Hub. Dubai City has emerged as a global city and a business hub. Although Dubaiâ€™s economy was built on the oil industry, the emirateâ€™s model of business drives its economy, with the effect that its main revenues are now from tourism, real estate, and financial services, similar to that of Western countries. Dubai has recently attracted world attention through many innovative large construction projects and sports events. This increased attention has highlighted labour rights and human rights issues concerning its largely South Asian workforce. Almost half the population of Dubai comprises Indians.
Region. As a regional business base, Dubai is strategically located midway between the Far East and Europe on the east-west trading routes and between the former Soviet Union and Africa on the north-south axis. Its airport, which ranks as one of the worlds busiest in terms of transit passengers, is linked to more than 130 destinations via some 86 airlines and Dubai Ports Authority â€“ the operator of Port Rashid and Jebel Ali Port â€“ is unrivalled throughout the region in terms of both facilities and efficiency.
Free Zones. Dubai has no taxes on profits or incomes; it offers complete freedom of capital movement; it boasts a sophisticated financial and services sector; its communications facilities are excellent; and the cost structure for doing business is highly competitive. Apart from its attractions as a regional office location, Dubai also offers incoming companies excellent facilities for establishing manufacturing and distribution operations. In the Jebel Ali Free Zone and the new Airport Free Zone, overseas companies are permitted to set up wholly-owned ventures and can enjoy an array of incentives, including exemption from import duties, in addition to the favourable investment conditions which prevail elsewhere in Dubai.
Financial City. A City Mayors survey rated Dubai as 44th among the worldâ€™s best financial cities in 2007, while another report by City Mayors indicated that Dubai was the worldâ€™s 33rd richest city in 2009, in terms of purchasing power parity (PPP).Dubai is also an international financial centre and has been ranked 37th within the top 50 global financial cities as surveyed by the Mastercard Worldwide Centres of Commerce Index (2007), and 1st within the Middle East.