Living in Dubai

A Brief History

Dubai is one of the seven states that make up the United Arab Emirates (UAE); it is located in the Middle East.  The UAE borders the Gulf of Oman and the Persian Gulf and is situated between Oman and Saudi Arabia.  The United Arab Emirates was formed in 1971 by the then ‘Trucial States’ after their independence from Britain.

Oil was first discovered in the United Arab Emirates in the 1950s. Sheikh Zayed, who has been the president of the UAE since its inception, quickly understood the economic potential for the country from the oil industry.  He has continued to ensure that each of the emirates benefits from the oil generated wealth, he has insisted on the reinvestment of oil revenues into the healthcare system, the education system and the general national infrastructure.

Dubai Today

The experiences and attractions available in Dubai are many and varied.  From the miles of immaculate beautiful white sandy beaches to the richly exotic Arabian heritage, from the awe inspiring majesty of the desert to the lively international bars, restaurants and nightclubs - a visitor to Dubai is guaranteed an incredible, never to be forgotten experience. Dubai is the second largest city amongst all of the Seven Emirates, and flaunts off some of the most impressive skylines in the world, featuring the world’s tallest building, the Burj Dubai.

In 2003 Dubai was voted safest holiday destination in the world by Conde Nast Traveller magazine, and in fact Dubai is recognized globally as one of the safest cities in the world.  Living in Dubai you will find that it is virtually crime-free with the Dubai police ensuring personal safety and security.

Living Costs

Dubai is a cheap place to live when compared to Western Europe, allowing many people to save while experiencing a great quality of life.

Growth

Dubai has experienced extraordinary economic growth. It was the first city in the region to form free trade zones two decades ago, and foreign investors have not been shy in setting up their regional operations here. Beyond trade and manufacturing, this now extends to the free trade zones of Dubai Internet and Media cities (and shortly Medical City), giving the Emirate a cutting edge technological advantage.

Economy

The economy of the city of Dubai is a mainly service-driven economy, with every business amenity from banking to telecommunications offered.  International trading and industrialization are actively encouraged through the provision of favorable taxation advantages, offshore status, specialist free trade zones etc.  Innovative projects in the city include the foundation of Dubai Media City and Dubai Internet City, bringing 21st century technology to Dubai in the world’s very first ‘Free Zone’ wholly dedicated to e-business.

Taxes

There are currently no income or property related taxes of any kind. There are no business taxes except in the banking industry.

Policy

Each of the seven Emirates within the United Arab Emirates enjoys considerable autonomy in managing its own affairs. In business, the government of Dubai is committed to liberal, free market policies and to the creation of a business environment conducive to commercial activity. This approach best illustrated by incentives available to investors in the Jebel Ali and Airport Free Zones and by the continuing high level of public sector investment in the infrastructure.

Night Life & Entertainment

When it comes to Social life & Entertainment, Dubai's nightlife has come of age in recent times. The city is now overflowing with up market wine bars, DJ joints and beach bars. Although the Government is very liberal and allows free mingling of the sexes, it still asks citizens to respect the Arabian culture and prohibits public drunkenness.

Where will Dubai be in 10 years time?

In February 2007, Sheikh Mohammed Bin Rashid Al Maktoum, Ruler of Dubai and Prime Minister of the United Arab Emirates made some very bold statements about the future of Dubai. He announced the Dubai Strategic Plan 2015, a framework to consolidate the phenomenal growth the Emirate has undergone in recent years.

Sheikh Mohammed projects Dubai will achieve 11% annual growth to the year 2015. GDP will increase to $108 billion and the Emirate’s average per capita income will rise from $31,000 to $44,000 per annum. An impressive and ambitious forecast.
The reason Sheikh Mohammed was able to state these figures with such certainty is simple: Dubai had already met the targets set by the previous strategic plan in half the expected time. In 2000, the Dubai Government estimated that it would be able to increase GDP to $30 billion by 2010. But by 2005, GDP had reached $37 billion. Average income per capita was expected to reach $23,000 by 2010. But in 2005 it had already reached $31,000. According to the International Monetary Fund, Dubai has experienced an average of 14% annual GDP growth since 2000, compared with a high of 3% in most developed countries.