The first images evoked by even hearing the name of the city of Dubai are almost always related to luxury, business, heat, and desert. As of today, everything that could previously be summed up in the concept of the “American dream” can be translated to the city of Dubai, a metropolis that offers opportunities of all kinds, where it is important to be there and to know how to do.
The city over the past few years is changing faster and faster in the green direction and is increasingly at the centre of futuristic projects. Until 30 years ago, the city looked like a small desert village, located on the Persian Gulf coast, whose pivotal activity was fishing.
Unlike other emirates, Dubai`s development began thanks to the discovery of oil fields but to this day it is not its main source of livelihood, in fact thanks to the foresight of the Royal family that still governs the Emirate, a program of investment differentiation has been initiated, diverting profits from the sale of oil to the modernization of the city and the tourist sector.
In support of Sheikh Mohammed bin Rashid Al Maktoum`s, to say the least, futuristic and forward-looking ideas, at the beginning of the year 2023 the Dubai government announced the implementation of the Dubai Economic Agenda “D33,” which aims to double the value of the city`s economy in the next decade and consolidate its position among major global cities. The D33 Agenda includes the launch of 100 transformational projects that will help realize His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision of making Dubai the best city in the world to live and work in and the preferred destination for international business and investment.
So here are 10 good reasons to invest in the city of Dubai.
- It`s the city of the future. Investing in Dubai guarantees a very high return on the investment made as well as huge growth possibilities in every field. The real estate sector has literally exploded, it guarantees a very high ROI as the value of real estate is constantly increasing and the market is in constant turmoil.
- It`s open. Many people associate the majestic metropolis of Dubai with the most radical, extremist and closed Islamic thought and customs. Dubai, on the other hand, over the past few years has proven through facts that it is one of the seven emirates that make up the UAE, among the most liberal and open to the West. It is cosmopolitan and open to new cultures.
- It`s safe; in fact, it was listed in the top ten safest cities in the world. It`s clean and at the service of its citizens and tourists.
- It`s stable politically. Sheikh Mohammed bin Rashid Al Maktoum is a well-liked and supported ruler by the people, as an enlightened ruler he has always made investments to grow the city and give it a real identity. His stability on the throne is therefore well regarded by both locals and governments around the world. It has proven to be able to handle borderline situations such as the pandemic from Covid 19. While the rest of the world faced the toughest and darkest period due to lockdowns and restrictions due to the pandemic, Dubai, thanks to a few clear guidelines to follow, strategically always remained open to tourists becoming an attractive destination to escape the Lockdowns and continue living. In December 2020 Dubai was overbooked.
- It`s strategically located. Dubai sits at the crossroads of Europe, Asia and Africa, providing easy access to many of the world`s fastest growing emerging markets.
- It has a stable currency. Since November 1997, the UAE dirham (AED) has been pegged to the U.S. dollar. The value of the currency has enjoyed balance and growth as well as stability in import and export trade.
- Zero or close to zero taxes. Dubai is exempt from income tax for residents; a 5 percent VAT rate and a 9 percent rate on profits earned by large companies were recently introduced.
- Possesses flexible legislation with different types of licenses and many company forms that can be adapted according to the type of business one wishes to engage in.
- Counts several Free Zones or free zones. Free zones are geographically delimited areas with different offices and legislation according to the zones in which they are located and aim to facilitate specific industrial activities through tax and regulatory incentives and infrastructure support. Importantly, each free zone has its own different rules.
- Obtaining a visa is very simple, there are different types of visas, and they are often linked to an initial investment whether it is in real estate or business, also for employees it is the companies that are responsible for the paperwork and costs of obtaining it.
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