Category: Business in Dubai

Dubai which is one of the largest of the seven emirates in the United Arab Emirates is located on the banks of the Dubai Creek. We have seen that Dubai has developed tremendously in the past few years. Dubai is a city that has developed keeping its heritage and traditions live on the one hand and gone ahead with huge construction projects such as the Palm, the World, and the Jumeirah Beach Residence. Dubai used to rely heavily on oil for its economy, but all that has changed drastically. Its economy has become diversified and it now depends on trade, finance sectors, services, tourism industry, and real estate. Dubai now banks heavily on its tourism industry for its economy. The tourism industry has now become one of the prime areas of Dubai business. Dubai is a very important tourist and holiday destination and it attracts tourists and visitors from all over the world. It has become a perfect holiday and tourist destination because of its wonderful beaches, luxurious hotels, and magnificent shopping malls.

Dubai has been involved in the gold business since a very long time and it is for this reason that Dubai is also known as the ‘City of Gold’. It is also an international trade, commerce, and gold jewelry hub which has brought Dubai into the limelight. The tremendous increase in the tourism industry in Dubai during recent times has had a direct impact on the hotel industry and as a result the number of hotels in Dubai has gone up.

Today, we find that Dubai business has become the first choice of investors from all over the world who would like to invest in real estate and properties. The city of Dubai which was earlier heavily dependent on revenues from the oil sector is now dependent on other sources such as real estate, tourism, trade, and real estate. Dubai is now promoting the city for seeking international investment and fifteen free trade zones have been identified and are being developed.

Dubai, today, has become the hub for service oriented industries like Information Technology and finance. Dubai has a new Dubai International Finance Center (DIFC) as well as industry-specific free zones throughout the city under the TECOM (Dubai Technology, Electronic, commerce and Media Free Zone Authority) Scheme. IT giants such as Oracle Corporation, Microsoft, and IBM and well known Media Moguls such as CNN and Reuters have made their presence in Dubai Internet City and Dubai Media City. The Dubai World Trade Center (DWTC) was started to promote trade and commerce in Dubai and today it has become synonymous with the economic growth of not only Dubai, but the entire Middle East.

After the formation of the new Swiss regulations, Dubai Offshore Companies have come to be in high demand. Dubai free zone company formations have increased mainly due to the tax-free status and the 100% repatriation scheme upon liquidation of the business, and 100% repatriation of profits. Offshore companies have been set up in Jebel Ali Free Zone and Ras Al Khaimah, but new free zones are coming up in Dubai Silicon Oasis, Jumeirah Lake Towers, and Dubai Investment Park. Other attractions are the custom duty which is 4%, and no foreign exchange control or trade barriers.