The United Arab Emirates is situated in the Middle East, between the Persian Gulf and the Gulf of Oman, and includes seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. The city of Abu Dhabi is the political capital of the country.
The United Arab Emirates is one of the foremost producers and exporters of oil in the world and has a trade balance in substantial surplus. It is currently one of the fastest growing economies in the world.
Population: 4.6 Millions
GDP : 230 (MDS $)
Economic growth: -0.7 %
Inflation: 2 %
Imports: 132 (MDS $)
Balanceof trade: 48 (MDS $)
Silvertrade has strategic partners in the United Arab Emirates. Our mission is to assist our clients in developing their business in this country by making our skills and relationship network available to them. The prosperity of the United Arab Emirates is closely linked to the oil industry (8% of world reserves) and gas, representing 33% of GDP.
Over the last few years, due to the depletion of oil reserves, the government has been seeking to diversify its revenue sources and to lessen its dependency on the energy sector. This diversification is characterised by developing the business and tourist industry (manufacturing industry, real estate, the financial sector, construction and public works). The regulatory framework for business is very attractive for foreign investment in that it is open and competitive thanks to:
Tax exemptions on incomes of institutions and individuals
The absence of foreign exchange controls
Total freedom for capital transfer, inclusive of dividends and profits
Full exemption from customs duties when importing or exporting to or from the Free Trade Zones.
Furthermore, it is important to remember that the United Arab Emirates is a member of the World Trade Organisation (WTO).
The Free Trade Zones
The Free Trade Zones provide an abundance of land, qualified manpower, government financial incentives and low cost energy. Foreign companies in the Free Trade Zones can be granted special concessions including in particular exemption from the obligation to be locally owned or to include local partners. These Zones make Dubai the Middle Eastern hub and the destination of choice for incoming companies. As proof, many companies have transferred their regional distribution centres and even their head offices for the Middle East to Jebel Ali, one of the most efficient logistics bases in the world.