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Spotlight on… …Dubai!
Originally founded on the oil industry, today the Emirate of Dubai's economy has a model which resembles closely that of the occidental countries. Its politics of reconverting and restructuring initiated a few years ago has enabled Dubai to leave behind its extreme dependency on fossil energies. It now generates its revenues from tourism, real estate, business, and financial services, and no longer from oil which represents today less than 5% of the GDP.
An expatriate in Dubai:
Dubai is a developing city that seeks to recruit a qualified workforce in order to carry out its numerous major scale projects. Markets which strive for attracting new partners are not only tourism, the hotel industry and catering services, but also sectors such as the medical industry, water treatment, defence, or the retailing and distribution industry.
If you think about relocating to Dubai, there are several opportunities! Moreover, the actual real estate market situation is very favourable to relocate there.
Dubai's real estate market:
Altough it was severely struck by the world's economy decline that followed the 2007-2009 crisis (with an average loss of 50% of the goods value), Dubai's real estate market seems to have stabilized since the end of 2009. Neighbourhoods not in construction still are in high demand and prices in these areas have stabilized and in some cases even have increased slightly.
Nonetheless, housing prices are still very low and many owners in need of liquidity sell off their real estate. This lack of liquidity continues to make obtaining a mortgage difficult and supply thus stays superior to the demand.
As the United Arab Emirates' Dirham, is indexed on the United-States Dollar, the actual tendencies (fall of the UAD, rise of the Eurodollar rate) are an asset for those who invest in Euros.
There are therefore lots of good opportunities to be realized in Dubai at present.
There is a free zone in Dubai which can enable the investor from abroad to acquire many more advantages. Created by a government decree on January 9th 1985, the free zone of Jebel Ali (Jafza) offers several possibilities such as 100% control and ownership by the foreign company and a complete repatriation of the capital and profits. Income and corporate taxes are exempted for a period of 50 years and there are no restrictions of work permits, nor on foreign currencies. There is also no obligation to build partnerships with local entities.
(MMC, 8 of December 2010)