A federation of seven emirates (Abu Dhabi, Dubai, Sharjah, Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah), the UAE was established in 1971. Each individual emirate exercises all its judicial and political powers except those that are assigned to the federation by the federal constitution or by agreements transferred to the federal government,...
With oil prices at sustained high levels and the government pushing ahead with a large-scale investment programme to upgrade infrastructure, address social issues and further diversification, Saudi Arabia’s economy is thriving.
While hydrocarbons continue to make up the lion’s share of the emirate’s GDP, oil revenues are supporting long-term efforts to diversify the economy. Oil and gas accounts for about 52% of real GDP, down on previous years, followed by construction, manufacturing and real estate. High-quality transport infrastructure, meanwhile, is boosting trade activity and free zones in Abu Dhabi.
Dubai has made great strides in opening up new avenues for economic growth. Over the last decade, it has developed itself into a strategic centre for international businesses to tap opportunities in the fast-growing emerging markets surrounding it. This development has been guided by a comprehensive economic diversification plan focused on...
The federal government of the UAE has not promulgated any tax laws. Most of the individual emirates have issued corporate tax decrees, but in practice, taxes are only imposed on oil- and gas-producing companies at rates set forth in their government concession agreements, and on branches of foreign banks at rates established in specific tax decrees...
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