Description – Dubai has transformed into a global trading centre and ultimate investment destination in various sectors of the economy, including exchange, import, export, logistics, hospitality, event management, financial services, and construction.
Dubai has grown from a tiny desert city to a veritable mega-city with seven-star hotels, business parks, its palm-shaped human-made island, some of the world’s tallest buildings, world-class infrastructure, and a strong desire for even bigger things in the last thirty years.
It has become a popular destination for meetings, conferences, exhibitions, and sporting events in recent years. A slew of sports stars has flocked to the city’s sports facilities for world level sporting activities. The hospitality infrastructure, which includes transportation, hotels, restaurants, and other amenities, is increasingly expanding, as is the service level for visitors.
It provides opportunities for businesses of all sizes, or, in other words, it has a supportive business environment. In past years, the city has seen an explosion of aspiring multinational corporations and entrepreneurial activity. The service sector is Dubai’s fastest-growing industry and contributes significantly to its GDP.
The city has developed into a Middle Eastern trade and commerce centre. More than 20,000 foreign firms have offices in Dubai, including 124 Fortune 500 companies. The government is pro-business, with the region’s most open business rules, tax-free zones, world-class physical infrastructure, and access to an experienced and professional labor force.
Dubai is emerging as a knowledge hub, with many universities and research institutes dedicated to technical and scientific advances. Modern Dubai’s exceptional planning leaders’ helped Dubai turn from a desert city to one of the hottest destinations for hospitality and investment. These pioneers had the foresight to recognize that natural resources are the solution for today’s problems.
The nation’s forefathers sought to create a modern trading centre that would ensure that capital would continue to flow into the city and raise revenue, similar to other major global hubs such as London, New York. Paris thrived for decades and is business-friendly.
Dubai, the UAE’s largest city, is transforming into an international centre for globalization and a city with a high quality of life and living standard. The city is becoming more multicultural and tolerant of each other’s values and morals, with 70% of its citizens hailing from 180 different countries.
The Emirate of Dubai, located in the Middle East, is ideal for a short flight to other flourishing hubs in Asia and Europe. Dubai already appears to be a great place to work and live, with convenient access, a friendly environment, and cutting-edge architecture. Here are six reasons why Dubai is the best city in the world to live in.
1. Countless Attractions
Dubai is home to several world-record-breaking sights and attractions, including its most significant shopping centre and the world’s tallest skyscraper (Burj Khalifa). Sheikh Zayed Road is Dubai’s central business area, and it’s a beautiful place to work because it’s full of breathtaking buildings and skyscraper views.
With only a year before EXPO 2020, it will be essential to celebrate Dubai’s latest architectural achievements and the preparation of innovations. With so many museums, it would be difficult to live a monotonous life in Dubai.
2. Tax-Free Income
The UAE economy is widely regarded as the most liberal and diverse in the country. Except for foreign bank branches, hotels, and major oil and gas firms, almost all forms of business operations in Dubai are tax-free.
You are not required to pay income tax on your wages if you work and live in the UAE. Since the oil industry accounts for a significant portion of the UAE’s revenue, and experts have confirmed that resorting to taxation in times of debt is a no-no for the Emirate of Dubai, it’s safe to assume that tax-free income will continue to rise in the future.
While tax-free income can seem to be a dream come true at first, it’s important to remember that it’s a great way to recycle funds, such as into social security coverage for you and your family.
The vast majority of taxes (personal, corporate, capital gains, and VAT) are exempt in Dubai, making it a very business-friendly city.
3. Sustainability and Safety
Dubai is known for its safety and well-being, as it is one of the world’s safest cities. Dubai has one of the world’s lowest crime rates. Furthermore, the UAE is regarded as one of the Middle East’s most politically stable nations. Security and political stability are two major factors that have attracted many foreign investors and businesses to Dubai. The company can only thrive in a secure climate.
The United Arab Emirates is a global leader in renewable energy. Dubai is transitioning from electricity and gas-dependent economy to one based on solar, nuclear, and other renewable energy sources. Dubai’s goal is to use 75% renewable energy by 2050, and it is currently building the world’s largest solar power plant, which is scheduled to be completed by 2020.
There are few areas on the planet where business prosperity coexists with such significant environmental and sustainability objectives.
In the meantime, Dubai is regarded as one of the safest cities globally, with crime rates much lower than in other developed countries.
It has a strong law and order structure in place, making it secure to work for you, your family, and your staff and attracting the best foreign talent.
4. Cheap Fuel
The United Arab Emirates is known for its low fuel prices. Diesel rates in October are Dh2.41 (approx. £0.47), while Super 98 is Dh2.24 (approx. £0.47). Fuel will be less of a drain on your discretionary income due to these lower prices.
5. Dubai’s Golden Visa Scheme
Since Dubai’s visa policy is expat-friendly, running a company in the city makes it simple to obtain a UAE residency visa. It simplifies the process of renting land, travelling within the UAE, and getting a Schengen visa.
The Golden Visa Scheme is an active initiative to welcome new experts and fresh minds worldwide, and it actively promotes permanent residency in Dubai as a motivator. If you have a creative approach to business, it is a strong indication that you are welcome in Dubai.
Dubai’s Prime Minister, Sheikh Mohammad Bin Rashid Al Maktoum, revealed his Golden Visa policy in May of this year. According to Sheikh Mohammad, the Golden Visa can be issued to those with “exceptional abilities” who “contribute positively” to the UAE’s “success storey.”
More than 400 investors and businesspeople (along with their families) were issued the visa in the first month, and many more are still obtaining it regularly. The permit is valid for ten years and can be extended. The Golden Visa has accumulated a Dh100 billion net worth from 6800 investors from 70 countries.
6. Free Zones
A free zone is a designated tax-free region in Dubai where foreigners can set up shop and conduct business without partnering with a local Emirati partner or agent. Each Free Zone is exceptional and provides licenses in a variety of industries. More than 20 Free Zones are operational in Dubai alone.
These are virtually tax-free areas where ex-pats without working with an Emirati agent or partner can own businesses entirely. These are of various kinds; fitness, education, media, etc.
The repatriation of capital and income is unregulated in Dubai. Many companies, however, prefer to keep their money in the UAE due to the country’s tax-free status. Furthermore, there is no foreign exchange regulation, and the US Dollar and the UAE Dirham have a stable exchange rate.
Although most ex-pats prefer to keep their money in the UAE, thanks to the virtually non-existent taxation in the UAE, a steady exchange rate with the USD ensures that you can send cash at will from the region.
8. Global Aviation Hub
The Dubai International Airport links the vast continents of Asia and Africa with the western world, putting together in one location people from all over the world to bring about opportunities that would otherwise not be there.
Dubai is an ideal location for many business activities, including international trade, import and export, logistics, tourism, hospitality, event management, etc. Due to its strategic position between Europe, Asia, and Africa. Dubai is situated in the centre of the United Arab Emirates’ 400-mile-long coast. It has access to both the sea and one of the world’s largest airports, allowing Dubai to promote goods between the East and the West. As a result, Dubai has access to 2.5 billion consumers in the Gulf, Africa, Asia, the CIS, and Europe. There are several locations to choose from, whether you want to hold seminars and events or attend them.
It has a high-quality road transportation system, and you can get anywhere without any hassle and the nation Dubai Metro!
Dubai has something for everyone; desert safaris, skydiving, soothing dhow cruises, and waterparks that will blow you away.
Dubai is a place where you can establish yourself and utilize your skills and mindset in a career that will yield all sorts of outcomes. It has all the ingredients for individuals to stand out in their career and live a prestigious lifestyle.
There are several other reasons why Dubai has become one of the most sought-after locations for industry, jobs, and residence. Expatriates, who hail from nearly 200 countries worldwide, account for almost 90% of Dubai’s total population. Foreigners are drawn to the Emirate for several reasons, including business and investment opportunities.
Dubai is attracting large investors worldwide, owing to its rising and expanding economy and the upcoming World Expo 2020. Business investors worldwide are flocking to Dubai to start new businesses and invest in the city’s booming economy. When are you coming to this city of dreams?