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DUBAI

Since the mid-1960s, exploitation of oil and gas reserves has enabled the seven emirates of the UAE to achieve substantial economic growth. Economic activity centers on the development of a modern infrastructure including roads, ports, airports, telecommunications, electric utilities and desalination projects; the construction of residential and commercial facilities, schools, hospitals and hotels; and the establishment of petrochemical and manufacturing industries.

The UAE‘s dynamic economic environment and the economic diversification strategy, has been made possible due to the massive investment in the infrastructure comprising of efficient road networks, excellent telecommunications facilities and the links with the outside world through first-class ports, both sea and air, which are constantly being upgraded.

In Dubai, hotels, office blocks, shopping malls and entertainment complexes are being developed rapidly and are putting the Dubai property market on the world map. The trigger for much of this expansion was the Emirate‘s decision to allow non-nationals to purchase freehold property in several property developments such as Nakheel‘s development of The Palm, Jumeirah and The Palm, Jebel Ali, which are the latest residential island projects currently in Dubai.

The following are some of the principal features of the economic and business environment in the UAE.
  • A coordinated infrastructure that provides all essential utilities to the major centres
  • Excellent communications systems
  • A virtual absence of taxation
  • A well-structured financial sector with virtually no exchange-control regulations
  • Free-trade zones that ensure ease of registration and efficient operating facilities
  • International fairs and exhibitions regularly held in the UAE and
  • An attractive social environment, including modern educational, medical and recreational facilities