World Country Guide

Business Profile

Economy
Oil and gas are the Emirates’ main industries, and underpin the country’s considerable prosperity. Although average annual revenues have declined in line with low prevailing world oil prices, the Emirates have had sufficient funds to invest in major industrial and infrastructure-related projects. Outside the oil and gas sector, which includes refining and the production of oil-derived chemicals, most economic activity is government sponsored, and designed to diversify the economy and reduce dependence on oil. This strategy has been reasonably successful and the oil sector’s contribution to GDP is now down to about 50 per cent. Chemicals, aluminium and steel production are the most important of the new industries. Other newly established industries produce consumer goods for the domestic market. There is some agriculture, mostly livestock rearing, in what is an unfavourable climate; fishing is also significant.
The economy has been fairly sluggish in recent years, again due to declining oil and gas revenues. Current annual GDP growth is around 2 per cent. Most of the country’s economic development has been concentrated in the two richest and most powerful of the seven Emirates, Abu Dhabi and Dubai; the remainder are relatively underdeveloped. UAE is a member of OPEC, and of the Gulf Co-operation Council which is increasingly concerning itself with regional economic collaboration. Plans to establish a customs union among the six member states are well advanced, and the GCC has sought advice from the EU on the creation of a single currency. Imports into the UAE are dominated by the Japanese (the main buyer of the Emirates’ oil and gas), followed by the USA, the UK, Germany and Korea (Rep).

Business
Business entertaining will often be lavish. Suits should be worn and prior appointments are essential. English is widely spoken in business circles, but translation services are likely to be available. Office hours: Sat-Wed 0800-1300 and 1500/1600-1800/1900 and Thurs 0800-1200. Government office hours: Sat-Wed 0730-1330, Thurs 0730-1200. All offices are closed every afternoon during the month of Ramadan.

Commercial Information
The following organisations can offer advice: Federation of UAE Chambers of Commerce and Industry, PO Box 3014, Abu Dhabi (tel: (2) 621 4144; fax: (2) 633 9210; e-mail: fcciauh@emirates.net.ae; website: www.fcci.gov.ae); or Dubai Chamber of Commerce and Industry, PO Box 1457, Dubai (tel: (4) 228 0000; fax: (4) 221 1646; e-mail: dcciinfo@dcci.gov.ae; website: www.dcci.gov.ae). In addition, each of the Emirates has its own chamber of commerce.

Conferences/Conventions
The Dubai International Congress Centre can accommodate 10,000 delegates. At Port Rashid in Dubai, the new cruise terminal has a wide range of facilities including a business centre with Internet access and a conference room. Dubai World Trade Centre hosts a multitude of events (including car rallies and tennis exhibitions). Many hotels in the UAE offer high-standard conference and meeting facilities. For further information on conference and convention facilities, contact the Dubai World Trade Centre, PO Box 9292, Dubai (tel: (4) 332 1000; fax: (4) 331 2173; e-mail: info@dwtc.com; website: www.dwtc.com); or Government of Dubai Department of Tourism & Commerce Marketing (see Contact Addresses section).