An Overview of the UAE You Should Know Before Starting a Business

UAE occupies an area of 83,000 square kilometres and is located on the southernmost point of the Arabian Peninsula. The largest emirate in the UAE is Abu Dhabi, which makes up 87 percent of the country’s overall size. Abu Dhabi is also the federal capital of the UAE.

The UAE’s diverse landscapes, including its sand deserts, enormous dunes, stunning oasis, and majestic mountains, are a visual feast.

Despite the fact that the UAE is a small country, it plays a significant influence in regional and global events.

POPULATION

The population of the nation has significantly increased in recent years, rising from 4.1 million in 2005 to around 9.5 million in 2018.

UAE has the most ethnically varied population out of the 22 Middle Eastern nations. UAE has been drawing immigrants from all over the world due to the country’s rapid expansion in a variety of economic sectors and the high standard of living. The majority of the population (88.5%) is made up of expatriate workers, while 11.5% are UAE citizens. South Asians, Egyptians, and Filipinos make up the largest group of non-UAE nationals.

GOVERNMENT

The federal government and the local governments of each emirate split up the duties of running the UAE. The UAE’s Cabinet, which serves as the nation’s top executive body, is made up of the prime minister, two deputy prime ministers, UAE ministries, and a functioning General Secretariat.

Conventionally, Abu Dhabi’s ruler serves as the UAE’s president, while Dubai’s ruler serves as the country’s prime minister. 

BUSINESS CUSTOMS

When conducting business, the UAE places a high value on interpersonal ties and mutual trust. Considering that Emiratis typically like to do business with individuals they know, having someone introduce you will be advantageous for your business relationship.

In the United Arab Emirates, the official weekend is on Friday and Saturday, while the work week begins on Sunday. Only on Fridays do some smaller private businesses close.

Government offices are open from 7:30 a.m. to 3:00 p.m. Private offices operate for a longer period of time and typically use split shifts. If you need a professional assistance to set up a business in UAE you can visit start a cafe in Dubai.

LAWS

Since its founding in 1971, the nation has passed a variety of legislation pertaining to the economy, trade, and investment. In the UAE, there are numerous regional regulations covering things like drinking, how to dress, and showing affection in public. Expats should be aware of these since breaching the law might get you in legal problems and ignorance of the law is not an acceptable defence in court.

Commercial companies law, insolvency law, labour law, anti-money laundering law, and tax laws are a few of the important laws.

The second largest economy in the Arab world is the UAE, which has one of the greatest growth rates in the entire world. By 2020, the GDP of the economy, which was $382.58 billion in 2017, is anticipated to trend toward $425.00 billion. Since gaining independence in 1971, the UAE’s economy has increased by around 231 times.

“UAE is the best illustration of how bold leaders can change a nation. By reducing its reliance on natural resources like oil and gas, the UAE has evolved into a top investment location. The government’s courageous choice to accept international investments in technology, real estate, and tourism resulted in an unheard-of expansion of the UAE economy.  If you have a intention to start a business in UAE you can also check out Company Liquidation in Dubai.

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