In the article I’m going to tell you about Facts About Business In Abu Dhabi And UAE. Abu Dhabi is one of the most preferred destinations for businessmen which witnesses almost a 100% increase in the total investment every year. With a strong oil industry backing and relaxed regulations in place, there is hardly someone who might find potential markets in this region. Name an industry and its presence may be felt in the gulf region. To support this fact is the astonishing statistics which show that Oil industry does not even occupy 10% of the total economic transactions!
Since the 1990s, the gulf has been slowing shifting from the oil dependency to other areas. Some of these include tourism and electronics. Real estate has also seen high amounts of achievements with sky rocketing buildings coming up all across the country. The infrastructure is exceptionally good, corruption reducing by the years and tax relations; everything seems to be only positive.
Unlike countries like India, where even though there are high levels of economic growth, the standard of living is still suffering, Abu Dhabi has been able to maintain a distinct relationship between the two. As the country’s economy grows, the average human income is also increasing which has lead to higher numbers of potential customers. The social awareness is on an upward trend bringing more exposure to the global trends in different industries.
Technologically, engineers and scientists are flocking towards Dubai as it has emerged as one of the leading destinations for employment opportunities. With this is place, more extensive projects are being undertaken. High class luxury buildings and flyovers have been coming up with talks of research funding now in place. Companies which require educated and good quality workforce consider the gulf to be one of the places worth a thought.
As for the government, it realizes the complete potential of globalization and has been a great leader in promoting the same. They have supported the new entrepreneurs with incentives and paved way for their growth by providing them with state of art equipments and infrastructure at very affordable prices. Under the UAE, the tax regime is close to null. Even though the laws vary from emirate to emirate, they are never practiced.
Prominent taxes all across the world which have been known to generate high amounts of revenue like the corporate tax, the income tax etc. are not applicable here, thus increasing the spending capabilities of the public and the corporate alike.
Because of such demographics, the tourism industry has experienced a boom. UAE does not boost of natural beauty, but the marvel of productions like the Palm Islands, the skyscrapers, the hotels, commercial complexes make it a place worth a visit. The low duty and free trade with many countries has allowed these tourists to engage in shopping unlike other destinations where export and import duties may bind the person.
To promote other industries, the government has always kept its gates open to foreign industrialists. Good banking services, world class telecommunication networks have boosted the confidence of multinationals to explore this area for increasing their businesses.