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Doing Business with the United Arab Emirates Contents Foreword Shaikha Lubna Al Qasimi Foreword His Excellency Easa Saleh Al-Gurg CBE About the Contributors ix xi xiii PART ONE:COUNTRY BACKGROUND 1.1 Historical, Geographical and Political Overview Data Management and Business Research Department, DCCI 1.2 Economic Overview and Outlook for 2005-06 ADCCI 1.3 Dubai's Economy and Foreign Trade Environment Data Management and Business Research Department, DCCI 1.4 Market Research in the UAE Jan Stuffers, Managing Consultant, InCite Research and Marketing Solutions 3 13 23 37 PART TWO:BANKING, FINANCE AND INVESTMENTS 2.1 UAE Monetary Policy and the Role of the Central Bank Data Management and Business Research Department, DCCI 2.2 Development of Banking and Finance: Dubai Banking and Insurance Data Management and Business Research Department, DCCI 2.3 The UAE Capital Markets with a Special Focus on Dubai Financial Market Data Management and Business Research Department, DCCI 2.4 Dubai International Financial Centre: The Gateway to Regional Capital DIFC 45 53 59 67 2.5 The National Bank of Dubai NMD 75 2.6 Hedge-Fund Investing in the Gulf 79 Robert A Jaeger, Vice Chairman and Chief Investment Officer, EACM Advisors LLC 2.7 The Insurance Environment 87 Paul W Holmes, Country Manager, UAE, AXA Insurance (Gull) BSC PART THREE:PROSPECTIVE SECTORS FOR INVESTMENT Sectoral Investment Opportunities in Dubai 3.1 Dubai: Industrial Sectors Data Management and Business Research DCCI 3.2 Dubai Agricultural Sector Data Management and Business Research DCCI 3.3 Infrastructure and Commerce Data Management and Business Research DCCI 3.4 Consulting and Business Services Data Management and Business Research DCCI Free Zones and Industrial Cities 3.5 The Dubai Port Authority and Jebel Ali Free Zone Data Management and Business Research Department, DCCI 3.6 Free Zones in Dubai Data Management and Business Research Department, DCCI 3.7 Dubai's Infrastructure Data Management and Business Research Department, DCCI 143 101 Department, 115 Department, 123 Department, 133 Department, 149 157 PART FOUR:COMMERCIAL LEGISLATION 4.1 Business Structures in the UAE: An Overview Russell Vickers, Trowers and Hamlins, Dubai 173 4.2 Practical Steps and Procedures for Company Incorporation in the UAE Helen Barrett, Trowers and Hamlins, Dubai 4.3 UAE Labour and Employment Law Ahlam Al Jandhamy, Trowers and Hamlins, Dubai 4.4 Audit, Accountancy and Taxation KPMG 4.5 Commercial Agencies in the UAE Marwan Awad, Trowers and Hamlins, Dubai 4.6 Commercial Legislation for Doing Business in Dubai Data Management and Business Research Department, DCCI 179 185 195 203 209 APPENDIX Appendix: Contributors' Contact Details Index 229 233