Entrepreneurial City Hosting UN COP28

Written by Nevada Yahchouchi

Reading time: 10 minutes

Breeding ground for sustainable development, inclusion and smart innovation

Dubai will be home of the United Nations Climate Change Conference 2023 from November 6th – 17th. This historic event will take place in Expo City Dubai; a fitting location as the design, principles, and long-term sustainability focus behind Expo and Expo City coincide with COP’s.

Dubai International Chamber’s board of directors has approved a new strategy for the next three years, which aims to strengthen Dubai’s position as a global trade hub, which includes Europe as a central point for international trade with the US. Furthermore, the UAE Ranks First in the MENA Region and 11th Globally in United Nations Industrial Development Organization (UNIDO’s) Quality Infrastructure for Sustainable Development Index.

In general, an index is a specific tool that is comparing the strength of quality infrastructure within countries globally to achieve the means of sustainable development. It is based on five main indicators, which are: metrology, accreditation, conformity assessment, policy, and standards. The UAE’s quality infrastructure also meets the needs of partners from both the private and government sectors, including manufacturers and suppliers, as well as consumers.

The strategy also sets out plans to attract multinational companies to the emirate and support local companies with international expansion. During a virtual meeting, the board also approved Dubai International Chamber’s budget for the current year and discussed the priorities and plans outlined under its three-year vision.

The new strategy focuses on attracting 50 multinational companies to Dubai within three years and supports the external expansion of another 100 companies from Dubai to priority foreign markets within two years.

The move aims to improve the business environment in Dubai and make it conducive to business growth with a focus on multinational companies, a statement said. It will also support and motivate multinational companies to list on the Dubai Financial Market.

International Business Environment in UAE

International business environment defines the environment in foreign countries which consists of factors that are exogenous to the home environment of the organization and which influence the organization’s decision-making and resource allocation processes. This environment encompasses the political, social, economic, regulatory, legal, tax and technological environments. UAE ranks among the largest economies in Middle East.

Five Good reasons for Businesses to migrate to Dubai;

Dubai’s economy is flourishing, but new businesses are choosing to migrate there because of the city’s reputation for safety, quality education, accessibility, tax structure, and modern healthcare systems.

Many areas of the economy, including trading, export, import, logistics, financial services, hospitality, event management, tourism, construction, and so on, have transformed the United Arab Emirates into a global trading hub and ultimate investment destination. As a result, the UAE is a popular choice for many entrepreneurs because of various factors;

Growing Economy

Despite the pandemic, the UAE’s economy remained robust. In other words, tourism rebounded the fastest in the world. Despite the Covid-19 situation, the UAE plans for a brighter future by aiming to double its economy by 2030. Entrepreneurs, Investors, and creative minds can also use the country’s state-of-the-art infrastructure, superior connectivity, highly developed incubators, accelerators, investors, various incentives, and recent legislative modifications.

Ideal Location

A suitable venue to conduct many economic activities, such as international trade (import and export), logistics, tourism (hospitality), and events (event management), Dubai’s strategic location allows for easy access to all three continents. Dubai is in the center of the 400-mile-long shoreline of the UAE. Because it has sea and air access, Dubai is an ideal transit hub for products moving between East and West. 2.5 billion consumers in Gulf, Africa, Asia, and CIS nations may reach through Dubai.

Favorable Tax Structures and Regulatory for Business

The UAE’s economy Is considered one of the most liberal and diverse in the Middle East and North Africa. Most businesses in Dubai are exempt from taxes, except for branches of foreign banks, hotels, and oil and gas corporations headquartered in the United States.

Dubai does not impose any of the following taxes:

  • Personal income tax
  • Value-added Tax
  • Capital gains tax
  • Corporate Tax
  • Withholding Tax
Safe Place to Live and Work

Entrepreneurs looking to launch a business in Dubai can find all they need in the city’s innovative design centers, startup hubs, and strategic collaborations. One of Dubai’s distinctive features is its emphasis on health and safety due to its status as one of the safest cities on Earth. Dubai is among the countries with the world’s lowest crime rates. While the world average is 6 to 8 crimes per 100,000 people, the number of severe crimes in the United States is only 0.5 to 1 per 100,000. The United Arab Emirates has attracted many foreign investors and enterprises because of its high security and political stability.

World-class Health Care

Healthcare in Dubai is excellent, with top-notch facilities and highly qualified staff overseen by the Ministry of Health and Prevention. In addition to the government’s four hospitals, Dubai, Rashid, Latifa, and Hatta, more than 40 other hospitals in Dubai. Healthcare in Dubai provides healthcare accessible to all residents, and employers need to provide health coverage for their employees’ costs.

What is working in Dubai like for women?

As a contributor of this article, being from Dubai and a woman myself; I’ve been told that I am too independent, What does that really mean? I also don’t understand why the words ‘independent woman’ have been put under some negative connotations in today’s times, when in fact I find this is a very positive and empowering term.

I think the common misconception people have when we say that “she’s an independent woman” is that she is a feminist or that she is someone who doesn’t need a man in her life. This for me is nothing but a mere misconception. Being independent doesn’t mean having a vendetta to make the world free from men or to overturn the rule of men. It means having the confidence to make your own decisions and choices, having the courage to voice out your thoughts and opinions, being financially independent and not counting on others. It means being strong and secure with your own personality. Independence is a powerful gift that can lead a woman to reach greater heights and achieve higher goals. 

A common misconception that people often have is that women can’t work in Dubai. In fact the opposite is true, women can work in Dubai and many who do would claim the opportunities are better than many places in the west, and this is due to gender equality existing in the UAE

Another reason why working in Dubai is a great experience, is that Dubai is a very safe place. The  numerical analysis states that 96.1 % of people feel safe in Dubai.

Persistence, belief, self-esteem, confidence, determination and creative awareness are just some of the qualities that an independent woman will bring to the table. These qualities, often enable her to become more innovative in her thinking and will help her create the best opportunities to demonstrate independent thinking in a positive manner. Which can lead to higher positions and bigger opportunities not only for herself, but also for others.

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