The global financial downturn of 2007-08 affected most of the economies and the United Arab Emirates was no exception. However, since then the UAE has picked up remarkably and achieved a number of economic gains that has undone the financial effects of the worst global crisis since the 1930s’ Great Depression. The downturn specially affected the Dubai’s real estate and construction sectors while tourism and hospitality also took a hit as the purchasing power of the people deteriorated at a global scale. The days of the woes have long gone now. Dubai has transformed itself into a regional trade hub and there are many companies which are joining the bandwagon to expand their reach at a global level.

Many top international companies have set up their regional offices in Dubai and have witnessed a positive impact on their international business repute. This is a clear indication of a renewed trust and confidence of foreign investors in Dubai’s economic fundamentals. Moreover, the local rulers have made it simple enough for the foreign companies to make their presence felt in Dubai and other Emirates. This renewed international trust has given local rulers the strength and the confidence to smoothly diversify the local economy. As we all know, Dubai has always been regarded as an economy which is totally reliant on the its oil reserves. However, the recent developments have allowed the local government to include sectors like tourism, real estate, education, construction, hospitality, healthcare into the mainstream economic channel.

With the expanded scope of economy, a huge number of foreign companies have thronged the UAE to be able to pounce on the opportunity to expand their international reach and tap the markets which were not accessible in the past. The World Expo 2020 is one of the leading business events in the world and Dubai as a host to this magnificent event has already made a huge statement by undergoing a massive change in its infrastructure. This extensive investment on infrastructure has made doing business in Dubai a luxury rather than a challenge. Dubai’s strategic location, coupled with business friendly government policies, stable government structure, and a diverse population, has made it the perfect place for international brands to market their goods and produces. The tax-free regime has further attracted the foreign business community and a good number of foreign businesses have set up their regional offices in over 20 free zones located across Dubai. These free zones are exempted from personal and corporate taxes while the foreign companies are allowed to repatriate their full capital and profits besides doing their business in the currency of their choice. A complete package, indeed!