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The United Arab Emirates is a high-income developing market economy. The UAE's economy is the 4th largest in the Middle East (after Turkey, Saudi Arabia and Israel ), with a gross domestic product (GDP) of US$415 billion (AED 1.83 trillion) in 2021-2023. [ 5] The UAE economy is heavily reliant on revenues from petroleum and natural gas ...
The current standard VAT rate in the country is 5%. [ 2][ 3] In January 2022, the UAE Ministry of Finance announced the implementation of a federal corporate tax starting June 2023. [ 4] The standard rate of corporate tax is 9%, some exempt businesses and those with net annual profits under AED375,000 (US$102,100) qualify for a rate of 0%, and ...
At the same time, however, due to the welfare benefits of the UAE government, many Emiratis are reluctant to take up low-paying jobs, especially those in the private sector, with citizens only representing 0.34% of the private sector workforce; [8] private sector employers are also generally more inclined to hire overseas temporary workers as ...
Migrants in the United Arab Emirates represent about 88% of the population, while Emiratis constitute roughly 12% of the total population, making the UAE home to one of the world's highest percentage of expatriates. [ 1][ 2] Most of immigrants reside in Dubai and the capital, Abu Dhabi. [ 3] The UAE is home to over 200 nationalities. [ 4]
At the same time, however, due to the welfare benefits of the UAE government, many Emiratis are reluctant to take up low paying jobs especially those in the private sector; private sector employers are also generally more inclined to hire overseas temporary workers as they are cheaper and can be retrenched for various reasons, for example, if ...
The United Arab Emirates[ b] ( UAE ), or simply the Emirates, [ c] is a country in West Asia, in the Middle East. Located at the eastern end of the Arabian Peninsula, it shares land borders with Oman to the east and Saudi Arabia to the southwest; as well as maritime borders in the Persian Gulf with Qatar and Iran.
The UAE has a number of free zones across Dubai, [ 1] Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al-Khaimah and Umm al-Quwain. Free zones may be broadly categorized as seaport free zones, airport free zones, and mainland free zones. Free-trade zone exemptions are: [ 2] 100% foreign ownership of the enterprise. 100% import and export tax exemptions.
The three largest Emirates ( Dubai, Abu Dhabi, and Sharjah ), are home to nearly 85% of the population. [ 10] The 2022 population of the UAE stands at 9.4 million, [ 11] of which 69% of the population is male and 31% of the population is female. [ 12][ 13][ 14] The population density of the Emirates has reached a record 114 per km 2.