Prospects of development for Italian companies in Dubai
The forum organized by Confindustria Venezia and Dubai FDI – Investment Agency of the Department of Economic Development of the Government of Dubai, in collaboration with CMP Group Middle East Dubai, Diacron Dubai, ASCE, School of Economic Competitiveness and Invexport Consortium, saw the presence of Dr. Ibrahim Ahli, Director – Investment Promotion Division Dubai FDI.
The event represented an important opportunity for Italian companies interested in developing their business in the Emirates and the possibility of direct confrontation between the representatives of the Government of Dubai and Italian companies who were able to conduct confidential meetings with representatives of the Emirates.
Starting a business in Dubai and in the Emirates
In the United Arab Emirates (UAE) economic activity is regulated by both the Federal Government and the individual Emirates. In Dubai, the authorities have deliberately pursued the creation of a well-organized environment without being overly restrictive. As a result, Dubai offers operating conditions for business that are among the most liberal and attractive in the region.
There are many possibilities for international companies wishing to establish business relations with Dubai.
In addition to forming business relationships, many companies find it advantageous to have a representative office to research possible clients, build contacts, meet with clients, and check the details of each transaction and order. Having such a presence can bring considerable business benefits throughout the Middle East region. Local businesspeople prefer to deal in person with someone they know and trust: personal relationships are much more important in the Arab world than they are in Europe or America.
Circular on Expo Dubai 2020
EXPO DUBAI 2020 is set to have a huge impact on the economic development of the United Arab Emirates and Persian Gulf countries and therefore offers interesting business opportunities for Italian companies as well.
Dubai: the starting point to your success and development base for your business. Make an informed choice… Act Now!
Introduction
Dubai has long been recognized as a major business center in the Middle East region and in recent years has become one of the most important international business centers.
Case studies
During the 1990s Dubai expanded its business activities outside its traditional base as a member country of the Gulf Cooperation Council (UAE, Saudi Arabia, Kuwait, Bahrain, Qatar, Oman and Iran).
Currently, the city offers international companies a gateway to the Middle East, the Asian subcontinent, the East coast of the Mediterranean, the countries of the former Soviet Union (CEI) and Central Asia.
As an example, during the first half of 1996, Dubai’s top 10 export markets were Iran, India, Saudi Arabia, Azerbaijan, Afghanistan, Kuwait, Russia, Turkey, Oman and Pakistan. Now, with the growing number of international companies recognizing the expansion of trade in Dubai, most of the major global markets are covered.
It is true that oil has been a crucial factor in Dubai’s development since the late 1960s, but currently trade and the non-oil sector in general contribute 90% of GDP and the percentage continues to increase.
The industrial, tourism and service sectors are expanding rapidly, favoring the creation of a diversified and balanced economy. However, trade will remain for a long time the backbone of Dubai’s economy.
This traditional trading system, which has earned Dubai the reputation of “Merchant City” of the Middle East, is always important for foreign companies wishing to invest in the region. In fact, Dubai offers not only a regulated, liberal business environment, but also the experience of the local business community and familiarity with international business practices and a cosmopolitan lifestyle.
Dubai is strategically located midway between the Far East and Europe on the east-west trade routes and between the Soviet Union and Africa on the north-south axis. Its airport is ranked as one of the busiest in the world in terms of transit traveler flows and is linked to more than 130 destinations through over 90 airlines. Dubai’s maritime authorities – which manage Port Rashid and Jebel Ali – are incomparable in the entire region in terms of effectiveness and infrastructure.
There are no taxes on profits or income in Dubai and complete freedom of capital transfers is offered. Dubai has a sophisticated financial sector, telecommunications are excellent, and the cost of establishing a business is highly competitive.
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