What we learnt during our Dubai Study Tour

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Every year, FIIB takes it students for a Study Abroad Tour. This year students toured the lanes of Dubai. Watch their presentation here

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What we learnt during our Dubai Study Tour

  1. 1. STUDY ABROAD ASSIGNMENT DUBAI SUBMITTED BY :- Rashmi Yadav Priyanka Kanwar Rini Rajan Ridham Gupta Rajnandan Kumar
  2. 2. DUBAI Dubai is a city in UAE and one of the seven emirates that make up the country. Population- 2,106,177 & Land territory - 4,114 km2 Emerged as a business and cultural hub of Middle East. It’s main revenue comes from Tourism. Major attraction is it’s infrastructure , it has world’s tallest building –Burj Khalifa. As of 2012, Dubai is the 22nd most expensive city in the world.
  3. 3. EXCHANGE CONTROL & DEBT TO EQUITY REQUIREMENT Currently no foreign exchange control restrictions in the UAE. No restrictions on the transfer of funds into or out of the UAE, except that Israeli currency. All other currencies are traded freely at market-determined prices. No licence is required to change money. The government does not impose debt-to-equity ratio requirements on corporations.
  4. 4. TAXATION IN THE UAE Corporation income tax (or equivalent)-No federal corporate income tax, it is only on oil & gas companies and also on foreign banks. Personal income tax- No personal income tax. Sales tax/VAT-No VAT in the UAE ,might introduce in near future. Municipal tax- It is levied in various forms in various emirates, generally as a percentage of rental value. Hotel tax -Impose a 5-10% hotel tax . Transfer pricing and thin capitalisation-No transfer pricing regime & also no thin capitalisation.
  5. 5. RESTRICTIONS ON FOREIGN INVESTMENT The UAE is not an English common law jurisdiction. Investors, particularly in the real estate sector, are only granted short six-month resident visas which need to be renewed on expiry. A foreigner wishing to conduct business outside a free zone must have a local partner owning at least 51% of the business. UAE’s oil and natural gas sectors foreign investment is limited to 40 percent and the remaining 60 percent is owned by the Emirates government control. Sectors including insurance, telecommunication and travel agencies are still mostly closed to foreigners.
  6. 6. LEARNING EXPERIENCE INFRASTRUCTURE- Started focusing on it when it’s oil reserve started depleting. REVENUE- Main source is tourism. BUSINESS- Favours local over foreign investors. LAW & CULTURE- Stringent laws are there, & also they take pride in their culture.

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