Dubai economy is based on various sectors. For many years oil was central to Dubai economy, but other non-oil related areas having expanded and bring in over 90% of Dubai economic GDP. The last three decades have seen Dubai economy evolved into one of the world’s most diversified and prosperous.
Tourism for example has become a major part of Dubai economy, contribution about thirty percent gross domestic product in relation to non oil sectors. Dubai economy has been also based on free market policies. Dubai companies can be fully owned by foreigners and numerous free zones which operate within Dubai economy make doing business in Dubai economy profitable. Banking, insurance, wealth management and capital markets, among others which are offered in Dubai economy are regulated by the Dubai International Financial Center. Transport, financial services, manufacturing and tourism have expanded over the years within Dubai economy.
Dubai economical growth has been encouraged by the absence of direct taxes on individual and corporate income and profits, with the exception of oil companies. Trade in Dubai economy is advantageous with customs duties being as little as 4 percent, meanwhile several exemptions are given and capital and profits accumulated by foreign nationals in Dubai economically can be repatriated free of any tax.
Dubai is strategically located and this has led Dubai economy to be considered the largest with regard to re-exported goods in the entire Middle East region. Dubai is stable both politically and economically and is well advanced where infrastructure and access to technology and highly skilled professionals are concerned. Dubai economy is well developed and has ideal conditions for tourism, banking and finance, setting up light industries, corporate regional headquarters, having meetings and hosting exhibitions.
The cost to operate and logistics in Dubai economy is relatively low and Dubai government has implemented a series of friendly investment policies which appeal to investors. No foreign exchange controls are imposed in Dubai economy and trade restrictions are nonexistent. Important duties, labour, real estate and energy costs are very competitive.