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Over the past decade, the Emirati economy has shown significant growth, mostly due to high-volume oil exports. The UAE 's dependence trader market indicators dubai oil, however, has left the economy vulnerable to the global economic recession. That year, the GDP fell by 4. The economy has since recovered with a positive GDP growth in and of 4. The trader market indicators dubai paced growth of the economy has allowed for better control over inflation, which dropped from In order to reduce the country's dependence on oil, UAE authorities have tried to diversify their economy by broadening horizons into areas such as finance, construction and tourism.
Today, the UAEparticularly through Dubai, is one of the most attractive countries in the region. It is trader market indicators dubai with modern buildings, bustling shopping malls and entertainment facilities, and a number of international conference centres, exhibitions and sporting arenas. The city has modern infrastructure with a fully automated metro, world-class airports and seaports, as well as a number of industry clusters in information technology, financial services and healthcare.
The development of these infrastructures has created a need trader market indicators dubai product supply, presenting opportunities to companies looking to supply the various industries that continue to flourish. The grocery retail market is also expected to continue to grow as traditional small-format grocers are replaced by larger hypermarkets and convenience stores.
In order to address this need, some key retailers have partnered with companies to purchase trader market indicators dubai directly through them, bypassing importers and wholesalers. In its forecast forPlanet Retail stated that the Emke Group LuLu International has the largest grocery market trader market indicators dubai, with a total 5.
French chain Carrefour is not far behind with a market share of 4. While this last chain places third in grocery market share, it is the largest retailer based on the number of outlets, which totaled 74 in The foodservice industry continued to see positive growth despite the global recession of The foodservice industry grew in value sales by As coffee is one of Emiratis favorite drinks and having coffee is a favorite pastime, it is not surprising that almost Growth in this sector has been attributed to the country's overall economic performance, with rising income levels.
Another contributing factor is the role that shopping plays for UAE residents and visiting tourists, as shopping is a popular leisure activity. UAE residents spend several hours at shopping malls which provide a cool environment in such a warm country. This generally results in the consumption of at least one consumer foodservice drink, snack trader market indicators dubai meal. Finally, busy lifestyles have also increased the consumption in the foodservice industry as consumers have increasingly less time and prefer to spend it on leisure activities such as watching TV or spending time online, instead of cooking Euromonitor.
As such, pizza trader market indicators dubai foodservice is not counted as its own sector within the consumer foodservice total. This is linked to the popularity and growing number of mall destinations, where consumers spend much time. Lodging locations, which are described as food establishments in hotels, accounted for a large proportion of sales over the past six years. The construction of new hotels and increasing tourism to the UAE could explain the large percentage of sales in this type of location.
The large number of foreign nationals in the United Arab Emirates creates strong opportunities for international companies, as many are affluent with a demand for international products. A high influx of tourists into Dubai and Abu Dhabi has trader market indicators dubai in the construction of many 5 star hotels, which are in constant demand for healthy and organic products for their customers.
The strong construction industry has also attracted many low-income semi-skilled and unskilled workers, creating new consumer groups with their own needs and consumer foodservice preferences. Emirati authorities have increased spending in the economy and a number of reforms have taken place to make the country a more business-friendly and attractive investment centre. Reforms include a "one window, one step" electronic trader market indicators dubai process for securing electricity, an online tax filing and payment system for social security contributions, increasing the operating hours of land registry offices, and reducing transfer fees for the transfer of property.
Additionally, UAE authorities have addressed concerns from investors by strengthening investor protections. According to the World Bank, the UAE introduced "greater disclosure requirements for related-party transactions in the annual report and to the stock exchange and by making it possible to sue directors when such transactions harm the company Doing Business, These changes in regulations have improved the UAE 's ranking on "Doing Business" by the World Bank, which ranks the ease of doing business for local companies in economies and selected cities.
The UAE has improved its ranking, from 26th in to 23rd in Overall, according to this ranking, a total of 6 procedures and 8 days are needed to register a business in the UAE. This is far below the Middle East and North Africa regional average of 8 procedures and The cost of doing business in the UAE is estimated to be 6. This cost is significantly lower compared to the rest of the region, where it is averaged at The average time to export or import a product is 7 days.
The chart below showcases some of the indicators used by the World Bank to measure the ease of doing business in countries. As can be seen, many of the indicators have trader market indicators dubai over the past year, demonstrating the commitment by UAE authorities to make it easier trader market indicators dubai do business and attract investment into their country. The following are tariffs and regulations, as stated by the World Bank Group to consider when doing business in the United Arab Emirates:.
FDI has allowed the country to slowly develop itself into a regional export and import hub. The additional infrastructure investment that is being allocated by Emirati authorities has enhanced the potential of the trader market indicators dubai to become the link between African and Middle Eastern markets. The United Arab Emirates has been a member of the World Trade Organization since and is a member of several trade agreements.
Given its location, regional agreements have historically been important in the UAE 's liberal trade regime. The UAE is a founding member of the Gulf Cooperation Council which has the intention of becoming a customs union in the near future. Despite the UAE 's liberalized trade regime and numerous free trade agreements, the location of the country can make it vulnerable to events happening across the region. The country's dependence on oil continues to leave the economy vulnerable to global economic changes.
Despite trying to diversify, dependence is still persistent, leading to large spending and investment in the country. Analysts have expressed their concerns over the construction sector and stock market bubbles. Due to the fact that state's regulations don't always apply to all emirates, it can be challenging to understand the regulations. One final challenge to consider is the increased competition of foreign products, such as well-established Trader market indicators dubai, American and New Zealand products and Australian halal meats.
As the UAE economy continues to grow and seeks to diversify away from oil, opportunities to invest and do business in the UAE will continue.
The large foreign population will increasingly demand foodservice and foods that remind them of home creating opportunities for both foodservice providers and suppliers. New high-end hotels and restaurants will also be in need of suppliers. Canadian companies producing organic and healthy products will be well placed to cater to this growing need. Opportunities will trader market indicators dubai exist for Canadian canola producers, as virtually all canola trader market indicators dubai imported into the UAE comes from Canada.
Emirati authorities will continue to improve the business environment and ability to do business in order to attract new investors. This investment in infrastructure and a large number free trade zone benefits make the UAE a more profitable, less expensive place to do business, compared to other countries in the region.
Dubai and other major cities trader market indicators dubai continue to act as a hub for the region, allowing for opportunities to re-export products to other GCC countries. Finally, Dubai has won the expo which will create a number of opportunities, including increased tourism, new hotels and an improved business environment. For additional copies, to request an alternate format, and for all other inquiries regarding this publication, please contact: The Government of Canada has prepared this report based on primary and secondary sources of information.
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Doing Business, World Bank Group,