Why Invest In Dubai?
CURRENCY
The United Arab Emirates official currency is the Emirati Dirham, symbolized as AED. The currency is one of the most stable in the world due to its peg to the United States Dollar (USD).
The current exchange rate is USD
$1 = AED 3.67
TAX CODE
The UAE is currently in the process of enacting a 9% corporate tax on profits over AED 375,000
SAFETY & SECURITY
A recent report published by global database Numbeo ranked Dubai as one of the safest places in the world as Numbeo revealed its Crime Index for 2023. The UAE was ranked the third safest country in the world and the second safest country in the region. Despite ongoing conflicts in the Middle East, the UAE remains a safe haven for all nationalities and has actually shown upticks in economic activity during times of conflict.
HEALTHCARE
• According to the latest Medical Tourism Index, Dubai ranks No. 1 in the Middle East and North Africa and No. 6 in the world for medical tourism, with the city ranking No. 5 globally on the sub-index of Quality of
Facilities & Services.
• Dubai’s emergence as a significant player in the private healthcare sector is driven by its high standards and regulations, making it a popular destination for medical tourism thanks to high-quality healthcare.
• Dubai is home to several world-class hospitals and clinics that offer a wide range of medical treatments and procedures.
• According to a global survey by Ipsos, Dubai has one of the highest rated healthcare systems in the world
INFRASTRUCTURE
Overall, the UAE was ranked 1st regionally and 25th globally in the Global Competitiveness
Report, maintaining its leading position among competitive economies in the world.
• 1st in mobile phone subscriptions indicator
• 2nd in electricity access indicator
• 2nd in mobile-broadband subscriptions indicator
• 2nd in ICT adoption pillar
• 4th in fibre internet subscriptions indicator
• 7th in quality of roads infrastructure indicator
• 7th in efficiency of air transport services indicator
• 12th in infrastructure pillar.
The report says that the UAE competitiveness stems from high quality infrastructure and highly efficient goods markets.
DUBAI METRO
The Dubai Metro is a rapid transit rail network. The Red Line and Green Line are operational, with one more line being constructed. These first two lines run underground in the city center and on elevated viaducts elsewhere. All trains are fully automated and driver-less, and, together with stations, are air conditioned with platform edge doors. There are currently 45 stations opera-tional, with many more planned.
EMIRATES MARS MISSION
The Emirates Mars Mission is a UAE Space Agency unmanned space ex-ploration mission to Mars. The Hope orbiter was launched on 19 July 2020. The mission team includes 150 Emirati engineers and 200 engineers and scien-tists at partner institutes in the United States.
SHEIKH MOHAMMED BIN RASHID AL MAKTOUM SOLAR PARK
The largest single-site solar energy project in the world, with a planned total production capacity of 5,000 megawatts (MW) by 2030, and a total investment of AED 50 billion.
BARAKAH NUCLEAR POWER PLANT
The UAE’s first nuclear power station, the first nuclear power station in the Arabian Peninsula, and the first commercial nuclear power station in the Arab World. With a total capacity of 5,600 megawatts (MW), the station will supply up to 25% of the UAE’s energy needs.
DUBAI HYPERLOOP
Virgin Hyperloop One and the Govern-ment of Dubai’s Roads and Transport Authority (RTA) have unveiled the Dubai Hyperloop One’s first prototype pods that will be used to transfer passengers between Dubai and Abu Dhabi. Upon completion, the Dubai Hyperloop will be transferring approximately 10,000 passengers per hour, to and from each city, in just 12 minutes. In comparison, the same trip currently takes approxi-mately one-and-a-half hours by car.
DUBAI INTERNATIONAL AIRPORT (DXB)
Dubai International Airport (DXB) is the primary international airport serving Dubai, and is the world’s busiest airport by international passenger traffic. It is also the fifth-busiest airport in the world by passenger traffic, the sixth-busiest cargo airport in the world, the busiest airport for Airbus A380 and Boeing 777 movements, and the airport with the highest average number of passengers per flight. In 2019, DXB retained its position as the No. 1 hub for international passengers in the world for the sixth consecutive year, with annual traffic for 2019 reaching 86.4 million, which is 6 million more than the nearest rival London Heathrow. Emirates, Dubai’s flagship carrier, operates out of Terminal 3 of DXB, which is the largest airport terminal in the world.
INVESTOR PROTECTION
OWNERS ASSOCIATIONS
Once a developer hands over the building to the new owners, an Owners Association is put in place as a requirement by the DLD/RERA
• These companies are audited annually by the DLD/RERA and are responsible for maintaining
the building on behalf of the owners.
• The OA holds an Annual General Assembly, it votes for its Board Members, and the OA Board Members represent the owners of the building for any facilities management requirements.
PROPERTY REGISTRATION FEES (4% FEE ON ANY PROPERTY SALE IN DUBAI)
These companies are audited annually by the DLD/RERA and are responsible for maintaining the building on behalf of the owners.
• The OA holds an Annual General Assembly, it votes for its Board Members, and the OA Board Members represent the owners of the building for any facilities management requirements.
ESCROW ACCOUNTS
This is a major initiative put in place to provide investors with the security of knowing their money is regulated by the Dubai Government through the DLD/RERA
• Developer cannot take money without completing the building
• RERA Inspectors visit the sites to confirm construction progress and release funds for construction milestones (All progress is visible on the DLD website and investors can regularly check the website for accurate and up to date construction details).
• Even after the handover of the building, there is a retention account in place for one year after the handover to provide a safety net for any maintenance issues that may arise for the developer.