ABU DHABI, Viewed over a longer timeline, the UAE’s growth trajectory has been, in point of fact, spectacular. At the time some major European capitals were about to ride the Eurodollar boom in the 1950s, the Emirates was little more than sand dunes, forts and fishing villages. Today, the very same emirates have become metropolises with a coveted economy prized especially by investors from all across the world.
With bespoke, benign tax regime and regulations, along with resilient free zones that set their own rules, the UAE hosts more than 200 nationalities, with expats accounting for the largest chunk of it.
The most widely coveted about the UAE is axiomatically the diverse and dynamic workforce and people living in the country.
Right mix of divergent cultures and business practices
In the World Bank’s Doing Business Report of 2020, UAE ranked 16th globally, and 1st among the Arab countries. This is primarily because of the country’s seamless business setup services and successful liberal regulatory reforms that have proved to be a magnet for startups by making the operations of businesses easier and better.
The CEO of NATIXIS, a global Asset Management Company that claims $1389.7 billion in assets under its management, said the UAE provides the “right mix of divergent cultures and business practices thanks to the rising number of immigrants. There are less administrative restrictions in the country than in many other Western nations.”
Describing the UAE as an “attractive” investment haven, Jean Raby, a dual Canadian and French citizen, told the Emirates News Agency (WAM) that the “UAE for us is an attractive place, no doubt. It is classified as an emerging market. You have stability and you have a long-term view of economic development.
“The UAE has significant investment opportunities, not only in this region, but also in other parts of the world, thanks to your strong connectivity, notably with Africa. So I’m quite positive about this region, where the challenge for us is to move from a situation where we are partners with sovereign wealth funds, to eventually be an asset manager on our own right in the region.”
According to Luca Jahier, former President of the European Economic and Social Committee (EESC), the UAE’s efforts in economic diversification are “crucial in this part of the world.”
“The diversification efforts made by the UAE are crucial to ensure the well-being of future generations. The Emirates is making enormous investments in AI, indicating thereby a possible road for the future. However, AI will remain a big challenge for other parts of the world,” Jahier told WAM.
Risk Tolerance
The key contributors to UAE’s popularity in the Ease of Doing Business surveys, are advantages such as reduced fees of business incorporation, measures for investor protections, drop in the time for import and export due to digitalisation, and adoption of a risk-based approach for construction permits and inspections.
Strong trade and transport links leverage the country’s financial offering. The UAE boasts, to name a few, the world’s largest man-made harbour in Dubai, which is the Middle East’s busiest port, with enough space for 22.4m twenty-foot containers, according to official stats.
Jose Angel Gurria Trevino, the Secretary-General of the Organisation for Economic Co-operation and Development (OECD), told WAM that Dubai is now “mostly service-driven; tourism-driven at the time oil is still a very important ingredient for the economy of the country.
“The Emirate is a very vibrant and engaging place thanks to all these rapid developments occurring around us here, including world-class medical facilities; a lot of people are coming here for work. And a lot of tourists and shoppers. The country created a different world for those coming for work and visit and enjoy.”
Inclusive Environment
Fostering an inclusive culture, the UAE believes that building multinational teams pays off for companies by helping them attract and retain the most diverse and talented employees. And herein lies the resilience of the education-friendly environment in the country that is luring large numbers of students from all over the world.
The United Kingdom, for example, is seeking to grow the number of UK universities in the UAE and to learn from the UAE e-government programme model, according to Nadhim Zahawi, Chancellor of the Duchy of Lancaster, Minister for Intergovernmental Relations and Minister for Equalities who was previously Secretary of State for Education.
“Education is a big export for us and big partnership with the UAE. There are 13 universities in the UAE as well as many schools here teaching the English curriculum, with around 40 percent of the schools teaching the British curriculum,” the UK Minister told WAM.
Zahawi also hailed the innovation culture the UAE government is bent on establishing. “The UAE government is keen on innovation, not only in education but across the government. And with the e-government programme model here, there is a lot for us to learn from the UAE as we tend to exchange best practices,” the minister enthused.
In a nutshell, diversity, acceptance and integration in an era of intolerance and fragmentation are what makes the UAE one of those nations that just never fails to impress. Its huge population of expats, opulence, and vibrant cultural landscape are just a few reasons why so many people are wooed to this dynamic nation.
Source: Emirates News Agency