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- Asad Raza Khan, a Pakistani actor, writer, and producer based in Dubai October 1, 2018
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What makes Dubai the #1 city for doing business?
What makes Dubai the #1 city for doing business?
A number of publications such as magazines and surveys have rated Dubai as the top city in the Middle East – The Department of Economic Development (DED) of Dubai is responsible for creating the economic agenda of Dubai.
The economy of Dubai is diverse and it is growing at a stupendous rate as well. as far as the GCC (Gulf Cooperation Council) is concerned the UAE (United Arab Emirates) has been one of the top performers and even in the UAE Dubai reigns supreme. One major reason behind its economic growth has been its success in diversifying its economy from oil. Even after the Recession of 2009, the economy of Dubai was able to make a strong comeback and especially so in the last couple of years by posting commendable growth rates. Now sectors such as trade, transportation, logistics, and tourism are just as important as is oil. In recent times, the manufacturing sector over here has done great too, which bodes well for the city’s long-term economic future.
A good legal framework
The legal framework in Dubai is really helpful for doing business. The investment laws, as well as incentives and regulations over here, are always getting better with the aim of drawing more foreign investment. This is inclusive of ownership of stocks and land by foreign nationals. In fact, Dubai happens to be the first emirate that opened the doors of its property market to owners from outside the country and its lead was followed by Abu Dhabi.
The physical infrastructure
Dubai has two ports – the Jebel Ali Port and the Port Rashid – and not only are they big, they are well equipped in terms of infrastructure as well. This is also one major reason why it is such a dominant name when it comes to markets such as re-export and cargo. Jebel Ali happens to be a really huge port and it is also one of the busiest and well-appointed ports in the world with 63 berths. It also has an economic free zone named Jafza (Jebel Ali Free Zone Authority).
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The labour policies here in Dubai are liberal, to say the least, and this is the reason why it is so easy to recruit employees over here. At the same time, the process costs you very little money. Over here in Dubai, you can recruit from just about any place in the world. The various governments in the UAE are mainly pumping in a lot of money to train the local workers so that they are able to play a bigger role in the national economy and thus make it more competitive in the process.
Support and promotion of investment by the government
The Department of Economic Development (DED) of Dubai is responsible for creating the economic agenda of Dubai. As such, it happens to be a major proponent and supporter of the transformation of this emirate to an economy that is founded on four pillars – diversity, service, innovation, and knowledge. All this is being done in order to make sure that the economic environment in Dubai becomes better and the productivity increases in general. The economic policies and plans in Dubai are developed by DED along with its four constituent agencies. As part of their work they identify important sectors and create plans for them.
A number of free zones
There are at least 20 economic free zones in this city that are making space for an unmatched array of industries and sectors. The beauty of these sectors is that over here foreigners can enjoy full ownership. It does not matter where you have registered your company – it could be the mainland or in the free zones. There is no income tax over here. This remains one of the biggest incentives to start a business here in Dubai, and especially so for the foreign companies.
It is a hub of open trading
The trade policy in Dubai is open and free. At least 75 percent of the goods that enter the city happen to be duty-free. On an average, the tariff rate is in the region of 4 percent. In the free trade zones, you get extra incentives such as freedom from duties and taxes. As far as foreign labor is concerned, Dubai maintains an open door policy, as has been stated already. This is, in fact, one major reason as to why the city’s trade regime is a liberal one. This is why private sector companies are able to recruit workers from other countries.
High quality of lifestyle and general culture of excellence
A number of publications such as magazines and surveys have rated Dubai as the top city in the Middle East and it can be said justifiably so. This is the reason why the city happens to be so highly preferred as far as expatriate workers are concerned. It is regarded as one of the cities of the world with the highest rate of growth. It also helps that Dubai happens to be one of the safest cities in the world.
Leadership that is visionary by nature
Dubai owes most of its growth to the exceptional leadership of its rulers who have proved time and again that their perceptions are much better than ordinary people, that they are able to see the future much better. All this has made Dubai one of the liveliest, as well as successful, cities of the world without a shadow of a doubt. There was a time when Dubai was a mere trading town and an obscure one at that. However, its rulers were able to gauge its potential properly and the possibilities that lie therein and change it completely to become a global city in the truest sense of the words.
Advantages offered in general by the UAE
As it is, you get plenty of business-related and financial advantages in the UAE. They only add to the overall charm of doing business over here in Dubai. All these are reasons why Dubai is such a fantastic choice as a business destination that you should consider always. There are no taxes over here and the import duty is quite low as well. The UAE also has double taxation agreements with many countries and if you are a national of such a country you can expect a great time over here as well.
“Sarah is a senior content curator in HolidayFactors.com, a leading holiday portal in Dubai, UAE”