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Term Paper-Dubai Business

In: Business and Management

Submitted By keithmi
Words 3033
Pages 13
Dubai-United Arab Emirates Final Paper
Study Abroad: December 26, 2010 – January 6, 2011

1. Over the past 20 years Dubai has transformed into a city of economic growth and focus. Unlike its neighbors, the city and the UAE as a whole, has developed into a diverse economic state that has become a center for business and tourism. Although the city was built on the oil industry, it is the city’s current model of business that has driven its economy. Many of the city’s main revenues come from tourism, real estate, and financial services.
Typically overlooked, it is Dubai’s economic development strategy that has kept the city profitable and growing. Dubai’s economic development strategy has implemented many strategies that the government believes will help ensure long term stability and sustainability. One tactic the government has developed is the implementation of free zones. These free zones have been designed to contribute to Dubai’s growth and development. One main item is involved with these zones however—the legal status of the companies within these zones. These companies are treated as foreign companies operating outside the UAE. Most sales of the companies located in these zones are exported without any tax being imposed. Owning a company in a free zone allows for 100% retention of profits (Reed). The free zones in Dubai include financial centers, media centers, and technology centers. Dubai has also taken up a large investment in the real estate sector. This has allowed Dubai’s construction and tourism industries to boom, and in result, have diversified the city’s economy. One other economic development strategy Dubai has developed is the use of outsourcing zones. These zones allow companies involved in outsourcing activities to set up their offices and receive various aid from the government. These many strategies developed by the

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