Business in the UAE: Improving the desert climate

FOREIGN investment is flooding back, the malls are filling with shoppers and deals are being struck: business in the United Arab Emirates is booming once again. The IMF this month upgraded its forecast for the emirates’ economic growth in 2014 from 3.9% to 4.4%.As memories of the crisis recede, companies are remembering the reasons that make the emirates attractive. The high income of the population, 84% of whom are expatriates, is one. Geography is another. The country is conveniently located between Europe and Asia, with two world-class airlines, Emirates and Etihad.The UAE has done a lot to make life easy for firms, keeping paperwork to a minimum and moving much of it online. It comes 23rd out of 189 economies in the World Bank’s latest ranking for the ease of doing business, the highest in a region that has seen a tumultuous few years. It takes only eight days to set up a business, three fewer than the average for the OECD, a club of mostly rich states. “Two years ago I’d have said the UAE does well relative to the region,” says Habib al-Mulla of the Dubai office of Baker & McKenzie, a law firm. “Today I’d say it globally, too.”On April 13th the country’s president, Sheikh Khalifa bin Zayed al-Nahyan, signed into law a measure to promote smaller firms by giving them greater access to official contracts and loans. Yet businesspeople are disappointed by a draft of a…

Link to article: www.economist.com/news/business/21600986-draft-companies-law-emirates-bit-disappointing-improving-desert-climate?fsrc=rss|bus

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