UAE ranked no. 1 Arab country for economic opportunities offered to residents: Report

New long-term visa regime, zero income tax, very low corporate income tax, signing of the CEPA with number of countries has contributed to its ranking globally

Waheed Abbas

Published: Tue 25 Apr 2023, 12:43 PM

Last updated: Tue 25 Apr 2023, 5:50 PM

Turkish national Sukru Alacalar has set up his energy business in the UAE, attracted by the country’s ease of doing business policies, stable economy, strong air connectivity and geographical location.

Alacalar’s company Dimex Oil and Energy DMCC is well-established in the region and has access to significant contacts in relevant sectors.

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“We choose to set up in UAE because of the strong banking system and well-defined government regulations regarding businesses. With UAE being a transport hub between three continents is an important factor in helping us grow. We will be expanding our network and will be able to connect to numerous suppliers and buyers through the UAE office,” says Alacalar.

This comes as the UAE has been ranked the top country in the Arab world in terms of offering the most economic opportunities for investors and residents.

The World Citizenship Report 2023 has rated the UAE 20th globally and first in the Middle East and Arab region in ‘Economic Opportunity Rankings’ in the list of 128 countries, positioning it higher than Iceland, Malaysia, China, Qatar, Italy, Saudi Arabia, South Korea and Turkiye among others.

Globally, Singapore, the US, Hong Kong, the Netherlands and Japan are the top five countries that provide the best economic opportunities.

The UAE has announced a number of initiatives for ease of doing business such as the introduction of a new long-term visa regime, 100 per cent foreign ownership to foreigners, zero income tax, very low corporate income tax, and signing of the Comprehensive Economic Partnership Agreement (CEPA) with a number of countries to facilitate and ease trade with major economies such as India, Israel etc.

The UAE is also the most competitive economy in the Arab World as per the 2022 IMD World Competitiveness Ranking released in February.

In addition, Economist Intelligence Unit and World Bank have also rated the Emirates highly for its business-friendly environment.

Jitendra Gianchandani, managing partner, Jitendra Consulting Group, said UAE in general and Dubai, in particular, has adopted well to attract foreign investors by reforming the investment laws such as 100 per cent foreign ownership in the mainland, investment-linked long-term visas and visas for skilled and talented students and professionals.

Gianchandani added that e-commerce, fintech and real estate sectors could be the top sectors for foreigners and residents in terms that can offer the best investment opportunities as well as attractive returns.

Issam Abu Suleiman, director of the Gulf Cooperation Council at the World Bank, lauded the UAE’s economic performance and expects this upward journey will continue in 2023.

He credited the UAE economy's anticipated growth to government efforts to diversify the economy, a business-conducive ecosystem, ease of doing business, and sophisticated infrastructure.

Meanwhile, Economist Intelligence Unit said on Tuesday in its latest “Assessing the best countries for doing business” report that the UAE and other Gulf countries are the highest-ranked in the region and the region’s score is improving in recent years in line with rising oil prices and growing absorptive capacity for new investments. “Qatar, Saudi Arabia and the UAE will improve further in 2023-27,” EIU said

The World Citizenship Report 2023 released by CS Global Partners ranked the UAE high on mobility (20th), financial freedom (28th) and quality of life (32nd).

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