some a variety of famous celebrities and it boasts marvels of architecture such as the Burj Khalifa, the Burj Al Arab, and the Emirates Towers.
Along with flourishing business opportunities, if you are looking for a tax-free economy and a world-class lifestyle, the United Arab Emirates is the place to be. With virtual numbers, it is possible to test the waters of Dubai by creating a virtual office. Later, if you wish to expand your business in the region, virtual numbers will enable you to enjoy seamless connectivity with the rest of the world.