Dubai is a brand in itself.
Dubai is known for zero corporate and personal taxes, that attracts more companies & individuals to invest their money.
“Dubai has created services that are of value in the world market”, said Thomas Robertson, dean and Reliance Professor of Management and Private Enterprise, The Wharton School, University of Pennsylvania.
According to the latest World Wealth Report by Merrill Lynch and Capgemini, “The UAE's millionaire population surged 15.3 per cent from 68,000 in 2006 to 79,000 last year, making it one of the countries that has highest growth personal wealth.”
"Surging oil prices have led to a massive accumulation of capital in the Gulf in a very short time. To put this in context, GCC countries will provide about 18 per cent of global capital exports in 2008 - more than double their share five years ago," said by Henry Paulson during his visit in UAE last June 2008. Also, Paulson cites UAE as example of diversified economy in Gulf
Dubai has developed rapidly from an oil and gas based state to a broadly based market economy.
The success of the Dubai economy is the result of dynamic and visionary leadership, an ultra-modern and efficient infrastructure, the absence of government bureaucracy, and a diversely skilled, well educated, multi-cultural and multi-lingual workforce. All this has made it one of the fastest growing cities in the region, and one of the world's most prominent centres for business and leisure.
The Dubai International Financial Centre, creating a world-class financial market for the region, is a logical development in the context of all of Dubai's other recent achievements. More than 500 International Financial Institutions and Banks have already opened their regional offices in Dubai International Financial Center , providing investment services to the region. www.difc.ae
Dubai is the world’s fastest growing global financial hub.
Dubai has a well-diversified economy based on international trade, banking and finance, information and communication technology, tourism and real estate.
According to John Ridding, Chief Executive of the Financial Times, during the Financial Week “Dubai is inspirational,” he said, “and is quickly becoming a leading global financial hub.”
Dubai also boasts a modern infrastructure including state-of-the-art airport, road network and communications facilities, buildings and hotels. By the end of the year 2008, Burj Dubai is scheduled to be completed, which is the world's tallest structure, has now reached a height of 604.9 metres (1985 feet) with 159 floors completed.
Dubai is a leading regional commercial hub with its strategic location and consistently strong economic outlook, Dubai is the ideal base for multinationals targeting markets in Central Asia, the Middle East, Africa, the Asian Subcontinent and the Eastern Mediterranean.
The liberal nature of Dubai, coupled with unprecedented investment and year round sunshine has turned this emirate into a popular tourist destination as well as an essential place to do business.
International companies setting up in Dubai can obtain significant cost advantages not generally available internationally. The major factors are:
- No foreign exchange controls,
- No trade barriers or quotas,
- Competitive import duties (4% with many exemptions),
- Competitive labor costs – labor force is multi-lingual and skilled,
- Competitive energy costs,
- Competitive real estate costs,
- Competitive financing costs and high levels of liquidity.
- No corporate profit or personal income taxes (except for oil companies and branches of foreign banks).
This makes Dubai the most sought after place and definitely the first choice for conducting the Middle East Online Trading Summit & Awards 2010.