Wedged between Europe and Africa, Dubai is the second largest of the seven emirates in the UAE. A country which is now revealing its potential as one of the most significant international cities of the 21st century.

Dubai rose to power in the early 1900's. The liberal attitudes of the rulers made Dubai attractive to traders from India and Persia. Foreign traders began to settle in the growing town, which soon developed a reputation as the leading commercial market for the region.

In 1971 the federation of the United Arab Emirates (UAE) was created. The new state was composed of the:

• Emirates of Dubai
• Abu Dhabi (the capital city)
• Ajman
• Fujairah
• Sharjah
• Umm Al Quwain
• and in 1972, Ras Al Khaimah

The formation of the UAE came shortly after the discovery of huge oil reserves in Abu Dhabi in 1958. In 1966 Dubai, which was already a relatively wealthy trading centre, also discovered oil. The oil revenue allowed the development of an economic and social infrastructure, which is the basis of today's modern society.

the economy

While oil has been crucial to Dubai's development since the late 1960's, the non-oil sector currently contributes some 80% of total gross domestic product and is continuing to expand in importance. Manufacturing and tourism, (over 2.5 million tourists visit the UAE every year), are both growing at a phenomenal rate, helping to create a well-balanced and diverse economy. However, trade remains the lifeblood of Dubai's business life, as it has for generations.

dubai market

growing
The emirate's non-oil imports expanded by 200% between 1986 and 1994. Many of the economies of the region served by Dubai are still at a relatively early stage of development, so there is plenty of long term scope for diversification and expansion in the future. Another important consideration is Dubai's rapidly developing role as a supplier to such emerging markets as India, the CIS, Central Asia and South Africa.

free
There are no foreign exchange controls, quotas or trade barriers. Import duties are extremely low, and many products are exempt.

taxation

There is no corporate tax in UAE. The only exceptions to this are oil producing companies and branches of foreign banks. Likewise, there are no personal taxes. Direct taxation is against the traditions of the UAE and it is highly unlikely that it will be introduced in the near future.

legal system

There is a comprehensive framework of legislation to ensure that business in the UAE is conducted in a fair and orderly manner. There are laws dealing with commercial transaction, intellectual property, labour and other aspects of business life. Dubai has many local and international law firms willing to advise foreign business organisations on legal matters. There are Federal Courts in all emirates except Dubai and Ras Al Khaimah, which have retained their local courts. Dubai has civil, criminal and Shariah (Islamic) Courts of first instance. All court decisions may be brought to the Dubai Court of Appeal. Thereafter, a final appeal may be made to the Dubai Court of Cassation. The Civil Court (as opposed to the Shaiah Court) has jurisdiction over labour, civil and commercial transactions, as well as personal matters (e.g. wills, divorces, etc.) relating to non-Muslims. The language of the Courts is Arabic and advocates admitted to plead are Arab nationals.

lifestyle

Expatriates and foreign visitors - both male and female - can enjoy a relaxed and pleasant lifestyle in Dubai. There is virtually no crime, the city is clean, there are few traffic jams, apartments and villas are modern and spacious and, surprisingly to many, the climate is not only tolerable, but also extremely pleasant for most of the year.

There are many clubs and societies in UAE. Freedom of worship is allowed to all religions, and Christian churches have existed in Dubai for many years. Foreign newspapers, magazines, films and videos are readily available. Alcohol may be consumed at home, in hotels, and on licensed club premises. Women can drive and move about unaccompanied

property

Dubai after Abu Dhabi is the second richest emirate in the UAE, economically and politically stable. This is the response of its vast import and export trading of perishable and non-perishable goods. There has never before been so much activity in Dubai's property market as there is now, which although a response of this countries stable economy was also enhanced by current changes made to the Property law. It is now possible for non-nationals to own freehold property in selected developments, this has only been possible since 2002.