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Its Government is non-interventionist by nature, but willingly creates the necessary infrastructure for every kind of industry or trade. This has meant the formation of state-of-the-art land, sea and air transport links, a wide variety of efficient free zones for businesses, world-class accommodation and simple, straightforward regulation to cover any business need.
A stable political and sophisticated financial environment helps actively facilitate the creation of new business sectors – and new business entities– the vast majority of which can be 100% foreign owned.
One obvious draw to the country is the freedom from either personal or corporate taxation. From family-owned companies to the world’s largest blue chip corporations, a huge number of institutions of different types have selected Dubai as their regional headquarters. Indeed, hundreds of new firms open in Dubai each week, bringing tens of thousands of expatriates to live and work in the city every year. Relocation and setting up is simple.
Another reason for Dubai’s success has been the judicious exploitation of its location. Half-way between Europe and the Far East, the Emirate is a natural stopping off point for global trade. It is also at the epicentre of a vast regional market covering the Arabian Peninsula, Africa, the Levant, Central Asia and the Indian sub-continent. With a combined population of 1.5 billion, a GDP of $1.1 trillion and rapid economic development in many of its constituent areas, this market represents a huge business opportunity for the entrepreneur and the global company alike.
Ultimately, it is the business ethos of this city that makes it such a compelling place to be. Whether from Government or the private sector, people are consistently open to new ideas – and are not afraid to put them into practice. Healthcare, education, banking, tourism, leisure, construction, media, IT, logistics, property investment: these are just some of the sectors being transformed by businessmen and women with the vision and skill to achieve it.
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