The UAE is including state-of-the-art ports and one of the world’s busiest airports, with an even bigger airport now under construction. This has helped position Dubai as an ideal business base, as have the country’s investment incentives. These include freedom from corporate, personal or withholding taxes, relatively low property costs, freedom from trade barriers, and very competitive import duties, labor costs and energy costs.
Dubai has also developed business services – particularly financial services – comparable with the best in the world, and the emirate’s highly successful free zones, including the first one at Jebel Ali as well as a growing list of new sector-specific free zones, provide exceptional advantages for investors in a wide range of activities. .
Forward-thinking leadership
Perhaps most importantly in the emirate’s success story, Dubai has proven itself to be a nation of hard-working achievers who follow their leaders’ example in setting ambitious goals and dedicating themselves to accomplishing them. In fact, dynamic leadership, beginning with the reign of Sheikh Mohammed’s father, Sheikh Rashid bin Saeed Al Maktoum, has been crucial to Dubai’s renowned economic development.
Sheikh Rashid, ruler from 1958 until his death in 1990, is aptly known as the ‘Father of Modern Dubai’. He was responsible for a visionary program to invest the country’s new oil wealth into infrastructure and services, and he launched many projects that turned the small emirate into a thriving business center.
Crown Prince following father’s and grandfather’s example
Sheikh Mohammed’s son Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, who in February this year was named Crown Prince of Dubai, clearly aims to follow his father’s and grandfather’s example. In a recent speech, Sheikh Hamdan said, “Government entities are arenas for excellence, and this is what Dubai has become today, a place of excellence, innovation and quality.” Sheikh Hamdan, born in 1982, was educated in Dubai and at Sandhurst Military Academy in the U.K. He serves as head of Dubai’s Executive Council and is also head of the Sheikh Mohammed bin Rashid center for Young Business Leaders and the president of Dubai Sports Council.
