10 Jul 2010
The survey base comprising UK and Irish SMEs and entrepreneurs, which was conducted by the Government of Dubai, Department of Tourism and Commerce Marketing (DTCM), reported that Dubai’s cosmopolitan lifestyle and high living standards are a key attraction for businesses to the region, with over 47 per cent of those surveyed citing the lifestyle as a key driver. The first-class services mean that Dubai’s enticing lifestyle offering attracts the very best talent from across the world. Dubai also benefits from year-round sunshine and warm climate and as a cosmopolitan city, it offers a plethora of premium facilities and services from housing and shopping through to a wide range of leisure facilities.
Quality of life is also enhanced by a number of tax incentives with no income tax, no corporate tax and 100 per cent foreign ownership within Dubai’s free zones. These sector-specific clusters are treated as “offshore”, allowing for a myriad of benefits to be offered to businesses located there. The free zone concept of ‘convenience’ – with every facility under one umbrella – also allows for more efficient and cost-effective distribution.
Almost 40 per cent of those surveyed said they envisage doing business in Dubai within the next year, as the emirate starts to emerge from the global economic downturn. There is optimism among the business community that the emirate will benefit from its first-mover advantage to reinforce its position as one of the world’s most trailblazing and competitive destinations. Dubai has acted to ensure investor needs are met irrespective of the current economic climate to ensure its commercial offering remains compelling. And, according to the Minister of Economy the UAE is expected to record a GDP growth of 3.2 per cent in 2010, an increase from 1.3 per cent in 2009.
Dubai’s gateway location is also a key attraction for businesses with more that 52 per cent of businesses citing location as one of the main drivers, instrumental in attracting business to the region. Strategically positioned at the crossroads of East and West, Dubai’s geographical proximity to the Middle East, Asia and Africa markets provides excellent accessibility, providing a world of opportunities for commerce and making it the ideal location for businesses that want to expand into the region. Ian Scott, UK and Ireland director of the Government of Dubai, Department of Tourism and Commerce Marketing comments on the findings: “The research findings demonstrate that Dubai is continuing to attract international business to the region. Dubai offers a popular quality of life that is second to none, home to a cosmopolitan mix of exciting people from a range of different professions. This, combined with Dubai’s gateway location, first-class facilities and state-of-the art infrastructure makes it the perfect place to do business. A dynamic destination, Dubai has established itself as an attractive option for international investors, reinforcing its position as a leading world-class business destination”
Dubai is renowned for its ‘can do’ attitude and a progressive leadership, both of which are reflected in the comprehensive growth plans outlined in the Dubai Strategic Plan 2015. The government of Dubai has established ‘The Mohammed Bin Rashid Establishment for SME Development’ to foster the development of entrepreneurialism, facilitate the establishment of SMEs, and encourage and support them to actively participate in the economic growth of Dubai. It aims to increase the rate of new businesses through suitable financial support and create a business enabling environment for the development of SMEs.
The emirate’s economy is emerging from the global financial crisis into a more positive economic landscape. This year, and in 2009, the government announced increased spending on healthcare, education and other social services sectors, as well as supporting key infrastructural and transport projects, demonstrating its ongoing commitment to retaining its position as one of the world’s leading business destinations.
