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www.UAE.DoingBusinessGuide.co.uk www.UAE.DoingBusinessGuide.co.uk Visit the Website and download the free Mobile App Doing Business in the United Arab Emirates 3 www.UAE.DoingBusinessGuide.co.uk CONTENTS Foreword from H.E. Sultan Bin Saeed Al Mansoori, the Minister of Economy Welcome from Lesley Batchelor OBE, FIEx (Grad) – Director General, Institute of Export & International Trade 11 13 9 United Arab Emirates overview 17 About the Department for International Trade (DIT) 21 About this Guide 25 Why the UAE? 25 Why the UAE? 26 • UAE Economy Dashboard 28 • Summary 29 • General overview 30 • Government overview • Economic overview 33 • UK and UAE trade 41 Help available for you 42 • Overview • Support from the Department for International Trade (DIT) 45 • Support from the Institute of Export & International Trade 51 Getting here and advice about your stay 52 • Entry requirements for the UAE 53 • Local laws and customs 55 • Safety and security 57 • Health 59 Sector-specific opportunities 61 • Research • Airports and aerospace 62 • Defence and security • Education and training 63 • Energy 68 • Environment and water • Financial and professional services 69 • Healthcare • Infrastructure and construction 70 • Rail sector 5 www.UAE.DoingBusinessGuide.co.uk CONTENTS 75 41 51 83 99 75 Preparing to export 76 • Consultation and bespoke research 77 • Start-up considerations 78 • Getting started in the UAE 81 • Getting finance to fulfil an export contract in the UAE 83 How to do business in the UAE 85 • Legal considerations 89 • Taxation 90 • Customs and documentation 91 • Shipping your goods to the UAE 93 What are the challenges? 93 • Challenges and risks of doing business in the UAE • Overseas business risk 94 • Getting paid in the UAE 99 Business etiquette, language & culture 101 • Overview • Language • Meetings and presentations 103 • UAE public holidays 59 The International Schools Partnership is a focused, growing and financially secure group with 28 schools located in the United Arab Emirates, Qatar, Spain, the United Kingdom, the United States, Costa Rica, Mexico and Malaysia. Our vision is to be an international schools group of quality and scale, recognised across local communities and the education sector for amazing learning, ambition and growth. For further information on International Schools Partnership or any of our schools, please visit www.internationalschoolspartnership.com or contact us on +44 (0)20 3867 7000 Growing Learning Growing Schools 7 109 Resources 110 What does membership of the Institute of Export & International Trade mean? 112 Focusing on qualifications. Lesley Batchelor OBE, FIEx (Grad) – Director General, Institute of Export & International Trade 115 Supporting organisations contact details 119 Market experts contact details 129 Useful links 137 Trade shows 140 Map of the United Arab Emirates 143 Quick Facts SUPPORTING ORGANISATIONS www.UAE.DoingBusinessGuide.co.uk 109 Resources CONTENTS E b s e t e . + 0 winston.com Decades of experience representing clients in the Middle East. Winston & Strawn LLP is an international law firm with 1,000 lawyers in 16 geographic locations across the Middle East, Europe, Asia, and North America. Business Solutions. Accomplished. CHAMBERS “A highly sophisticated international firm.” Advised on many “first-of-their-kind projects.” United Arab Emirates overview The United Arab Emirates (UAE), a federation of seven individual Emirates, is the UK’s largest civil export market in the Middle East and our third largest market outside Europe – only China and the US were larger in 2017. It is a major regional hub and the commercial capital for the Middle East, North Africa and beyond, with one of the most liberal trade regimes in the Gulf. There are a number of reasons to choose the UAE as an export destination: English is widely spoken, it has a large expatriate population, no taxation on personal income and capital gains, it is a good base to use as a bridge into other Gulf markets with low import duties, and it is an important market for re-export to other countries. There are also strong cultural and historical ties as many Emiratis have studied in the UK, have UK homes and visit regularly. Despite the global economic downturn, the UAE economy continues to grow and the overall economic outlook is positive. The UAE’s reserves of oil and natural gas both rank in the top ten largest in the world. The country holds almost 6% of the world’s proven oil reserves. Production is currently about 3.1 million barrels per day (bpd), and is mostly exported. The government intends to reach 3.7 million bpd by 2020 through the redevelopment and expansion of existing wells, and the development of marginal oil reserves, both onshore and offshore. 9 www.UAE.DoingBusinessGuide.co.uk Thank you to our Market Experts MARKET EXPERTS N E W M E D ICAL CE N TRE N OW OP E N – UM M SUQE IM 1 KIN GSCOLLE GE HOSP ITALD UB AI.COM *VSQXLIQSQIRX[I½VWX[IPGSQIHTEXMIRXWXSSYV0SRHSRLSWTMXEP MR XSXLISTIRMRKSJSYVGPMRMGWLIVIMR(YFEMERH%FY(LEFMSRI XLMRKLEWVIQEMRIHGSRWMWXIRXERHXLEXMWXLIMQTSVXERGISJGEVMRKJSVSYV TEXMIRXWERHXLIMVJEQMPMIWRSXNYWXQIHMGEPP]FYX[MXLOMRHRIWWERHVIWTIGX *MRHSYXQSVIEFSYXLS[[IGERLIPT]SY 11 www.UAE.DoingBusinessGuide.co.uk I am delighted to welcome you to this guide to ‘Doing Business in the UAE,’ which provides essential information, guidance and support for UK companies considering entering the UAE market. The UAE – the UK’s largest export market in the Middle East and North Africa (MENA) – enjoys a strategic position that allows it to present unlimited opportunities across a wide range of sectors. The country’s wise leadership launched the UAE National Innovation Strategy at the end of 2014, aiming to make the UAE the most innovative nation in the world by 2021. In fact, as this guide will indicate, the UAE is now a hotbed of innovation brimming with new ideas. The World Economic Forum judged the UAE first in the world for the quality of its roads, low inflation and the absence of organised crime. Furthermore, it receives favourable scores for its stable macro-economic environment, its overall infrastructure, the effectiveness of its government institutions and its ease of access to finance. Today, the UAE is the de-facto financial centre between Singapore and London, and the host to the world’s largest man-made port and some of the world’s busiest airports. It also serves as the home to the world’s first free zone dedicated to biotechnology and research and has the world’s first capital connected with a fibre network. Our unrivalled infrastructure, accommodating internationally-benchmarked laws and regulations, cutting-edge technological environment, the openness embedded in our culture and the amazing lifestyle that you and your family can enjoy, and above all, our determination to aim higher, continue to make the UAE the location of choice for the most renowned multinational companies, international investors and well-qualified professionals. ‘Being amongst the best nations in the world’ is a promise that was made by our leaders – not only to the citizens of the UAE – but to the investors, businessmen, employees and families who choose to work and live here. After 46 years of hard and diligent work since the creation of the UAE, I stand proud of our achievements. I am also proud and confident of the unique and well- structured value proposition that we today present to the international business community. It is my hope that this guide encourages you to explore and challenge the wealth of opportunities that await you and your organisation in the UAE. It is to share this ambition and to take part in this success story that I invite you all. H.E. Sultan Bin Saeed Al Mansoori, the Minister of Economy United Arab Emirates http://www.economy.gov.ae/english/Ministry/Pages/MinisterBiography.aspx Foreword from H.E. Sultan Bin Saeed Al Mansoori, the Minister of Economy www.export.org.uk @ioexport Choosing a great export training partner can really help your company take off in the export trade! We can help develop new ideas and find ways to drive down costs and produce sustainable improvements in your export business. Join us today Call: +44 (0) 1733 404 400 : email: institute@export.org.uk Membership : Training : Qualifications : Advice 13 www.UAE.DoingBusinessGuide.co.uk Welcome from Lesley Batchelor OBE, FIEx (Grad) – Director General, Institute of Export & International Trade This new Doing Business in the United Arab Emirates Guide introduces one of the world’s strongest economies and a market with a key strategic location for a broad range of sectors. With Dubai and Abu Dhabi among the biggest business destinations in the world, the UAE has become a global hub for innovation and a home to many international businesses. Lucrative oil exports have funded the country’s social and economic transformation since the 1960s, yet there is much more to the UAE’s success. The UAE has made the most of its location at the centre of the Gulf countries, Indian subcontinent, Commonwealth of Independent States (CIS) and Africa, helping it get to 21 in the World Bank’s Doing Business rankings. UK trade relations with the UAE have been shaped by the EU-GCC Cooperation Agreement and the two blocs meet on an annual basis to discuss trade among other topics. A new dialogue on trade and investment was launched in May 2017 as a sign of strengthening bonds between the European Union uploads/Industriel/ doing-business-in-the-united-arab-emirates.pdf

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