How Dubai Became the Business Capital of the Middle East?
Dubai has been one of the most important parts of the Gulf region. However in the past two decades. Dubai has seen a rise as a global financial leader and undoubtedly the business capital of the Middle East. From being a desert region with limited access to the outside world, Dubai has now grown by leaps and bounds.
What has made Dubai as the number one city for business in the Middle East?
Dubai makes for a very investment friendly city as it offers businessmen and company an enviable combination of low cost, market range, and strategic positioning as well. In addition to this, the rulers of the United Arab Emirates have been committed to their vision of making Dubai a truly global city. Their efforts are there on display with a number of industries from Tourism, Banking, and Infrastructure willing to set up their base in the desert city.
In addition to this Dubai is a vibrant city with good quality restaurants featuring world cuisine, nightlife, public transport and disciplined traffic. It is easy for companies to house their staff in Dubai as it has all the world-class amenities.
Dubai also has embraced the internet evolution wholeheartedly. Many sections of the city have Wi-Fi with good speeds. Many of the other cities in the Gulf are yet to adopt a liberal internet policy. For Eg, It may be a lot easier for a potential investor to get Dubai companies list with email address than trying the same in Saudi Arabia.
Top Factors for Dubai being the business capital of the Middle East-.
- Strategic Location: Dubai is located between Europe, Africa, and the Far East. This makes it an all-around destination for businesses to invest in. Apart from this Dubai is well connected to the rest of the world with major airlines operating from Dubai. It is also an important port which makes trading by the sea route another convenient option.
- Political Stability: The United Arab Emirates is one of the most politically stable countries of the Middle East. Dubai as a city is one of the most liberal among the Middle Eastern Arab nations. This factor has contributed largely to the development of business and trade in Dubai. It also has an extremely low crime rate that helps to attract business investors.
- Well Developed Infrastructure: Dubai has state of the art infrastructure that can rival any city in the world. With an aim of augmenting international business, Dubai has dedicated business parks, Convention Centers, and major international hotel chains. State of the art hospitals, shopping centers and recreational facilities coupled with good residential accommodation facilities makes it an economically viable city for investment.
- Laws and Taxes: Dubai exercises a liberal policy when it comes to foreign investment. The taxes and laws governing Dubai are investment friendly with minimum government regulation and control. Corporate Profits and personal income does not attract direct taxes except for certain industries. The Visa policies are liberal as well allowing movement of skilled and unskilled labor into Dubai. The change in the Real Estate Law of Dubai has been instrumental in the surge in the real estate sector. Dubai is probably the only gulf city to allow foreigners to own real estate. Since the law was passed in 2002, Dubai has seen a major investment in its properties by foreign nationals.
Doing Business In Dubai-.
Conducting business in Dubai is relatively hassle-free and provides a good return on investment. There is, however, a few things that you need to keep in mind.
- Ownership Laws: Although foreign nationals can own properties in Dubai, when it comes to businesses, foreign nationals can not be major shareholders. You must have an Emirati partner who will hold 51% ownership. This is a crucial point for anyone wanting to set up a business in Dubai. You can go through the Dubai company list which can give you the names of potential partners in Dubai. You can then work out a deal with them.
- Digital Marketing: Dubai is one of the most advanced cities in terms of technology. For Eg In some Middle Eastern countries, the use of Skype is not allowed. In today’s world, this can be more of a hindrance. Dubai does not have such restrictions. It is relatively accepting of ways of digital marketing. You can easily use texts and email marketing in Dubai.
to reach your target audience.
- Adhere to Rules: Dubai may attract investors from all over the world but the laws in Dubai are strict. Make sure that you are well versed with the laws of the country before entering into a partnership. It is mandatory for most contracts in Dubai to be in Arabic, however, insist on an English translated contract copy. Do not blindly sign any Arabic contract without understanding the full implications of it. Most Islamic laws are a bit liberal but there are certain things that must be adhered to strictly especially during the holy month of Ramadan.