DUBAIINTRODUCTION

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The earliest mention of Dubai is in 1095, and the earliest settlement known as Dubai dates from 1799. Dubai was formally established in 1833 by H. H. Sheikh Maktoum Bin Buti Al Maktoum and it remained under the control of Al Maktoums when the United Kingdom assumed the protection of Dubai in 1892. Its geographical location made it an important trading hub and by the beginning of the 20th century, it was an important port. In 1966, the year oil was discovered, Dubai and the emirate of Qatar set up a new monetary unit to replace the then Gulf Rupee. The

oil economy led to a massive influx of foreign workers, quickly expanding the city by 300% and bringing in international oil interests. The modern emirate of Dubai was created after the UK left the area in 1971. At this time Dubai, together with Abu Dhabi and four other emirates, formed the United Arab Emirates. The following year Ras Al Khaimah joined the federation while Qatar and Bahrain chose to remain independent nations. In 1973, the monetary union with Qatar was dissolved and the UAE Dirham was introduced throughout the UAE.

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DOING BUSINESS IN DUBAI

CHOOSINGDUBAI FORINVESTMENT

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Dubai’s success story as a world leader in enterprise and modernisation has earned the city great international distinction and made it an important business, trading and tourism hotspot. Dubai is a dynamic, business-friendly city with a great track record of executing major projects. Since the last few decades Dubai has become a fertile ground for flourishing business settlements. Leading projects are undertaken every year and are

completed within the set limit. Dubai blends a luxury environment, tradition, culture, market and an attractive climate together. It is a large hub of multipurpose business centres and a prominent player in the global market. While businesses have vast and expanding growth opportunities in the UAE, Dubai has remained the leading commercial hub in the Middle East, largely on account of the following distinctive features:

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Dubai is better known as the • commercial capital city of UAEDubai population is 2 million• Enjoys one of the highest per capita • incomes in the worldNo foreign exchange control, quotas • or trade barriersCompetitive import duty (5%) with • exemptionsA global business focal point• State policies permit full repatriation • of profit and capitalNo income tax, no corporate tax • and no withholding taxVibrant and highly efficient economy• Most modern infrastructure• Presence of major multinational • corporationsMixed population from all over the • world Stable currency• Proximity to the Indian Sub-• continent and Europe It has one of the biggest airports in • the world Home to the largest man-made port • in the worldThe Dubai Metro is the only • driverless, fully automated metro rail network in the region