From The Desert To The Metropolis Or Why Businessmen And Investors Choose Dubai?
30 years ago it was difficult to find Dubai on the world map. But today it`s much more difficult to find a hotel in Dubai which is less than 5 stars. In the 70th of XX century huge oil deposits were found, which gave rise to the development of this region. Dubai is now one of the fastest growing emirates.
Why do investors choose Dubai? We can spend a lifetime discussing this issue. Dubai is a business centre of the Middle East and international centre with a wide range of opportunities for various events and procedures. It is a known fact that Dubai today is one of the most advantageous places for investment and running a business. Dubai is the city of next generation – an everlasting resort.
In March 2015 the UAE had 29 free economic zones, while the family of sheiks plans to open 7 more zones in the nearest future. Emirate Dubai has now 18 FEZ. You can read more about FEZ in UAE here.
Dubai boasts of strongly developed infrastructure. This is the place where it`s easy to combine both work and rest. Besides, the climatic conditions also attract a large number of people. Almost all year round people can enjoy summer, real estate facing sea or flashing freeways and skyscrapers. In prestigious schools kids are taught at least 3 foreign languages as well as knowledge of different traditions in cross-cultural community. It is also worth mentioning the world admitted health care system. Dubai is a fantastic city of dreams!
Dubai is located in the borderland between trading routes of Europe, Africa and Asia, which stipulates its development as the largest trading centre in the Middle East. The city has everything necessary for successful development: the largest deepwater sea port with modern infrastructure and a working international Dubai airport (one of the largest in the world). Various international conferences, festivals and exhibitions are held in Dubai at all times.
Dubai is just 3 hours ahead of Europe and a bit behind Asia regarding the time. Just 5 hours of flight bring you, for instance, to Moscow.
The city is growing and expanding at a great pace. Local authorities spare no expense on the infrastructure development of the emirate. Many European businessmen make investments in businesses, leading to so many new masterpieces of modern architecture emerging.
Consistent Rate Of Exchange And Economy With High Revenue
The National bank trades its assets for gold and provides its own currency – Dirhams (AED). Dubai has an open economy with high income per head and favorable annual visible balance. The UAE ranks 22 place in Ease of Doing Business. The country went up by 3 levels as compared to results in 2014. The diversification of the economy was successful, which reduced the share of plunder of oil and gas to 25%. Gross national income per capita in 2015 is 38 620 USD.
According to the New World Wealth statistics, one UAE citizen out of 130 turned out to be a millionaire. 7 out of 10 millionaires live in Dubai. By the end of 2014 there were about 72,100 millionaires with assets worth 1 million dollars, while their overall welfare counts up to 305 billion USD or 1,12 trillion AED. Relying on expectations, by the 2017 the amount of millionaires in the UAE will increase to 82,600 individuals.
Moreover, banks in UAE are in the steady banking environment and have a reputation for superior security and vast diversity. OLIESERVE collaborates with banks in different emirates. One of such banks, Emirates NBD, is located in Dubai. This is the national bank. In 2013 Emirates NBD celebrated its 50 anniversary. The group operates in UAE, Egypt, Saudi Arabia, Qatar, Singapore, the United Kingdom and has representative offices in India, China and Indonesia. For more information, please click here.
Tax-Free Income And Capital Increase
Dubai is the largest trading, financial and tourist centre in the Middle East. Dubai doesn`t have some of the main tax types such as; income tax of organizations, capital gain tax, individual income tax, real estate and land tax along with the withholding tax. The UAE also have an agreement on avoidance of double taxation with more than 20 countries in the world.
You won`t have to pay almost any taxes for tenancy. However, the taxes on real estate purchasing in UAE for foreigners are very transparent. The citizens of foreign countries, which don’t belong to the Gulf Co-operation council, can purchase an apartment / villa / office / storage house in Dubai without restrictions.
Quick Expanding Of Tourism Sector. Expo 2020
The amount of tourists visiting Dubai is constantly growing. This oasis in the desert attracts practically everybody. The hard working government gave rise to further diversification of the UAE. The stuff in the Museum of Future began building the first office block, which is created with 3D printing. The office is designed for 16 people and occupies about 185 square meters. The construction is intended to be finished by 2017. Besides, there are already so many unique buildings in the country!
1. The Meydan Horizons is a large complex consisting of 1,4 million square kilometers of residential and business units. The complex has its own harbor, a path for walking as well as bicycle paths, waterways and promenade for foot passengers. In the centre of this infrastructure the towers Meydan Gateway Towers, in the form of sail and Horseshoe Plaza, in the form of horseshoe are raised.
2. The Architectonic design of “Dancing Towers” has been represented in the famous New York museum. The construction is planned on the territory of a new business area. The Dancing towers reflect an avant-garde concept of the exemplarity of forms and performance.
3. The Meydan City architectonic design is located in the central Dubai region, not far from the well-known race track Meydan Racecourse. The residence area occupies 15 million square km of the territory. New comfortable complex for life and work is located nearby the working rare track Nad Al Sheba.
The organizers of the entertainment theme parks Dubai Entertainment, Amusement and Leisure (Deal) are planning to bring the emirate revenue of about $5 billion by 2020.
EXPO-2020 will take place in the exhibition complex Dubai Trade Centre – Jebel Ali (438 hectares). Owing to the participation of Dubai World Exhibition it will be held in the Middle East for the first time its 160-year history. Hotels have been built, the trading experiences noticeable recovery, the real estate sector is expanding again with record prices. Moreover, young professionals and entrepreneurs from all over the world come to build their future in this country.
You can find the details about the World Expo, price review of the real estate market in the UAE and EXPO-2020 HERE.
Investment brings great revenue for both country and investors. Making investment in real estate is one of the most popular ways of capital spending in Dubai emirate. The profit ratio from investment in real estate is 3-5% after tax deductions. However, in Dubai the revenue makes not less than 6-12% and it`s tax-free.
The real estate market of the UAE in 2014 was one of the most sustainable, offering wide range of property items in the perfect technical state.
According to some reports Dubai ranks the fifth place in the rating of the most popular cities for property purchasing. The total amount of villas and apartments owners with wealth from $1 000 000 is 8 200 individuals.
By making investments in Dubai real estate, one can receive not only financial benefits but also an apartment or house in Dubai can be easily used as an excellent place for family vacation, as the owners have the opportunity to live there all year round. The position of real estate also doesn`t influence that.
Read more about investment in real estate in UAE here.
Dubai is an open marketplace without monetary control, dividends or trade barriers. It`s one of the best places for running businesses with excellent living conditions. Take advantage of this opportunity right now. OLIESERVE team offers a range of services on business administration, legal services and business moving.