Brahim Maqdasi

World Rank: 25

Overall Score: 72.4%

Its increased up by 1.0% recently

Quick facts about The Emirates and comparing U.A.E numbers to Americas

Population: 9 million/ 316.4 million

G.D.P: - $272.0 billion/ 16.8 trillion

GDP growth %: 4.8%,1.9% 5 year compound annual growth/ 1.9%, 1.2% 5 year compound annual growth

GDP per capita: $30,122/ $53,101

Unemployment: 3.8%/ 7.5%

Inflation: 1.1%/ 1.5%

7 Major Sources of Economic Progress

Legal System

The United Arab Emirates is influenced by French, Roman, Egyptian and Islamic law. There are three main branches in the court structure: civil, criminal and Sharia, and Islamic law. Dubai and Ras Al Khaimah have different court structures. Dubai's and Ras Al Khaimah courts structures are: the Court of First Instance, the Court of Appeal and the Court of Cassation. Each defendant is allowed a Lawyer but he has to make him self official to the Judge. All the land in Abu Dhabi is government owned. You can buy properties just like how you can buy in America. For business ownership you must provide like a plan or plot on how you're going to run/maintain the business to give you the right to own or else you cannot get an commercial license. United Arab Emirates is much like America, to me it is much better. I went on vacation for a few months and it was so peaceful.

Competitive Markets

Market Mechanisms maintain the competitive market in UAE. They prohibit limiting the sales of purchase price of products and services. They don't allow the relocation of an industry or business interfere with their trades, or at least they try not to. If you are caught violating any of the competitive market laws, your establishment will be close for anything over 3 months.

Limits on Government Regulation

The Government can reduce or take off any tax on a person or establishment/business. There are prohibited items from coming into the country no matter what, the government has no rule on that. A average tariff of 3.8% is required on any trade that the government cannot change. If the import trade does not have a certificate of origin UAE will not accept.

An Efficient Capital Market

There are multiple bands that do all the business and whatnot for the capital market. In each band there a couple or a few trusted partners as well as maybe a dozen lawyers to represent the band in court if needed. They all have consistent files of making more money than losing money. The bands work with mostly big corporations because its about big dollar signs. Money is wired most of the time and is only done through the big banks. Not the ones made for public citizens. A lot of money is put into stocks

Monetary Stability

The DIrham is stabilized all through the Central Bank. They have the power issue and manage the currency. If they think anything to do is needed to protect the value of the Dirham they will go through all the branches and executive board and have a meeting on what they should do about it. This is kind of setup like a court system. One of the most powerful establishment in the UAE.

Low tax rates

UAE has no income tax for general businesses but if they feel a business need to be tax they will. If they feel a business has a tax that needs to be removed, they will remove. Also a worker has no income tax. Most of the taxes come from drinks and food.

Free trade

There are areas in the UAE that are Free Trade zones. It makes it a lot easier to trade valuables/ items. Some restrictions are lifted in these Trade zones. Also new restrictions are enforced though too. Either way these zones make it easy to trade.
United Arab Emirates (UAE) Macroeconomic Overview

Summary About Video

UAE is one of the most improved countries in a long time. The economy has developed to be one of the best/most improved. Population has skyrocketed in the past 10 years. Why wouldn't you want to live in UAE, has a great economy, the country is beautiful, and has one of the lowest crime rates world wide. UAE will only continue to get better and better and in my opinion will surpass America/USA in the world rankings.