Dubai's Rise: Zero Tax System, Future Plans and Emirati Lifestyle
This article explores the transformation of the United Arab Emirates (UAE), once a desert and now one of the world's most modern and prosperous countries. Through a conversation with the UAE Ambassador to India, Dr. Abdulnasser Alshaali, we delve into Dubai's development, its zero-tax system, and the Emirati lifestyle.
Dubai's Transformation: From a Desert to a Global Hub
A few decades ago, the UAE was a vast desert. Today, it is a country known for its modern architecture, advanced technology, and high standard of living. This transformation is not just a result of physical development, but of visionary leadership and well-planned strategies.
- Early Investments: Projects like the Dubai World Trade Centre laid the foundation for the region's development. At that time, there was nothing around, but it was a sign that the government was committed to development.
- Visionary Plans: The Emirates focused on sectors such as trade, tourism, and aviation. Emirates Airlines was established in 1985, with the primary objective of bringing more people to the UAE.
- Flexibility and Adaptation: The UAE has diversified its economy away from oil dependence into various sectors. This flexibility helps them adapt to changing global circumstances.
UAE's Zero-Tax System and Economic Model
One of the most attractive features of the UAE is its zero-tax system. This policy plays a significant role in attracting business and investment to the country.
- Sources of Revenue: In addition to oil and gas, the UAE government generates revenue from various services, licences, and fees. For example, the authentication of documents also generates significant income.
- Investment Incentives: The zero-tax system allows individuals and businesses to retain a larger portion of their income, enabling them to invest and expand more.
Emirati Lifestyle and Culture
Emirati citizens in the UAE receive certain special benefits, such as financial assistance for marriage and building a home. However, it is a misconception that all Emiratis are very wealthy. Ambassador Alshaali shared his personal experiences, mentioning his efforts to care for his mother and build a home for his family. This demonstrates that success is a result of hard work and dedication, not merely birth.
- Family Values: In Emirati culture, respect for family and elders is paramount. The culture of gift-giving is also deeply ingrained here, where people give gifts to express affection and respect for one another.
- Balance of Religion and Modernity: The UAE is an Islamic nation, but it has embraced global ideas and adapted them to its culture. This balance helps them embrace modernity while staying connected to their roots.
Future Projects and Opportunities
The UAE has big ambitions for the future and is working on several groundbreaking projects.
- Technological Innovation: Projects such as cloud seeding (artificial rain), Hyperloop, and flying taxis are preparing the UAE for the future. Significant progress is also being made in areas like Artificial Intelligence (AI) and genome sequencing.
- Opportunities for Youth: For 20-year-olds, there are many opportunities in the UAE, such as partial ownership in real estate, investment in the stock market, and establishing Indian brands. Sports culture is also flourishing, opening new avenues for sports-related businesses.
In summary, the UAE's development is an inspiring story that demonstrates a unique blend of foresight, hard work, and innovation. This country is constantly evolving and is ready for the future.
