DUBAI: THE CITY OF THE FUTURE

Dubai represents the model of modern Middle East economy where Arab opulence blends with Western sensibilities and 21st century trends to create a model of extraordinary blending.

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As a matter of fact Dubai has always been considered the prototype city of the future for its futuristic skyline modeled by international star architects like Dame Zaha Hadid (who designed the eccentric Opus cubeskyscraper in the Business Bay district) and the excellent quality of its iconic architectural infrastructures, from the super functional Dubai International Airport (DXB) and the new mega-airport Al Maktoum International in Dubai World Central (DWC), to Burj Khalifa, the tallest skyscraper in the world at 2,722 ft or 829.8 m), and Palm Jumeirah, an archipelago of artificial islands that are part of a luxury high end mix of residential and hospitality development.

Today Dubai is the perfect representation of the city model of the future that grows, develops and expands as an urban model of excellence, a model that is the result of the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, United Arab Emirates.

It seems that the name Dubai originates from an Arabic proverb "Daba Dubai" which means "those who came with a lot of money", a reference to the trading center that began as a "free-port" in the early 1900s without the imposition of duties on goods imported and exported by merchant ships that regularly visited the port of Dubai for the exchange of products between India and the Gulf countries.

If in the collective imagination Dubai was associated with oil due to its geographical location in the Persian Gulf area, in fact oil today represents only 1% of GDP compared to 50% in the years up to 2000, almost eliminating the old dependence from crude oil to focus on the service sectors, starting from Tourism and Real Estate and moving onward with the creation of Business Parks and Special Economic Zones which offer incentives for companies and investors who incorporate in Dubai with a business focus in technological and specialist areas such as Biotechnology, Space, AI, Robotics, Desalination, Genetic Research, Medical Tourism, the Future of Farming, Renewable Energy.

Dubai, the most populous of the 7 emirates that make up the UAE (the other 6 emirates are Abu Dhabi, Sharjah, Ras Al Khaimah, Ajman, Umm Al Quwain, and Fujairah) is a melting pot of over 200 nationalities that contribute to a growth that today is faster than neighboring Saudi Arabia, Oman and Qatar, and contributes to over 1/3 of UAE’s GDP that sets at $890 billion (PPP) in 2023.

In 2023, the Global Destination Cities Index placed Dubai in 2nd place among the cities with the highest number of international visitors (15.9 million) after Paris (#1, 22.7 million) and ahead of Madrid, Tokyo, Amsterdam and New York (with the Big Apple ranking #8 and being first American city in the list).

The Economist, the British weekly newspaper focusing on international affairs, ranked Dubai at the 3rd place amid the top prominent 10 global cities, right after Miami #1, Singapore #2, and ahead of New York #4. This index, published in early June 2023, considered 4 different performances during the past 3 years: GDP growth, population growth, real estate prices, and office vacancies.

The mix of natural beauty between the crystal clear waters of the gulf and the golden dunes of the desert, supported by a dynamic destination marketing strategy at a global level and by investments in luxury hospitality and entertainment infrastructures have made Dubai a fascinating tourist destination, a sort of Florida just a 6- hour flight from Europe, which attracts weekend travelers for shopping in a trendy-metropolitan-chic environment and long-stay vacationers.

Now Dubai has 2 ambitious economic and urban development plans based on innovation: Dubai Strategic Plan 2030 and Dubai Vision 2050.

Strategic Goals of Dubai 2040 Master Plan

MARKET INSIGHTS

8 good reasons why Doing Business in Dubai:

● Dubai is the leading business hub of the United Arab Emirates that generated a GDP of $731 billion in 2023

● Dubai ranked #3 in the 2023 Top 10 Index of Prominent Global Cities, right after Miami #1 and Singapore #2

● Dubai acts as the strategic gateway for market entry in the GCC marketplace (Gulf Cooperative Council) comprising the 6 Arab countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates

● Dubai is the best springboard for doing business in the MENA region (Middle East North Africa) and accessing the macro market of India

● Zero Corporate Tax in the UAE for taxable income not exceeding AED375.000 (countervalue of US$100,000)

● Low corporate Tax at 9% in the UAE for taxable income above AED375,000 (countervalue of US$100,000)

● No Personal Income Tax is levied in the UAE

● Dubai has 2 ambitious economic and urban development plans based on innovation: Dubai Strategic Plan 2030 and Dubai Vision 2050

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