Business (10)

Electricity & Water

Electricity & Water

Demand for electricity and water continues to grow at a fast pace in the UAE driven by a steep rise in population, an expanding economy and climatic considerations. Many new electricity generation plants have been built in recent years to keep up with burgeoning requirements, whilst desalination continues to be the main source of potable water in a country that has few natural sources.

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Reasons for doing business in the UAE

Reasons for Doing Business in the UAE

The UAE economy is thriving and opportunities to do business in the country are many. The UAE’s currency, the dirham, which is pegged to the US dollar, is secure and freely convertible; there are no restrictions on profit transfer or capital repatriation; import duties are low (less than 4 per cent for virtually all goods and zero for items imported for use in free zones); labour costs are competitive; federal corporate tax and personal taxes are nil and numerous double taxation agreements and bilateral investment treaties are in place. In addition, the financial risk is minimal. These factors, combined with a strategic, accessible location for major regional markets, an excellent reliable infrastructure and an extremely pleasant, stable and safe working environment are key elements in attracting foreign investment.

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UAE Economy

UAE Economy

The UAE, the world’s eighth largest oil producer, maintains a free-market economy with minimal restrictions on private-sector activities, international trade and capital movements. Despite the impact of the global economic downturn, the UAE’s economy has proved to be remarkably resilient.

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Airports

Airports

Aviation is a vital sector of the UAE economy contributing more than Dh145 billion (US$39.47 billion) or 14.7 per cent to national GDP. Aviation and logistics also have a major impact on tourism, hospitality, trade and finance, promoting and strengthening economic diversifiction.

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Financial Services

Financial Services

Banking Sector

The UAE's banking sector is adequately resourced to deal with global and domestic stress scenarios and has handled recent global financial turmoil comparatively well, according to The Financial Stability Report, issued in 2012 by the UAE Central Bank. Banks' significant capital adequacy levels, together with robust provisioning policies and satisfactory profitability, it stated, enhanced their capability to cope with major challenges. Looking to the future, the report predicted that the UAE banking system would continue to show a high level of resilience due to its conservative, traditional banking model, which has a strong focus on the UAE; sound financial indicators; low dependence on overseas funding; a capped real estate exposure; and a high loss absorbent capability as demonstrated by stress testing.

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Ports

Ports

The UAE's seaports, like its airports, are international and regional hubs and an essential tool for driving economic growth and facilitating economic diversifiction. Today, according to the World Shipping Council, two of the world's top 50 container ports are in the UAE, with Dubai featuring among the top ten. Overall, 61 per cent of cargo destined for GCC states arrives via UAE seaports.

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Oil & Gas

Oil & Gas

The UAE, an island of political stability in a region marked by turmoil, remains one of the world's most reliable producers and exporters of crude oil. As of 2013, it is the Middle East and North Africa region's fourth largest producer, after Saudi Arabia, Iraq and Kuwait.

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