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Real Estate in Dubai refers to the market for property development and investment in the emirate of Dubai, United Arab Emirates. Real estate is a significant contributor to Dubai's economy, accounting for a substantial portion of the city's GDP . [ 1 ]
Tourism is a major economic source of income in Dubai and part of the Dubai government's strategy to maintain the flow of foreign cash into the emirates. [19] The tourism sector contributed in 2017 about $41 billion to the GDP, making up 4.6% of the GDP, and provided some 570,000 jobs, accounting for 4.8% of total employment. [20]
Others include the Dubai Airport Freezone (DAFZA; the Dubai internet City; and the Dubai Media city. [4] In April 2021 Dubai CommerCity launched, a free zone dedicated to e-Commerce. [5] The International Free Zone Authority (IFZA) is one of the most cost-effective and fastest-growing free trade zone in Dubai.
The units offer 0% tax on income and profits, 100% foreign ownership, no restrictions on foreign exchange or capital/profit repatriation, operational support, and business continuity facilities. One of the key elements of the center is a privately held financial exchange that opened in September 2005 as Dubai International Financial Exchange ...
Some of the benefits of setting up business in UAE Free Zones are: No Corporate Tax, 100% exemption [24] provided that business done between the free zone company and any mainland companies are under 375,000 AED a year. [25] 100% ownership of business; Bank accounts can be opened in a business's name; Reasonable renewal fees
Union Properties is a real estate development company headquartered in Dubai, United Arab Emirates. Established in 1987 as Union Property Private Limited, [3] the company was listed on the Dubai Financial Market in 1993. Notable projects undertaken by Union Properties include The Index apartment and office building in Dubai and Dubai Motor City.
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The formal name of the company is Nakheel PJSC (private joint stock company) and it was a subsidiary of Dubai World and a private state-owned enterprise. [4] [2] Nakheel was central to Dubai's debt crisis in 2009–2010. [5] The company has been reported to be the second-largest property developer in Dubai after Emaar Properties. [6]