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UNITEDARABEMIRATESA BRIEF INTRODUCTION

The United Arab Emirates (the UAE) is a Federation of States at the Southeastern end of the Arabian Gulf. It is bordered by Saudi Arabia to the west and Oman to the north and south-east.

The UAE is a Federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah.

Prior to its independence on 2nd

December, 1971, the UAE was

collectively known as the Trucial States, derived from a 19th century truce between local Sheikhs and the United Kingdom. Islam is the official religion. UAE is known for its religious tolerance.

Arabic is the official language, although English is widely spoken, followed by Hindi and Urdu.

According to ‘Abu Dhabi 2011 - The Oil & Gas Year’, the UAE possesses the fifth largest oil reserves in the world.

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DOING BUSINESS IN DUBAI

Country Facts: The United Arab Emirates

Although often ranked as an emerging economy, the UAE is generally accepted to have one of the most developed economies in the MENA region.

According to the CIA World Factbook, in 2011 the UAE had an estimated GDP at purchasing power parity of US$ 262.1 billion, ranking 50th globally.GDP per capita was estimated to be US$ 48,500, equivalent to a ranking of 12th globally.

LocationMiddle East

Geographic CoordinatesBetween the latitudes of 220 and 260 30I North and longitude of 510 and 560 30I East.

Total Area83.6 thousand sq. kms (approximate)

BoundariesOman 410 Kms; Saudi Arabia 457 Kms

ClimateDesert; cooler in eastern mountains.

Population According to UAE National Bureau of Statistics, the population has recently been estimated at 8.26 million (comprises local population and expatriates from South Asia, Far East, Middle East, Europe, Australia and USA);[local population 0.95 million whereasexpatriate population is 7.31 million].

Government TypeFederation, with specific powers delegated to the UAE Federal Government, with other powers exercised by the Rulers of the various emirates. The Federal National Council has a defined legislative role.

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CapitalAbu Dhabi

Legal SystemCombination of Shari’a (Islamic Law) and Civil Legislative Law.

CurrencyThe UAE Dirham (Arab Emirates Dirham - AED). One Dirham equals 100 fils. Inflation RateThe UAE National Bureau of Statistics estimated that inflation was 0.9% in 2011 for the country as a whole. It is projected at 1.5% in 2012 by the IMF.

For Dubai specifically, Dubai Statistics Center reported that inflation rates in 2012 was 0.52%.

Market Exchange RateFixed at US$ 1.00 = AED 3.67

Major Trading PartnersIndia, China, USA, Germany, Japan, South Korea.

Major Export ProductsCrude Oil, Natural Gas, Re-Exports, Aluminium, Dried Fish, Dates.

Major Import ProductsManufactured goods, Machinery, Foodstuffs, Transportation equipment.

TaxationNo corporate, personal, or withholding taxation. Tourism taxes apply.

Customs Duty5% Import Duty (on general products)