Dubai – A Trade Pioneer
Under the leadership of Sheikh Maktoum Bin Rashid Al Maktoum, trade in Dubai burgeoned. In order to realise his vision of Dubai as a powerful trade hub and to create a business friendly port in the Gulf, duties were drastically reduced and taxes eliminated. Dubai was transformed into a free port and the most dominant player in the region.
The 1966 discovery of oil marked a new era for the Emirate. Completely revitalising the country, Dubai became a modern city with luxurious standards of living and an open and robust economy.
By investing the oil wealth back into the economy, Dubai built upon its foundation to become the world-class logistics corridor it is today. The following decades were crucial in establishing Dubai as a successful sea‑port and harbour as well as a major trading and re‑export hub. One of the most important additions to the Emirate’s infrastructure was the Jebel Ali Port - the world’s largest man-made harbour. Completed in 1979, the Jebel Ali Port now caters to 170 shipping lines and connects to over 100 ports around the world.
Dubai has indeed succeeded in establishing itself as an impressive international economic force and an influential pioneer in the implementation of the free zone model and a major destination for foreign investment and international trade. Sitting in the centre of the world, Dubai was, and still is, the ideal gateway to the global commodities market.
Dubai has positioned itself as a global business hub and the gateway to Middle East, Africa and South Asia. What is exciting is that Dubai is connected to both established and emerging economies. Dubai is logistically very well connected for both transport of goods and people. Some of the unique features that people like include the centralized time zone, connecting East to West, the very expat friendly atmosphere Dubai offers, and that it’s easy to do business within a safe and tolerate environment while maintaining a robust regulatory framework. English is the business language.