The UAE’s Growing Non-Oil Trade is a Business Opportunity5 min read
- 30.08.2024
- Posted by: Malavika Kolera
- Categories: Dubai, Tax
The United Arab Emirates (UAE) is making headlines with its record-breaking non-oil foreign trade, which reached around EUR 350 billion in the first half of 2024. This growth is largely fueled by new trade agreements and has significant implications for businesses, particularly those from Europe looking to enter the Middle Eastern market.
Why the UAE’s Trade Growth Is Important
For companies in Germany and other parts of Europe, the UAE’s expanding trade offers a valuable opportunity. The country’s location, solid infrastructure, and business-friendly policies make it a key entry point into the wider Middle Eastern market.
Dubai, in particular, stands out as a business hub. With its well-developed infrastructure, tax benefits, and strategic location, Dubai connects Europe, Asia, and Africa. This makes it an attractive base for businesses in both B2B and B2C sectors.
What CEPA Agreements Mean for European Businesses
The UAE has been signing Comprehensive Economic Partnership Agreements (CEPA) with various countries to boost trade. These agreements lower tariffs and simplify regulations, making it easier for companies to trade internationally.
For European businesses, CEPA agreements can lead to reduced costs and fewer obstacles when entering the UAE market. This is especially relevant for businesses in the manufacturing, services, and technology sectors.
How TME Services Can Support Your Business
The UAE’s non-oil trade is likely to continue growing as the country strengthens its international trade relationships. For European companies, this presents a good opportunity to expand into a new market.
Our comprehensive services are designed to support you every step of the way:
- Company Formation: We guide you through all aspects of setting up your company, whether in a free zone or on the mainland, ensuring you choose the best option for your business.
- Visa and Emirates ID Services: We streamline the process of securing visas and Emirates IDs for you and your employees, allowing you to focus on your business operations.
- Accounting: Our team ensures your business stays compliant with local financial regulations, which is crucial for maintaining good standing in Dubai’s business community.
- Tax: We help navigate Dubai’s tax environment, ensuring your business remains compliant while optimizing your tax position.
- Business Consulting: Leveraging our deep understanding of Dubai’s market, we provide valuable insights and help you develop effective strategies to thrive in the food and logistics sector.
Visit our services page to learn more about everything we do.
