I'm assuming their focus is to create a financial hub to attract the billions of middle eastern petro dollars that are invested worldwide every year. It is already a de facto financial hub for all types of illicit activities, esp. of the South Asian economies. The recent raging poppy trade being one of the major ones. Nevertheless, its location puts it conveniently astride two of the largest future economic zones/markets, the Eurozone and the Asians. It's an appealing prospect timezone wise if one has to trade both markets. Hong Kong and Shanghai are +4 hours and London is -4 hours from Dubai. The other major Asian and European markets fall in between.
From what I heard, you need a local partner to open anykind of business in Dubai if you are foreigner. The local partner basically do nothing, but take a piece of whatever profit you make. Maybe that's why they have 0% tax.
Hi dogfish; I lived in Dubai for a while, there are no prop per say. There are many discount ones all of which are located in Dubai Internet City.
Hahahahaaaaaaaaaaaaaaaaaaa! No wait! Hahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaoooooooooooooooohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhaaaaaaaaaaaaaaaaaaa! Buddy, with all due respect, Dubai is about 4000 times more high tech than the US...give or take few hundred times. I regret the day I left there. surfing, parasurfing, beaches, world class Golfing, safari trips deep into the desert where upon arrival to very beautiful compounds you will be welcomed by...ahmmm...a belly dancers, night clubs, parties, parties, parties, parties, parties and more parties are some of the few bad things that will keep you way from trading. I have traveled alot, never seen a place as entertaining as this one.
Same here. Might be not the right place for narrow-minded people. But if you have no problem with their culture - it´s rockin baby. If Dubai is not high tech, than there´s no other place in the world that is high tech. Sipping cocktials in the cocktail bar of the Burj al Arab is only one recommendation...
Read doublechin's entry, they have an exclusion zone, you don't need a citizen partner. The reason they have no tax (apart for oil companies) according to the government website is because "it is against our culture and tradition to tax our people" it's all covered by the oil. Thanks for the other feedback guys, sounds very tempting. Just another cold grey day in London, bring on the Burj al arab!
Dogfish, An alternative to Dubai if you are looking for no tax and some sun is Gibraltar and as you know, there is a Eurex hub there, and also a Refco/MacFutures proptrading office...