TAG: UAE: Ras Al Khaimah
World-class infrastructure and tourism offerings, significant financial reserves and a reputation as a safe haven have all contributed to a feeling that despite the various headwinds buffeting the UAE, it is well placed to drive on with reforms intended to ensure long-term, sustainable prosperity. Each emirate has therefore been able to take its own path: from the industrial base of Sharjah, the hydrocarbons and heavy industry sectors of Abu Dhabi and the services megalopolis of Dubai, the UAE as a whole is one of the most diversified in the region.
World-class infrastructure and tourism offerings, significant financial reserves and a reputation as a safe haven have all contributed to a feeling that despite the various headwinds buffeting the UAE, it is well placed to drive on with reforms intended to ensure long-term, sustainable prosperity.
The introduction of a flat 5% value-added tax on January 1, 2018 is part of ongoing efforts to boost government revenue and increase the overall transparency of the market. Although still in its early days, the move comes against a backdrop of positive sentiment among business leaders, as shown in the second iteration of Oxford Business Group’s Business Barometer: UAE CEO Survey. Of the nearly 150 executives surveyed, more than three-quarters had positive or very positive expectations of local business conditions, while 90% said the level of transparency for conducting business was high or very high relative to the broader region.