Dubai to increase its economic attraction

By Lei Xiaoxun (chinadaily.com.cn) Updated: 2014-09-17 20:55

Connecting European, African and Asian markets, Dubai aims at becoming an integral part of the global trade mechanism. Its economic policies include low customs duties, 100 percent repatriation of capital and profits, no direct taxes on corporate profits or income and no foreign exchange controls, trade quotas or other barriers.

Dubai uses its proximity to the world's dynamic economic regions to compete with rivals such as Shanghai, Hong Kong and London to serve the markets of Africa, Europe and the Middle East.

The efforts paid off as the World Bank's Ease of Doing Business report for 2014 listed the UAE as No 1 in the region and 23rd globally.

Cong is not the only Chinese observer to note that the emirate's vision and ambition has created a great opportunity for China's business community.

Tang Weibin, China's consul-general in Dubai, told business representatives on early this month that the current world economic and geopolitical situation means better prospects for Dubai.

He said that Chinese enterprises in Dubai should seize this opportunity for future growth as well as contribute to the sound development of the China-UAE strategic partnership. This year marks the 30th anniversary of the two countries' diplomatic relationship.

Currently there are more than 200,000 Chinese people living and doing business in Dubai. The two countries also are closely linked by burgeoning commercial activities.

China became Dubai's top trading partner in the first half of this year, with a trade value of 80.5 billion dirhams ($21.9 billion), overtaking India, the US and even the emirate's close neighbor Saudi Arabia, according to UAE customs statistics.

Boosted by China's growing middle-class, the inflow of Chinese businesspeople and tourists to Dubai has seen a robust increase.

According to the 2014 China Luxury Tourism White Paper jointly published by the Hurun Rich List and International Luxury Travel Market Asia, Dubai ranks as the third-most-favored tourism destination for affluent Chinese. It was No 8 last year.

The report said Dubai accommodated more than 270,000 Chinese travelers in 2013, an 11 percent increase compared to 2012. China is among Dubai's top 10 tourist-origin countries.

In addition, Chinese tourists spend an average of $650 on their trips to Dubai, 3.5 times that of travelers from the United States, according to a Visa research released last year.

Bilateral trade and business activities also play a pivotal role in relations, especially as Dubai's economy continues to recover after the international financial meltdown that hit the World Expo 2020 host city hard in 2008.

China-Dubai bilateral trade volume achieved $36.8 billion in 2013, a year-on-year increase of 18 percent.

Dubai imported Chinese goods worth $35.4 billion, and China is Dubai's top import destination, said Ahmed Mahboob Musabih, director of Dubai Customs.

Of that figure, 60 percent comes from transit trade or re-export, he said, referring to Chinese goods transiting through Dubai and then heading to other destinations.

Seventy percent of China-Arab trade is transited through Dubai, according to the Economist Intelligence Unit, a business think tank.

How to assimilate into Dubai

Dubai has been making continuous efforts for people from all over the world with different culture backgrounds and languages to blend into the city and enjoy their stay there. It is known as an open, multi-cultural society that is safe, welcoming and full of open-minded and intercultural exchanges.

For new comers, the presence of certain familiarities from homeland will definitely make the assimilation process an enjoyable one. In addition to traditional Chinese cuisines, the Chinese community in Dubai can savor into a broad variety of new cultural experiences such as camping and safari in the desert.

The tradition of the local Emirati hospitality and the fact that Dubai homes 200 different nationalities will provide a warm welcome and enjoyable experience in Dubai.

Dubai’s diversified culture and prime infrastructure have attracted global events including the 2014 Boao Forum for Asia, Financial Cooperation Conference, IMF/World Bank meetings, WEF events, Dubai Airshow and World Future Energy Summit.

Dubai is also known as the world’s meeting point since Dubai International Airport is the second-busiest airport in the world for international travelers and is slated to become the busiest by early 2015.