May Commerce 2013

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Setting Up Business in Dubai - Fjord International Consultancy

Dubai’s economy has seen a positive start to 2013 with a growth in GDP and new highs in share values.

Sami Al Qamzi, director general of the Dubai Department of Economic Development, predicts that gross domestic product may grow by more than 4 percent during 2013. Qamzi said “Hotel occupancy has already hit record high levels and the number of travellers and tourists has been higher than expected during the first two months of the year”. He puts this down to trade, transportation and logistics, with trade volume at Jebel Ali Port rising more than 5 percent in 2012 alone.

Dubai shares have also climbed to the highest levels in more than three years, pushing its credit risk lower and investor confidence is returning after three state-linked companies paid/restructured $3.75 billion of debt last year.

Dubai Islamic Bank PJSC (DIB) , the emirate’s biggest bank complying with Muslim banking rules, surged to a three year high. The developer Emaar Properties PJSC (EMAAR) has risen to the strongest level since March. Drake & Scull International PJSC (DSI) soared the most in since December 2009. The Dubai Financial Market General Index (DFMGI) gained 1.6 percent to 2,108.63, the highest since November 2009.

Emaar climbed 1.8 percent to 5.55 dirhams, the highest close since 14 March. According to Bloomberg, the developer of the world’s tallest tower is likely to report that first-quarter profit rose to 575.8 million dirhams ($157 million) from 511.8 million dirhams in the fourth quarter. The price of a mid-range villas jumped 35 percent in the year to March helped by Dubai’s status as a safe haven amidst political turmoil in the region.

You can read more about the GDP growth on the UAE Interact website and for more information on shares, visit the Bloomberg website.

There’s nothing like tea and scones to set the tone for a productive business meeting. In Dubai there are plenty of options but here are our top five picks.

At.mosphere stands head and shoulders above the rest. Located in Burj Khalifa, the world’s tallest building, it holds the Guinness World Record for the highest restaurant from ground level.

The Burj Al Arab doesn’t just offer one afternoon tea experience but a choice of four. There’s the High Tea with cocktails from 7pm and the Ultimate Afternoon Tea in Sahn Eddar restaurant with mosaic and marble flooring.

The Ritz Carlton’s afternoon tea is served in the calm lobby lounge complete with wooden ceiling, Palladian windows and colonial sumptuousness.

Desert Palm hosts the Jewel Afternoon Tea daily and offers visitors the chance to take tea in the lounge and terrace overlooking the polo field.

At the One&Only Royal Mirage tea is a relaxed and refined affair set in one of three different restaurants. You can choose from a range of teas accompanied by a array of closed finger sandwiches, scones with Devonshire clotted cream and strawberry jam.
Recent DTCM News and Other Dubai Events
UAE President visits UK
British companies in the UAE are optimistic that commercial ties between the emirate and the UK can only become stronger, following a two-day state visit by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan.

In 2009, the two nations set a target to increase mutual trade to £12 billion by 2015 and it’s hoped that the President’s visit will help in reaching this target. For full details of the trip see Gulf News.

London Mayor Boris Johnson Travels to Dubai
Last month Boris Johnson visited the Gulf on a trade mission and announced plans for closer collaboration between London and Dubai’s thriving technology sectors, helping to boost trade and create jobs in London.

The Mayor is eager to open doors for London businesses seeking to expand their operations to the Middle East and vice-versa. London and Partners has the full story.

UK Backs Dubai for Expo 2020
The UK Government has decided to support Dubai's bid to host Expo 2020. It cited the emirate's focus on global connectivity and accessibility as being particularly strong and that it would send a positive signal to the world that this is a region of dynamism, innovation and vast human potential.

Other News
Last month, DTCM held a seminar for businesses looking to expand into Dubai. Attended by over 70 dynamic and enthusiastic companies, it was held in partnership with the Federation of Small Businesses and further events will be held in the future.

How to get around Dubai

Communication is the integral part of city life in Dubai and there are the usual methods available as in any modern 21st century city.

Etisalat and Du are the biggest providers of internet and landline phone connections in Dubai. For mobiles, it's easy and affordable to get a local SIM and our Visitor Mobile Line has been specially created with this in mind. Dubai's Wi-Fi network is particularly strong too, with free hotspots around the city.

Emirates Post is a dynamic postal organisation offering high quality services to the corporate sector, residents and visitors. Postal services are available 24 hours a day and mail is delivered to post offices and people collect using PO Boxes.

Visit Definitely Dubai for more tips on how to stay connected.

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