DUBAI

Since the formation of the United Arab Emirates in 1971, Dubai has developed rapidly from an oil and gas based state to a broadly based market economy. A 30 year development plan provided for substantial investment in education and infrastructure and has led to rapid growth in trade and inward investment.

Dubai offers a world-class airline (Emirates Airlines), world-class tourism (over 30 five star hotels and the worlds first seven star hotel, Burj Al Arab) and world-class sporting events: the Dubai World Cup ( the worlds richest horse race), the Dubai Desert Classic (golf) and the Dubai Rugby Sevens.

The success of the Dubai economy is the result of dynamic and visionary leadership. The present ruler of Dubai, His Highness Sheikh Maktoum bin Rashid Al Maktoum, is committed to continuing his fathers dream of making Dubai one of the foremost cities in the world.

Over the last three decades, Dubai has firmly established itself as a hot bed for investment in the Middle East. Backed by a visionary government, Dubai today is an enduring example to the world as to how far progressive thinking can go.

THE ECONOMY, TRADE AND COMMERCE

In 2004 Dubai posted a 16.7 percent growth in Gross Domestic Product to almost 100 billion dirhams (US dollar 27 billion), registering the highest growth rate in the world in the year. The strong growth is predicted to continue with GDP expect to rise 10 percent in 2005.

Dubai's economy was built on the back of of the discovery of oil in the mid 1960s. Since then Dubai has developed a diverse economy and by 2004 the oil sector accounted for just 6 percent of GDP. The city now has a thriving manufacturing, finance, IT, and tourism sectors and is home to numerous multinational companies.

There are no foreign exchange controls, quotas or trade barriers. Import duties are extremely low, and many products are exempt. The UAE dirham is freely convertible and is pegged to the US dollar at an exchange rate of AED 3.675 = USD 1.00, and no revaluation has occurred since 1977.

Dubai is strategically located between Africa and the Middle East and between the Far East and Europe making it a gateway to over 1.5 billion consumers located in countries surrounding the Red Sea and the Gulf. It has a superb infrastructure and is a key link in the global transport and distribution system. Dubai is served by more than 170 shipping lines and 86 airlines offering links to over 100 major cities worldwide.

Dubai International Airport is one of the fastest growing airports in the world. It catered for 16 million people in 2002, second only to Tokyo in the number of daily transit passengers, and is expected to carry over 30 million passengers by the year 2010. Work has already started on a second international airport at Jebel Ali to handle the forecast growth. Dubai has extensive port facilities with terminals at Jebel Ali Port and Port Rashid, it is the most important in the Middle East and is ranked among the worlds top 15 in terms of container throughput.

The Government is committed to the promoton of trade growth in Dubai which was pioneered by Jebel Abi free zone. Following on from the success of Jebel Abi the Government launched Dubai Investment Park in 2000 which now accommodates Dubai Internet City and Dubai Media City and is home to many multinational companies such as IBM and Microsoft. In 2002 plans were released to develop the Dubai International Financial Centre (DIFC). Strategically located between the financial centres of the Far East and Europe, DIFC will bridge the gap and is forecast to become a 24 hour financial hub. It will become the central market for the international Shariah banking market and will appeal to both Arab money looking for a centre of excellence and western cash seeking sophistication and safety. Deutsche Bank, HSBC and Standard Chartered are among dozens of international financial sector firms who have already signed up to be among the first residents at DIFC.