An Overview of Business Opportunities in the United Arab Emirates
Ambassador Yousef Al Otaiba serves as a diplomatic representative of the United Arab Emirates to the United States of America. His role is crucial in growing the UAEâs security and economic relations with the U.S. and with other countries as well. Although the culture of the UAE is very different from that of Western society, it also remains one of the top exporting countries for the U.S., with more than $11 billion worth of goods shipped to the UAE in 2010. This country can present many opportunities for those who want to thrive in the global business world, and those who wish to start a business in the UAE must meet several qualifications.
First, foreign individuals who want to start a business that offers products or services in the country must become partners with a UAE national, and this person must own at least 51 percent of the business, if they want to form a joint partnership. Besides this stipulation, individuals must also obtain licensing from the particular emirate’s Chamber of Commerce.
The UAE also offers another method of opening a business in the country. Several areas known as Free Trade Zones, which exist in many areas around the UAE, offer business owners the potential to open a business that has total foreign ownership, 100 percent import and export tax exemptions, and no corporate income taxes for 15 years or personal income taxes ever. Some of the most thriving industries in the UAE are in the defense, alternative energy, tourism, hotel brand, construction, and medical sectors. Those who are interested in establishing their own business in the UAE should contact the Chamber of Commerce that governs the specific location of the potential venture.
Institutional Partnerships between the United States and the U.A.E.
Institutional partnerships represent one of the most important aspects of a positive relationship between two countries. Thanks to the efforts of United Arab Emirates (U.A.E.) Ambassador to the United States Yousef Al Otaiba and other foreign officials, the U.S. and the U.A.E. benefit from several partnerships in such diverse fields as sports and culture, business, academics, health care, and energy.
As two of the world’s leaders in higher education and technically demanding labor, the United States and the U.A.E. maintain a large quantity of academic cooperation in a variety of fields. Through a strategic partnership with the Abu Dhabi Future Energy Company, the Massachusetts Institute of Technology (MIT) is currently developing the Masdar Institute of Science and Technology, which concentrates on clean energy technologies and research-driven graduate programs. For more than five years, the New York Institute of Technology has offered a handful of degree programs at the Centre of Excellence for Applied Research and Training in Abu Dhabi.
Sports and Culture
Two countries rich in culture and sports tradition, the U.S. and the U.A.E. have established a number of meaningful partnerships designed to share culture. In 2006, Abu Dhabi leadership and the Guggenheim Museum in New York laid the foundations for a museum devoted entirely to modern and contemporary art. To increase the popularity of swimming in the U.A.E., the American Swimming Coaches Association (ASCA) and the U.A.E. Swimming Federation work together to improve the quality of swimmers and coaches in the U.A.E.
With its fertile business climate and open economic policies, the U.A.E. represents an ideal overseas expansion location for American businesses. The U.S.-U.A.E. Business Council, based in Washington, D.C., assumes responsibility for the expansion of commercial opportunities between businesses in the two nations. In recent years, MGM Mirage and Dubai World came to terms on a strategic partnership valued at $5 billion. Through a joint financial commitment of $100 million, Image Nation Abu Dhabi and National Geographic Entertainment plan to produce 15 documentaries and movies to be released in the next 5 years.
Due to its status as a truly global concern, health care has earned a prominent location on the bilateral cooperation agendas of both the United States and the U.A.E. Through a strategic collaboration involving the U.S. State Department’s Middle East Partnership Initiative and The University of Texas MD Anderson Cancer Center, Susan G. Komen for the Cure has developed a number of programs designed to increase awareness of breast cancer and improve treatment outcomes. In 2004, Dubai Healthcare City and Partners Harvard Medical International teamed up to found the Harvard Medical School Dubai Center, which provides top-quality medical education, research, and health care delivery.
To learn more about the collaborative efforts of the United States and the United Arab Emirates, visit www.uae-embassy.org, which features news of Ambassador Yousef Al Otaiba and his staff’s role in the international relations.
A Profile of His Highness Sheikh Mohammed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi
Currently functioning as the United Arab Emiratesâ (UAE) Ambassador to the United States, Yousef Al Otaiba began serving the country in 2001 as both the Director of International Affairs for the Court of the Crown Prince of Abu Dhabi and the Senior Counselor to His Highness Sheikh Mohammed bin Zayed Al Nahyan. In addition to his role as the Crown Prince of Abu Dhabi, HH Sheikh Mohammed bin Zayed Al Nahyan also presides as the Chairman of the Executive Council of the Emirate of Abu Dhabi and the Deputy Supreme Commander of the UAE Armed Forces. A graduate of the Royal Military Academy Sandhurst in the United Kingdom, Sheikh Mohammed bin Zayed studied a variety of military tactics at the institution. Following his education, Sheikh Mohammed bin Zayed returned to the Abu Dhabi and has played a leading role in effecting systemic social and economic changes over the last three decades. Three areas are of particular concern for him: research and education, environmental protection, and economic development.
With his military background, Sheikh Mohammed bin Zayed has overseen everything from the Air School and Air College to armored units. After steadily working his way up the military ranks, he now holds status as a General and presides as the Deputy Supreme Commander. While his father was in power, Sheikh Mohammed bin Zayed proffered advice on the spectrum of security issues. He assumed his duties as the Chairman of the Abu Dhabi Executive Council in 2004. As oil and energy are key policy issues for the UAE, Sheikh Mohammed bin Zayed also sits on the Supreme Petroleum Council.