The Trucial States of the 19th century and the United Arab Emirates of the present century is a federation of seven emirates namely Dubai, Abu Dhabi, Sharjah, Ajman, Umm Al Quwain, Fujairah and Ras Al Khaimah. Introduced to the world on December 2, 1971, by the great Sheikh Zayed bin Sultan Al Nahyan is today a global business centre.
A city which emerged almost over-night out of desert where mirage was the only realism, a business land where opportunities outstrip reality, a country which was built and is ruled by leaders with extreme tenacity and resilience. UAE has always been uncompromising towards its offerings to its residents be it lifestyle, work or business opportunities.
Gulf Cooperation Council (GCC) region is expected an increase from 2.0% last year to 2.1% in 2019, before accelerating to 3.2% in 2020 and stabilizing at 2.7% in 2021, GCC shared in its latest issue. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates in amalgamation for the Gulf Cooperation Council. Growth in the UAE alone is forecasted at 2.6% in 2019, jumping to 3% in 2020 as the country pushes infrastructure investments ahead of Dubai’s Expo 2020. Economic growth is forecast to reach 3.2% by 2021 supported by the government’s economic stimulus plans.
The above statistics indicates that UAE is the most boosted economy among all the Arabian Gulf countries. The year 2019 and 2020 is considered as the turning point for the UAE owing to its government fueled initiatives like:
- Expo 2020
- Improved growth prospects in trading partners
- Launching of innovative accelerator programs for star-ups in the region
- Enhanced diversification by welcoming various nationalities, opening and surprising them with the new residential norms, and
- Scaled concentrated efforts in promoting world-class infrastructure for the economy
Not only considering lesser dependence on revenue generated by oil or its exports, but the UAE is also the most diverse economy of the Arab World due to various other favorable factors which help in attracting and retaining businesses. In the “Doing Business 2019” the flagship publication of the world bank, UAE holds the 11th rank, highest in the region and other Gulf, Arab and Muslim countries in the ease of doing business category. In fact, according to the Global Competitiveness Report, 2018 UAE ranks 27 globally which mays it ahead of many EU countries, including the Netherlands, France and Spain. This has been possible due to the consistent efforts of the government to promote and enhance transparency in business dealings in UAE.
The country has a unique of theming and dedicating each calendar year to a cause of humanity. His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, has proclaimed the year 2019 to be the “The Year of Tolerance”. The aim is to project UAE a global capital for tolerance, a nation which beliefs in co-existence, dialogue, peace, humanity and respect. In recent years, UAE has witnessed a peak of reforming activities which confirms the fact that it is a country which is not only welcoming but also facilitates a hospitable environment to its investors and expats.
There are various other aspects to be considered before one decides to uproot and relocate to a new country or even ponders to invest. GCC countries are no different, however, UAE can successfully claim the below credits as compared to the other GCC States:
- UAE offers an above-average quality of life
- When comes to personal safety, it ranks the highest with 97% of the expats feeling safe with their family and children
- UAE appears to be the most digitally connected country in the region
- According to the Human Development Report, UAE ranks highest for gender equality amongst GCC countries
- Is the cleanest environment of GCC according to World Environmental Performance Index (EPI)
All the above makes UAE unique, global frontier and investor friendly nation. Its technology readiness and increased innovative capabilities in building the country characterizes it as a destination worth a sizeable investment.
Sources: Gulf News, Khaleej Times and The National, world Bank – Gulf Economic Sources: Gulf News, Khaleej Times and The National, World Bank – Gulf Economic