Doing Business in UAE - Morison Menon

Foreword
Writing a foreword is a good time to reflect, contemplate and look
back. As a UAE national, scrutinizing the emergence of my country
as a flourishing economy in the Middle East is always a source
of immense pride. It reinforces my respect and faith in the vision
of my country’s founding leaders, who looked far into the future
when making strategic choices that would affect the daily lives of
generations to come.
I ardently believe that it is their long-term growth strategies that
have given the UAE economy its inherent dynamism. Today, it can
be safely asserted that the UAE economy rests on strong fundamentals
that are not merely oil-driven. Sectors like tourism, education,
media, health and industry have evolved as ideal platforms for
enhanced institutional investment. There is extensive diversification,
into value added industries, which facilitates an impressive economic growth rate.
All-round development is perceptible all over the UAE - in all the emirates – led by Abu Dhabi,
Dubai and Sharjah. Through broad-based strategies that look far ahead into the future, each
emirate has been strengthening its resource base, offering more opportunities for investors and
making rapid strides in developmental initiatives. The benefit of such in-depth planning gives
greater impetus to the country’s planners to roll out more cutting edge ideas.
The healthy business climate of the UAE has, over the years, attracted overseas investors, who
have even sometimes shifted entire operations to the country. Setting up businesses - not restricted
to trading - have contributed to diversifying the economy even further.
The Free Zones of the UAE too have played a major role in boosting the UAE’s identity as a hotbed
for entrepreneurs. Apart from offering near-total economic freedom to the investors, which some
do not enjoy even in their countries, the Free Zones offer a tax-free package and world-class infrastructural
facilities. It is encouraging to note that the Free Zones have now come to encompass
niche sectors too, such as the Dubai Silicon Oasis, Dubai Outsource Zone, Dubiotech, and Dubai
Metal and Commodity Centre.
In this context, the handbook by Morison Menon Chartered Accountants, ‘Doing Business in UAE
and UAE Free Trade Zones,’ is relevant, timely and is expected to be extremely helpful for companies
and individuals looking to invest in the UAE.
The current edition appears to have been further revised and enhanced to accommodate the
entrepreneurial climate offered by the various emirates. The all-encompassing nature of the book
should make it a helpful resource for anyone wishing to understand the business climate of the
UAE.
Business houses gain confidence from the power of knowledge and information. Facts and figures
have to be laid out in black and white with no scope for ambiguity. This handbook serves that
purpose.
I wish the venture, and our foreign and local investors, all future success.
Sheikha Lubna Al Qasimi
Minister of Economy
UAE
Morison Menon
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