Since the creation of the Federation in 1971, United Arab Emirates economy has always kept high growth rates, so that it is one of the most important and dynamic realities of the entire Gulf region. From the mid ‘90s, UAE economy has experienced a steady growth, with a national average growth rate of more than 7 % (the mean economic growth of the Dubai Emirate was 10%), while per capita GDP is about 30.000 dollars. The UAE are the fifth oil and natural gas-producing country in the world and hold the third position in volume of oil (9.4% of the world amount) and natural gas reserves. The Country is pursuing a strong economic diversification policy: the oil sector’s share of GDP was 33% in 2005, while the service sector’s share of the national GDP is now more than 50%.
Emirati market is highly competitive and, at the same time, offers substantial opportunities. Infrastructure, contruction and tourism sectors are experiencing a dynamic development and projects to the value of about 100 billion US dollars are being carried out. In Abu Dhabi, also industrial sector (in particular steel and metallurgic industries) is growing steadily. Other advantages are access to low-cost factors of production, extremely favourable tax regulations and provisions (100% of property for the foreign company, tax exemptions, right to repatriate capital, absence of duties) in the 23 Free Zones of the Federation with regard to the service and industry sectors. Moreover, economical and trade regulations (foreign ownership of real estate, in Abu Dhabi and Dubai; updated regulations for the agency agreement; further possibilities to change business regulations) have also been innovated.

Economic relationships between Italy and United Arab Emirates have been strengthened thanks to the activities carried out by the Joint Economic Commission, co-presided by the State Secretary for International Trade, H.E. Adolfo Urso, for the Italian part, and by the Minister of Economy, H.E. Sultan Al Mansouri, for the Emirati part. The Joint Economic Commission is one of the activities planned in the Economic Cooperation Agreement between Italy and United Arab Emirates. Several Italian and Emirati representatives of institutions and entrepreneurs have taken part in the last meeting, where the main theme under discussion was the promotion of investments with regard to a number of fields and sectors in both the Countries.

For more information go to the Dubai Italtrade website:
www.italtrade.com/countries/asia/arab_emirates/index.htm