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BUSINESS IN DUBAI |
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The Dubai City |
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Doing Business in Dubai |
| Resource of the latest information of Doing Business in Dubai. It contains latest useful information of Doing Business in Dubai along with information of Dubai City for Business, Jobs, Investments, Travelling and Entertainment in Dubai. |
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Doing Business in Dubai |
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International businesses interested in developing their trade with Dubai will find that the market has a number of attractive features, as follows:
- Large
Despite a relatively small population, Dubai’s total imports exceed $14 billion. The reason is that Dubai is the major re-export centre for the region.
- Growing
The emirate’s non-oil imports has expanded sharply in the recent past. 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.
- Diversified
There is potential for almost any type of goods and services.
In the prosperous, but sparsely populated Gulf states, there is demand for foodstuff, high technology equipment and luxury products. But, through its re-export trade, Dubai also reaches an “outer ring” of less prosperous markets. This means there are also opportunities for manufacturers and exporters of less sophisticated equipment and mass consumer products.
- Free
There are no foreign exchange controls, quotas or trade barriers. Import duties are extremely low, and many products are exempt.
- Accessible
The emirate’s transport infrastructure is unrivalled in the region in terms of size, facilities and efficiency. Its ports are served by more than 100 shipping lines and the airport by nearly 100 airlines. Also, overseas businessmen will find that their counterparts combine local and regional expertise with a full understanding of international business practices. English ranks on a par with Arabic as the main business language of business and there are plenty of foreign banks, lawyers and other advisors - as well as the Department of Tourism and Commerce Marketing, The Economic Department, Chamber of Commerce and Industry and Jebel Ali Free Zone Authority to help those wishing to enter the market.
- Competitive
Inevitably, the various attractions outlined above have caught the attention of manufacturers and exporters from around the world. Any exporters seeking success in the Dubai market must ensure that their products can hold their own in terms of their price, technology, design and value, just as in any other market of the world.
The UAE business environment can be very lucrative and even predictable if care is taken to understand the influences working on an individual market at any one time. Keeping an ear to the ground and maintaining a steady physical presence is invaluable.
Visiting business people are advised to consult the many sources of commercial intelligence, including embassy lists, the chambers of commerce, official gazettes and tender lists. UAE national businessmen are the best source of information, and the ideal man in a business development role will usually be the one with excellent contacts in the local business community. Given the right high-level contacts it is possible to hear of projects ahead of the rest and long before tender documents can be officially purchased. The UAE is one of the most open and freely competitive markets in the world and although the authorities want to do business on the basis of quality and value for money, much still depends on this inside knowledge.
Personalities play a significant role in contract award. The knowledge, accessibility and reputation of one's local associate is often a vital factor in determining the outcome of fierce bidding between large numbers of international companies.
Business is Distinctive
Business in the UAE is complicated by the distinct character of each emirate. The commercial aspirations of Dubai Emirate mean that in most quarters there is a definite will to conduct business at a Western-style pace. This does not mean that traditional courtesies are waived. Business visitors will find that in Abu Dhabi, where there are fewer commercial pressures, the pace is more measured and the atmosphere more traditional. In the smaller emirates, except Sharjah, the pace of business is altogether more traditional. Sharjah, with its rapidly growing industrial sector, to a great extent follows the Dubai mode. So lessons learned in one emirate are not necessarily applicable in another.
The application of uniform federal standards and regulations, which started in the 1980s, has increased in speed in the first half of the 1990s. But discrepancies and procedural differences still persist. |
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