The Dubai Ports
Hi, Sunil here to talk about the Dubai Ports
I had always assumed that Dubais riches flowed primarily from its Oil deposits and I was shocked to discover that only 6% of the Dubais GDP can be attributed to its Oil exports.
Most of Dubais wealth started flowing from the Dubai ports, in this case, Jebel Ali free zone as well as Port Rashid.
The government there has set up industry specific free zones all over the city like the Dubai Internet City as well as the Dubai Media City, both now a part of TECOM.
TECOM is more or less an enclave for the techno companies, with limited taxation as well as various other incentives being offered, so as to encourage investment in the manifold industries of Dubai. When we think of Dubai, we often tend to fall back on the misconception that it is a tax-free destination, although the truth is not all that far from the fiction.
By that, I mean the various economic free zones that the Dubai government has set up all over the city. In order to develop the various industries, the government has rightly decided to encourage investment in its many industries by way of FDIs [foreign direct investment].
And one of the ways that they have gone about this is to create the various economic free zones, which carry a total or a near-total tax exemption. This idea of tax exemption is actually quite good for the business, not just the large scale ones but even the small ones.
For example, Dubai has many shopping malls and any purchases at these shopping malls are exempt from taxation. This policy of tax- exemption does not only encourage the big players to invest big in Dubai but also fosters trade for the small traders. In a way, this single concept manages to encourage spending on the part of the consumers [people like us] and provides a much-needed boost to tourism.
So in essence, it is pretty much a tax free zone. I just wanted to make sure I clarified that point. And dont forget, Dubai is also at the forefront of tourism and real estate development and investment.
If you still think that Dubai is just a port city and that the entire commerce of Dubai revolves around the Dubai ports of Jebel Ali and Port Rashid, you are in for a shock. You will be when you get there.
I dont blame you though. We cannot really help any of the misconceptions that we may carry about this city, and ironically, one of the main causes for this misconception is the city itself, in short, its recent fame.
In order to fully comprehend the way that Business and commerce has developed in Dubai, you would need to visit the city in person, without a doubt. And the interesting thing is that each time you go you will see something different. As if the city changed on you since your last visit.
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