In the article I’ll tell you about that Dubai – The Commercial Point Which Every Businessman Aspires For. Dubai is one of the world’s largest and busiest business hubs whose trading jurisdiction amounts upward of US $80 billion. It has been a major area of today’s global trade and commerce. Located at the crossroads of Europe, Asia and Africa, it has continued being a strong financial centre of the Middle East.
Although, business in Dubai boomed because of its abundant resource of oil and natural gas, even now around 240,000 barrels are produced on a daily basis, yet, oil and gas industries account for only 6% of country’s total financial profit.
Dubai is one of seven regions which constitute the United Arab Emirates (UAE). Due to its location at the heart of global superpowers of west and east and favorable market and environmental conditions, it has become world’s one of the primary business and commercial point.
Today, the economy of Dubai has shifted from its main oil and natural reserve to a number of other industries which include tourism, real estate and construction, hotels, and a lot more. Real estate and construction industries have recently gained a momentum and play an elemental part in country’s economic contribution.
Commercial centers, global markets and business makers find it suitable to conduct business across Dubai as the latter is the main trading point connecting the east and west. Around 65 intercontinental airlines connect up to 105 cities and the natural port of Dubai, which due to its strategic location, serves as a major seaborne trading route.
Besides, the twin terminal of Dubai, Port Authority serves around 100 shipping lines. Excellent telecommunication along with business links and banking facilities with almost all countries, add a new feather to the economy of this leading business bay.
Furthermore, another quality which helps Dubai to be a commercial crowd puller is the minimal taxation on most commodities and services. This preeminent trading stop contains a number of economic or tax-free zones, such as Internet and Media Cities, the International Financial Centre, Maritime City, the Airport Free Zone, and the Jebel Ali Free Zone. Of these zones, Jebel Ali Free Zone is the earliest. These zones are provided with a number of economic incentives to encourage commercial and economic investment along with 100% ownership for capital movement.
The custom duty levied for import is as low as 4% and no tax is charged on personal income or profits. Moreover, absolute zero foreign exchange control and stable exchange rate of dirham with US dollars attract a lot of business investors. Similar to other countries Dubai puts a heavy duty on cigarettes and alcohols, which comes to more than 50-75%.
The warmth and welcoming courtesy of the Dubai business world draws a lot of global businessmen who are provided with a quality and comfortable lifestyle. Dubai is almost a virtually crime-free area which brings a great feel of security.
Just after the global recession had hit the business world, Dubai got highly affected. The real estate and construction industry saw an awful situation with many businesses headed towards bankruptcy. However, it took Dubai just a few months to regain its pride and retain its position as a major trading point amidst the Middle East.