Exporting to the United Arab Emirates

UAE. United Arab Emirates

Export opportunities for Spanish companies in the United Arab Emirates

Strengths

  • Excellent geographic location.
  • One of the countries with the greatest political security and stability in the region.
  • Major funds of sovereign wealth.
  • Flexible, inexpensive labour market.
  • Growing internal and regional market.
Growing economic interest of Spanish companies over the recent years, which has led to a greater presence in the country.
  • Free flow of capitals.
  • Low taxation.
  • Multiple construction, engineering projects and consulting during the tender phase.

Weaknesses

  • Juridical-economic opacity.
  • Excessive bureaucracy in administrative formalities.
  • Political crisis in certain neighbouring countries.

Investments

There are opportunities in:

  • civil works, modernisation and expansion of infrastructures.
  • hotel and restaurant sector.
  • transport.
  • food.
  • chemical sector.
  • environmental sector (renewable energies).
There are over 30 Free Zones for establishment, specialised in different economic or multisectoral sectors. The most important is the Free Zone of Jebel Ali in Dubai.

Outlook

  • The measures adopted by the government, with a view to liberalising the market and diversifying the country’s economy, have boosted foreign investment, which has led to GDP growth rates of over 5% over the recent years.
  • The IMF projection for the coming years is of a growth of over 3%.

 

Contact

United Arab Emirates

Hassanicor Bldg. – Office 104 1st Floor

Al Barsha First, Sheikh Zayed Road

Dubai

 

Contact details

Manager: Víctor Argüello

Tel. (+971) 43 996 860

 

Contact

Form of government

Federal government

Official language

Arabic

Currency

UAE dirham (AED)

Exchange rate

1 euro = 5.06 AED (January 2014)

Religion

Islam (96%)

Population

5.5 million (2012)

Time difference

Winter +3 hours; Summer +2 hours

Banco Sabadell in the UAE

Víctor Argüello Manager), Mohammed Al Ramahi and Priti Arora

Víctor Argüello (Manager), Mohammed Al Ramahi and Priti Arora.

Experience

Banco Sabadell, via its representative office in Dubai, main financial and services city of the United Arab Emirates, offers a broad knowledge of the region and is the first Spanish bank to establish itself in the Persian Gulf area. BS has correspondent relations with most of the financial entities in each country, as it has operated in the area for over two decades, first in Beirut and now in Dubai. BS has business lines with local banks to simplify foreign trade operations for Spanish companies.

Services

Banco Sabadell in the UAE:

  • introduction of Spanish companies in the local market and banks.
  • guidance on multiple financial products: documentary credit, documentary remittances, collateral and guarantees, international reverse factoring, risk hedging….
  • support for projects and investments in the UAE.
  • ongoing contact with Spanish companies, local companies, agents, and customers.
  • transaction monitoring.