24 Nov Doing business in Dubai: United Arab Emirates
The UAE is a federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah e Fujairah. Arabic is the official language, although English is widely spoken, together with Hindi and Urdu.
Before 1971, they were known as the Trucial States, with reference to a truce imposed by the British in the 19th century to some Arab sheikhs who did not contrast and indeed favoured piratical activities aimed at the ships transiting in their sea. The official religion is Islam.
Population
According to the National Bureau of Statistics of the UAE, the estimated population is equal to 8.26 million including the local population, which is estimated to be around 1 million inhabitants.
Government
A Federation with delegated powers to the central Government of the Emirates. Other powers are exercised by the “Rulers” of the individual emirates. The Federal National Council is a Member of the central legislative role.
Currency
Fixed conversion rate
US$ 1.00 = AED 3.67
1 AED is composed of 100 fils
Legal System
Combination of Shari’a (Islamic law) and civil legislation.
Economy
The United Arab Emirates are one of the most developed in the MENA. The Emirates have the fifth largest oil reserves in the world. In 2011, the GDP per capita was estimated at USD 48,500 which is 12th in the world rankings. There are no taxes on companies or individuals. Customs duties are equal to approximately 5%.
DUBAI
The first mention of Dubai is in 1095, and the earliest settlement known as Dubai dates back to 1799. Dubai was formally established in 1833 by HH Sheikh Maktoum bin Buti Al Maktoum and remained under the control of Al Maktoums when the United Kingdom took over the protection of Dubai in 1892. Its geographical location is an important centre for trade.
Since the oil extraction in the area is relatively low compared to neighbour countries (representing 2% of the total United Arab Emirates), the economy has focused on the services sector, thereby promoting construction and functional development of the city, the former distinguished by the of Western-style urban standards and the former by a modern system
of commercial, financial and social (education, health) services, while the industrial sector (mechanics, plastics) remained relatively obscure.
The services sector records a steady progress thanks to tourism (the Emirates hosts several shows, exhibitions, conferences and sporting events of international level and for trade purposes). Dubai International Airport is a stopover for airlines linking Europe to India and South East Asia.
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