Dubai is one of the main cities in the United Arab Emirates (UAE), the second largest economy in the Arab world. Located in the Persian Gulf, UAE formerly consisted of 7 independent sheikdoms that later came together to form the modern UAE post-British rule, of which Dubai is a prominent part.
Dubai has a constitution and can be described as a federal presidential elected monarchy. Dubai ranks 22nd in the world when it comes to ease of doing business; the high volumes of international trade transacted and the presence of most multi-national big brands in Dubai is a testament to this fact.
In a competitive market and fluid international trade market like Dubai, local market knowledge and a capable local partner can present usable opportunities and long-term profits.
Dubai's Vital Data (as of 2014)
|GDP (billion USD)||402|
|GDP per capita (USD)||44,204|
|GDP per capita PPP (USD)||66,009|
|Purchasing power per dollar, compared to the USA||149%|
|Surface area (sq km)||83,600|
|% of population living in urban areas||85%|
|% of GDP added by agriculture - industry - services||not available for 2014|
|Ease of doing business index (1 = best, 189 = lowest)||22|
What are business opportunities in Dubai?
The top imports into Dubai include Gems, Precious Metals, Coins, Machinery, and Electronic equipment. Dubai also is a travel and shopping destination and regularly holds shopping festivals and other tourist attractions. Real estate industry in Dubai incorporates the latest in civil engineering with skyscrapers built on land reclaimed from the Sea.
Where the action really is - international business and Dubai
With key benefit that Dubai has in its free trade agreement with investors, the largest and fastest growing imports sectors include Feathers, Artificial Flowers, Hair, Railway and Tram equipment, Footwear, Explosives, Fireworks, Aircraft, Furniture and Fixtures, Inorganic chemicals, Clothing, Dairy and Eggs, Leather, and Ceramic products. These import data grows fast as foreign company owners can take advantage of tax exemption having no custom duties on imports.
The diversity and volumes of imported goods in Dubai are mind-boggling and present huge business opportunities to small, medium, and large businesses.
What are Dubai’s important events?
Dubai with its distinctive skyline of skyscrapers draws tourists and business travelers alike with an array of meaningful annual events.
The Dubai desert classic golf tournament attracts the best professional golfers in the world with avid golf fans in tow. One of the most grueling Car and Motorcycle rallies in the world is the Dubai UAE (Abu Dhabi) Desert Challenge, a leg of the FIA cross-country rally. The Dubai annual horse race has the highest prize money in the world, 10 million USD, attracting the best international jockeys and thoroughbreds. A typical Dubai event is professionally organised and fulfills its intended purpose.
The government of UAE organizes trade fairs for mutually profitable business to business interactions. The government provides information, infrastructure, and services to welcome foreign investors into Dubai.
Being a major hub in world trade, doing international business in Dubai can be a highly competitive market for a new entrant. A local business associate can ensure that your efforts are rewarded optimally and the desired outcomes are generated as expected.