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Business
BUSINESS CLIMATEThe UAE economy is booming and the opportunities to do business in the country are limitless. The UAE’s currency, the dirham, is secure and freely convertible; there are no restrictions on profit transfer or capital repatriation; import duties are low (around 5 per cent for virtually all goods) and, in the case of items imported for use in the free zones, non-existent; labour costs are competitive; corporate tax and personal taxes are nil and 44 double taxation agreements and 32 bilateral investment treaties are in place. In addition, the financial risk is minimal (Moody’s credit rating Aa3). These factors, combined with a strategic, accessible location for major regional markets, an excellent reliable infrastructure and an extremely pleasant, stable and safe working environment bode well for investment. Not surprisingly therefore, the UAE ranks high in the list of the Middle Eastern and GCC countries deemed to be the most attractive to direct foreign investments (FDI), securing 60 per cent of FDI flows to the region during 2006. But the country is not resting on its laurels and every effort is being made to foster an enabling regulatory environment. For example, amendments to the company law are Finally, the UAE is a contracting party to the General Agreement on Tariffs and Trade (GATT) since 1994 and a member of the World Trade Organisation (WTO) since 1996. It is also a member of the Greater Arab Free-Trade Area (GAFTA) in which all Gulf Cooperation Council (GCC) states participate. The UAE is in the process of negotiating free trade agreements with the US and has embarked on negotiations, either individually or with the GCC, on several regional trade agreements. BUSINESS METHODSGENERAL Here, more than anywhere else, business is conducted on the basis of personal relationships and mutual trust. It is vitally important to build on these. Good manners and courtesy are prized attributes. Nevertheless, although you should always arrive on time for a meeting, punctuality is not considered a virtue and you may be kept waiting. Take the time to chat and drink the coffee, tea or soft drink that is always on offer and establish the relationships that will stand you in good stead. Do not be put off if your meeting is interrupted by other guests or telephone conversations. Hospitality is a way of life in the Arab world and business is frequently conducted over lunch or dinner – more than likely in a hotel or restaurant. It is also considered polite to return the invitation. LANGUAGE BUSINESS HOURS WOMEN & BUSINESS CLOTHING CHAMBERS OF COMMERCE Chambers of Commerce in each emirate are invaluable sources of information and assistance for anyone intending to do business in the country: they keep investment databases, issue and authenticate licences and other documentation, arbitrate on disputes and provide business facilities such as meeting and conference rooms and simultaneous interpretation.
SETTING UP BUSINESSAll businesses, whether industrial, professional, trading or services, must be licensed to operate in the UAE. Licensing procedures vary from emirate to emirate and the relevant details are available from the individual Chambers of Commerce. FREE TRADE ZONESEstablishing a business entity in one of the UAE’s Free Trade Zones (FTZs) can be an extremely attractive option for foreign investors. The major advantages in setting up in a free zone are:
Abu Dhabi
Sharjah Umm al-Qaiwain Ra’s al-Khaimah Click on the following useful link for further information: BANKING & FINANCEThe UAE Central Bank is the primary financial regulatory authority for the Federation. It is mandated to ‘direct monetary, credit and banking policy and supervise over its implementation in accordance with the state's general policy and in such ways as to help support the national economy and stability of the currency’. Abu Dhabi Securities Market: www.adsm.co.ae
EXHIBITION CENTRES
The UAE is the destination of choice for international business meetings, incentive travel, conventions, trade fairs, events and exhibitions. So much so that this area of activity is now a major component of the country’s business and tourism expansion plans. With its huge purpose-built exhibition halls and luxury hotels boasting state-of-the-art conference facilities, the UAE provides a unique gateway to the Middle East and Asia. The addition to the equation of a solid infrastructure, a secure environment and diverse leisure opportunities helps to explain why the country attracts major global events. For a calendar of forthcoming exhibitions in the UAE CLICK HERE or HERE
BUSINESS GROUPSThe following business groups based in the UAE offer invaluable assistance to prospective business people.
USEFUL LINKSEtisalat Yellow Pages: www.yellowpages.net.ae Abu Dhabi Commercial Directory: www.adcci.gov.ae
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The complete UAE Yearbook 2007 in English, French and Arabic in pdf format. Comprehensive, up-to-date information on all aspects of the UAE.
currently being made in order to streamline procedures; the federal commercial Law that requires a 51 per cent local partner for businesses located outside of free zones is under review; the Ministry of Economy is in the final stages of drafting competition law that should provide further assistance in combating cartels; and the Government is working on introducing a foreign investment law that will further increase private sector competition and therefore lower inflation. Indeed, several steps have already been taken to deal with inflation: a consumer protection law was recently passed and several rent ceiling initiatives were issued at the emirates level to deal with rent increases. 
