Business in Dubai
To many, Dubai is a city that seems to have grown overnight. From sandy deserts to a skyscraper metropolis, it has emerged into one of the regions most commercial business hubs, with a state of the art infrastructure in a world-class business environment.
Since the formation of the UAE in 1971, Dubai has taken upon itself to grow from an oil and gas dependent state to a highly diverse economy that is growing, especially in sectors such as international trade, banking, tourism, real estate, and manufacturing. In 1993, the oil sector contributed 24% of Dubais GDP, but by 2006 the number dropped to 5%. Another factor that makes Dubai so well sought after is its reputation for being a low crime and politically friendly environment. This not only allowed it to overcome the global financial crisis but also showed the world its financial and monetary stability.
What also makes business in Dubai so different is its association with the Gulf Cooperation Council (GCC) one of the most prosperous and fast-growing areas within this region. The GCC is also home to some of the largest Sovereign Wealth Funds; including the UAEs Abu Dhabi Investment Council, Saudi Arabias SAMA Foreign Holdings, and the Kuwait Investment Authority.
Applying for opening a representing office or actual business in Dubai is relatively straight-forward and while the procedure may seem long, the results are well worth the effort.
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