Historic Economic Development In The MENA Region
Dubai is a region that everyone has heard of and rightly so. There is something in the Mena region for everyone and it is not just limited to shopping festivals, desert safaris and panoramic views. The backbone of this region is its strong economy.
Dubai is no longer an only oil industry. While the economy was built on this very industry it has since flourished to natural gas and petrochemical. It is good to note that the last few decades have seen the Dubai economy diversify and broaden and give rise to other industries like tourism.
It is a strategic location and is placed between the Far East and East West of Europe and central to Africa and Americas. Dubai is connected to all the developed countries in Asia, Europe, Africa and Americas. This is a significant boost for the development of foreign trade. The economy of the Mena region has grown phenomenally, approximately at 11% up to date. It is a diversified market and caters to all types of trades and business ventures and most importantly there are hardly any strict import or export laws.
The region largely due to its economic prosperity has a stable political condition. Strong government policies have allowed the economy to boom and more and more businesses and companies have trusted the Mena region to do business with. The government policies are flexible, liberal and it is pro-business and pro-investment. And company formation and legal work surrounding it is simple and clear.
A major portion of GDP in the Mena region comes from the tourism industry. There are a large number of foreign companies in Dubai, both regional branch offices and offshore. The ownership rules in Dubai are one of the reasons that so many foreign investors and companies have set-up base. The region is pro-foreigners with 49% of ownership allowed for Limited Liability Companies, and 100% for Free Zone professional companies and branches.
Competition is increasing daily and employees should be encouraged to work faster and keep ahead of the competition. The more employees have digitalisation at their fingertips the more effective they will be and deliver tasks right on time.
With splendid support system and world class infrastructure the government has invested in transportation, telecommunication and industrial infrastructure in the Mena region. There is no shortage of business centers, conference facilities, IT business parks, and commercial complexes. To add to this, there are also state of the art shopping centers, prestigious schools, hospitals and recreational facilities.
Businesses that set-up within a Free Zone can enjoy tax benefits and no custom duties. With flexible government policies businesses can enjoy other benefits such as no foreign exchange control, no trade quotas or barriers and the cost of doing business in the Mena region being very nominal.