About UAE
The UAE was formed in 1971 as the result of a constitutional federation formed on 2 December between the Emirates of Abu Dhabi, Dubai, Sharjah, Ajman, Fujairah, Umm Al Quwain and Ras Al Khaimah. With Abu Dhabi acting as the capital the single nation was created with the aim of fostering economic and political cooperation. Led by Sheikh Zayed bin Sultan Al Nahyan, the ruler of Abu Dhabi, who played a crucial role in the formation of the UAE and its early development. The UAE is a constitutional monarchy, with the president being the head of state. The current President is His Highness Sheikh Mohamed bin Zayed Al Nahyan.
From its modest beginnings, where the country was seen as a centre for maritime trade, connecting the East with Europe, Africa, and Asia, the UAE has firmly established itself as a business and tourism destination, and is today nation that is home to over nine million people, of which 80-85% are expatriates.
The Emirati culture is part of the social and commercial fabric of the UAE. Cultural influences have created an environment that is harmonious and welcoming that is rooted in Emirati hospitality. Commercially, the influence of family businesses is evident on the local economy. These businesses have a heritage that began with modest trading or being sole traders, and today they represent a modern Emirates as conglomerates that work with the world’s largest brands. Family businesses have evolved their business over the years, today they have a diversified portfolio of activities and are managed and governed to international standards.
Since the discovery of oil, the economy of the UAE has experienced significant diversification across a range of key sectors. Notably, the extraction of crude oil and natural gas has been foundational to the nation's economic development. In parallel, the UAE has strategically invested in sectors such as tourism, which has emerged as a cornerstone of the economy, drawing millions of international visitors annually. Additionally, the wholesale and retail trade sectors, repair services, real estate, business services, construction, and manufacturing have all contributed substantially to the nation's economic landscape. This strategic focus on multiple sectors has enabled the UAE to establish itself as a dynamic and multifaceted economy that continues to innovate and flourish on the global stage.
The UAE is today a global hub for commerce, it boasts the business landscape that is made up of the world’s leading multinational organisations, many of which maintain the Emirates as their headquarters for the Middle East, Asia, and North Africa. In addition, the public and private sector continues to build a leading business ecosystem that is designed to support SME’s and foster a culture of innovation and entrepreneurship. The GDP growth rate for the UAE is expected to remain positive in the coming years, with an average growth rate of 4.3% for the period 2023-2028.The UAE is a stable and prosperous country with a strong economy. The government has been investing heavily in infrastructure and development, and the country is a major hub for trade and finance. The UAE is also a popular tourist destination. These factors are all contributing to the growth of the UAE economy.
Through this guide our lawyers are sharing their experience and expertise with you, and they provide insights relating to the regulatory and business environment in the UAE. If you have any questions regarding the content of this guide our lawyers are on hand to provide further information on the topics covered.
