United Arab Emirates

In three decades, the United Arab Emirates (UAE) has come to represent the face of progression and modernity in the Middle East, developing at a staggering pace to become the economic, commercial and tourist hub of the region. Its GDP has grown to about $71bn, making it the second largest economy of the Gulf Co-operation Council (GCC), and it has the fourth highest per capita income in the world.

The UAE is actively diversifying away from oil and is developing economic hubs, in Dubai for instance, that will stimulate this. To create the foundation for a dynamic, modern country, the government has been improving its infrastructure by investing in roads, bridges, airports, seaports and an advanced telecommunications system.

The government is focused on full and partial privatisation of public enterprises; private sector development; and actively encouraging trade and investment. By providing the right business conditions with no foreign exchange controls, no income or corporate taxes and a stable currency that is linked to the dollar, the country is an increasingly attractive place to do business.

The development of free zones permits individual emirates to circumvent restrictions on full foreign ownership of companies, which is instrumental in boosting UAE’s industrial sector. Tourism, however, has put the emirates on the map with significant scope for further development.