Trade

Dubai has always benefited from its strategic location at the crossroads of trade and commerce between East and West. In the early 20th century, Dubai was reputed to have one of the largest souks on the Gulf coast, with 350 shops in the Deira district alone.

Still the legendary “City of Merchants”, in recent years Dubai has outgrown its traditional role as commercial hub for the region and made tremendous inroads into the world of international business and commerce. Today, Dubai’s vibrant trade sector has firmly concreted Dubai’s leadership in the region and contributed to making Dubai a prime contender in the global economy.

Gateway to the World

Dubai is the gateway to an untapped market that spans the Middle East, North and South Africa, the Indian Subcontinent and the CIS. The market consists of

31 countries

53 languages

1.8 billion people

$1.5 trillion of combined GDP

114 million people with GDP/capita greater than $2,000

Access to a talent pool of over 13.8 million diverse, cost-competitive, multilingual, skilled college degree candidates

Vibrant Foreign Trade

Dubai has one of the most open foreign trade policies in the region with import restrictions confined to a very small number of products largely on health and safety or public policy grounds. Trade today constitutes 16% of Dubai's GDP, compared with 14.5% for Singapore and non-oil trade represents over 1.5 times Dubai's non-oil GDP. The non-oil trade sector grew by an average of 9.2% between 1989 and 1999 and with the non-oil sector contributing 90% of the GDP, trade continues to be one of the most important contributors to the economy. Dubai encourages a free and fair business environment with no red tape, no bureaucracy, the freedom to move capital, tax exemptions and a thriving economy.

State-of-the-art infrastructure and Dubai's strategic location in the Gulf make it the 3rd most important re-export center in the world after Hong Kong and Singapore. 23% of Dubai's $18 billion of imports were reexported in 1999 with major re-exporting countries being Iran, India, Saudi Arabia, Kuwait and the USA.

Dubai is a member of the World Trade Organisation.

Business Friendly Regulations

Dubai encourages a free and fair business environment with no red tape, no bureaucracy, the freedom to repatriate capital, tax exemptions and a thriving economy. The customs tariff in Dubai follows the UAE general foreign trade policy and is relatively low averaging at 4% of the CIF value of goods. Large numbers of commodities are also exempted from customs duties. These include food items, pharmaceutical products, raw materials used in manufacturing and medicine to name just a few.

Preferred Base for Multinationals

Multinationals are increasingly recognizing that Dubai offers access to many of the world’s leading emerging markets and are choosing Dubai as their favoured base for conducting international trade in the immediate region and beyond. Liberal policies, a pro-business environment and a progressive, enlightened Government with a clear vision and strategy for Dubai’s growth have contributed to Dubai’s attraction. A critical mass of multinational companies are operating out of Dubai today with a significant representation of the Global 500, including all of the top 10.

Multinationals are able to enjoy in Dubai

No taxation of profits and income

A stable, freely convertible currency

100% repatriation of capital and profits

No foreign exchange or trade barriers

Low 4% tariffs

100% ownership in free zones

Leading Trade Events Centre

Capitalizing on its prime location and state-of-the-art infrastructure, Dubai has become the leading exhibition centre in the Middle East and was recently voted the world's best conference venue. Dubai makes an ideal location for all types of trade fairs and meetings and attracts visitors and exhibitors year-round from all over the world. The city combines the state-of-the-art facilities and services of one of the world's major international business centres with all the attractions of a top tourist destination and the Government has spared no cost in ensuring that the best infrastructure and facilities are available. Organizers and delegates alike can count on effective and successful business events staged in a luxurious environment offering an outstanding range of recreational possibilities.

The Dubai World Trade Center complex incorporates the leading exhibition and conference venue in the Middle East with a total exhibition space of 33,000 sq. m. The Trade Center plays host to more than 60 major international events each year, including Gitex, the Middle East's Largest IT event; The Arabian Travel Market, Arab Oil and Gas Exhibition, Index and the Middle East Motor Show.

The Dubai International Convention Centre, currently under construction, will hold the 58th Annual Meetings of the Board of Governors of the World Bank Group and the International Monetary Fund in September 2003. The new world-class convention centre that incorporates sophisticated technological solutions and is managed by an organization with more than two decades of experience in mounting successful international events and exhibitions will significantly boost Dubai's image as a dynamic international centre and an ideal venue for conferences and exhibitions. With a total floor area of 8,100 square metres, DICC will be able to accommodate events with up to 11,000 delegates and its main multipurpose hall will have the capacity to hold up to 6,000 people when set as an auditorium. Flexibility is a key attribute of the new facility and its adjustable walls and retractable seating can be configured in an endless array to accommodate any event - from an opera, ballet or theatrical production, to a lecture, plenary session, or world class sporting championship game.