"Dubai has even built man-made islands—some in the shape of palm trees—to accommodate the wealthiest of them.
Its economic growth rate, 16 percent, is nearly double that of China. Construction cranes punctuate the skyline like exclamation points."
Rest of article at:
http://www7.nationalgeographic.com/n...re3/index.html
Funny the spectacular economic growth you can have when you don't have any income or business taxes...
"
Costs
For setting up in Dubai, international companies have many secure cost advantages which may not generally be available elsewhere.
The cost advantages include:
• Competitive import duties (4 per cent, with many exemptions).
• Competitive labour costs.
• Competitive energy costs.
• Competitive real-estate costs.
• No corporate taxes.
• No income taxes.
• No foreign-exchange controls.
• No trade barriers for exports"
http://www.dubaicityguide.com/BUSINESS/business.asp
"Living Costs
Dubai is a cheap place to live when compared to Western Europe, allowing many people to save while experiencing a great quality of life. Petrol is given away, food inexpensive and loan rates reasonable.
Growth
Dubai has experienced extraordinary economic growth. It was the first city in the region to form free trade zones two decades ago, and foreign investors have not been shy in setting up their regional operations here. Beyond trade and manufacturing, this now extends to the free trade zones of Dubai Internet and Media cities (and shortly Medical City), giving the emirate a cutting edge technological advantage. Meanwhile investment in tourism has grown by leaps and bounds. With over 50 four and five star hotels in the city, tourism revenue overtook oil revenue as a part of Dubai’s gross domestic product (GDP) for the first time in 2003 – 18% of GDP against 17% GDP for oil. Dubai’s GDP increases an average 7.5% a year.
Taxes
There are currently no income or property related taxes of any kind. There are no business taxes except in the banking industry.
Policy
Each emirate in the United Arab Emirates enjoys considerable autonomy in managing its own affairs. In business, the government of Dubai is committed to liberal, free market policies and to the creation of a business environment conducive to commercial activity. This approach is well illustrated by incentives available to investors in the Jebel Ali and Airport Free Zones and by the continuing high level of public sector investment in the infrastructure."
http://www.homesdubai.com/about_dubai_economy.asp