Posts tagged: real estate

Dubai’s construction boom never ceases to exist. The architects and builders first used every piece of land to build magnanimous entertainment havens and when they were left with no ground; the ocean was up for grabs. Dubai’s passion to think out-of-the-box crossed all boundaries when it constructed the Burj Khalifa – The Tallest Skyscraper in the World. The panoramic view offered by the towering structure could give you jitters, but still the view from the Observation Deck is an unforgettable memory that could last up to centuries. It is such an overwhelming feeling, getting to know that human creativity has surpassed all levels of imagination.

Discover fascinating facts as you unravel the various high points of Burj Khalifa. The magnanimous man-made structure is truly appreciated only if you witness Dubai through Burj Khalifa’s eyes. Called ‘At the Top’, tourists are taken to Level 124, where they experience Dubai in its true spirit. You will know what the world is like when viewed from hundred floors above. It arouses a state of weightlessness and recognition of the ‘One’. Magically, everything that seemed so humongous on land turns into a minuscule replica laid out perfectly on a desert playground.

From the time you leave Dubai Mall to start your journey towards the Observation Deck, every moment introduces you to a new emerging technology. The jet speed elevators, the glass ceiling walls, awe-inspiring height, and overall opulence transcends into a virtual feeling of an alien colony, but a man-made one. Star trek was just a movie, but if there is anything that could come as close in reality, it would have to be Burj Khalifa.

The tour atop the Observation Deck lasts for up to one hour during which tourists are given a chance to view Dubai through special telescopes with close-up real-time views. They could also shop for a souvenir or two before descending back.

Burj Khalifa is an excellent destination in Downtown Dubai whose residences and office spaces are open to only an elite few. Presently, it houses the Armani hotel, the world’s first hotel developed and designed by Giorgio Armani himself. While the observation deck experience can leave you feeling overwhelmed, do not miss the stunning Burj Khalifa Park and Dubai Fountain performances.

Reports are trickling about China building a tower taller than Burj Khalifa in just 90 days. Maybe it will be taller, but would it be comparable to Burj Khalifa in terms of design, popularity, and architecture? Only time will tell.

The Middle-East is a part of Afro-Eurasia and is significant for its historical and political context. The history of the middle-eastern countries dates back to ancient times and is the hub of all the major religions like Christianity, Islam and Judaism. The Middle-East generally has a hot and dry climate and is the world’s largest crude oil owner.

The Middle-East is also world renowned for its architectural marvels and rich cultural heritage.

The Middle East travel Guide is the perfect source for you to choose an ideal itinerary and go places!

Dubai has transformed completely from being the tranquil, sleepy town of exotic coral and gypsum courtyard houses, Bedouin fishermen to being a dream city of high-rises and jetsetters. Today it’s a flashy, glossy sun-n-sand city, which offers luxury at its heightened glory.

Hotels in Dubai cater to the high-fliers and are the embodiment of exclusivity. There are several four-star hotels like the Novotel, the Rimal Rotana, Le Meridien Fairway and many more. Each hotel has a distinct style in terms of architecture, ambience and service.

Dubai’s existence can be traced back to 1799. The city has been progressing rapidly and become one of the most important cities in the world. Some of the best hotels in Dubai are situated in the plush hotels of Dubai. The restaurants of Dubai have a wide cuisine for its food connoisseurs.
Some of the renowned eateries in Dubai are hotel Ashiana, Al Qasr, Antique Bazaar, Benjarong and so on.

Dubai is called the shopping capital of the Middle East. The city is abounding with shopping malls and souks. Dubai shopping is a heaven for duty free shopping and the products give value for money. Goods such as cars, haute couture, jewelry, sports equipments, furnishing and much more are all available here. Some of the world-renowned shopping malls include Mall of the Emirates, Ibn Battuta Mall and Burjuman Centre.

The annual Dubai Shopping Festival is one of the major attractions of the city and people flock here from all parts of the world. Dubai shopping is an experience that will be memorable.

There are many things to do in Dubai. The city is full of entertainment hubs and Dubai has a flamboyant nightlife with the choicest bars and bistros. Some of the famous bars in Dubai are Alamo, Atlantis, Carter’s, Century Village and so on.

There are several multiplexes and exhibitions and events like Cityscape and Gitex.

Some of the famous festivals in Dubai include Dubai Desert Classic, which is one of the most popular golf tournaments. The Bride Show features a host of events based on the theme of weddings. The Dubai International Film Festival is also one such festival that has special screenings of international and local cinema.

Dubai festivals are round the clock and there are too many things to do in Dubai and one has to make an itinerary to enjoy most of Dubai.

Qatar has a wide variety of good food and drink. Seafood apart from the traditional food is also very appetizing and consumed on special occasions. A traditionally Qatari breakfast comprises milk, coffee or tea, olives, dates, bread. Cheese, eggs, yoghurt and the more conventional food like the Balaleet, noodles cooked in sugar, cardamom, and cinnamon and served with a fried egg as a garnish. Hummus is very popular and Qataris usually eat Michee, which is a similar food item.

Food in Qatar consists of fish and meat of the spicy type. One of the most popular dishes is Matchboush which is tender meat cooked and served with spices and rice. Om Ali is another popular dessert that suits the taste buds of the Westerners. Qatar has several restaurants that will serve very good food at reasonable rates. Turkish meals are also for cheap.

The culture in Saudi Arabia is rich and the heritage is worth a watch. Arabic is the official language of Saudi Arabia. English is widely spoken and is used for conversations and business and in schools. Islam is practiced throughout Saudi Arabia. Ramadan is the holy month that includes fasting and no one is allowed eating, drinking, cigarette smoking, gum chewing. At the end of the day, people eat together and break the fast.

This is what happens when you sometimes look at trends or fashions that go out of style quickly. Opting for looks that last you for life, or pieces which have relevance at all times can help keep your furniture looking fresh at all times.

Office refurbishment in London can be an expensive affair. In terms of looking for pieces that can suit all the requirements that your office has, you will need to look at different options that not just fill the space, but also provide all the utilities needed. This is an expensive and laborious affair.

Your furniture is not the only thing you need to pay attention to. In addition, you also have to pay attention to soft furnishing, and refurbishment. Refurbishment of residential properties in London and Dubai offer you not just stylish options, but those which will last you for several years without spoiling or going out of style.

What is important is not to fill your room with multiple pieces of furniture. Opting for minimal furniture which is capable of making a statement will not just glamorize the room, but also add a touch of style.

Refurbishment in London can help add many shades of color and style without being overly garish. They are understated and subtle even though they may be large in size. The most important thing about them is that they can find many uses and be placed equally easily in various locations around the room. Offering plenty of scope in terms of colors and design, they can help transform the room to be impacting or muted in accordance with your preference.

When looking for soft furnishings Dubai can prove the ideal destination. This is a city which combines the best of all worlds, and brings together influences that no other location can afford. Bringing together varieties that span all ranges and tastes, this is where you will find the ultimate in soft furnishings. UAE soft furnishings can actually open up before you a world of opportunity, allowing you to experiment with textures, shades and styles.

Getting an office or home in order does not always need a highly priced interior decorator. It can be quite simple by looking for a trusted provider who can give you not just varied options, but also allow you to select refurbishment that match all your furniture to perfection. Getting the right blend is most important to give your rooms a perfect finish, and this is easily possible provided you have the right source. The right furniture destination will not just find you perfect pieces for residential refurbishment in London or Dubai, but also the grandest, most exquisite interiors that you could have imagined.

For more information visit us at http://www.instyledirect.com

Deira is located on the east side of the Dubai Creek and has many wonders and hidden treasures for its visitors to discover. Located opposite Bur Dubai, it is easily reached by water taxi from the west side of the Creek.

Full of meandering narrow streets lined with small merchant shops and coffee houses, Deira is home to some of the oldest trading areas in Dubai, including the gold souk. Wander along the Dhow Wharfage and watch the local merchants selling their wares to shoppers in an atmosphere which is reminiscent of what it would have been like in times gone by.

As you walk along the side of the Dubai Creek you will come across a number of modern buildings and properties. One such building is the impressive Etisalat Telecommunications building which has a large round object on the top of the building which looks like a giant golf ball! Another impressive building is the National Bank of Dubai which is known as the ‘pregnant lady’. The exterior of the bank is made completely out of glass which acts like a giant convex mirror when the sun shines on the building at certain angles.

Every visitor to Deira should take time to visit Dubai’s oldest market which is located next to the Deira Abra Station. Merchants at the market sell a variety of goods, mainly household items. Then on to the Spice Souk where the intense aroma of the spices will have your senses working overtime. Here at the souk you will also find local healers and pharmacists who make their own special and traditional medicines. Probably the best known souk in Dubai is the Deira Gold Souk where you will find street after street of shops selling some of the finest gold collections in the world. A visit to the Gold Souk is a must do on your bargain holidays to Dubai.

Located close to the Gold Souk is Dubai’s first school which was established in 1912 and is among one of the many historical attractions in Deira. Three watch towers guard the city of Dubai. Burj Nahar is one such tower which is located in Deira. This beautiful tower stands in exotic gardens and makes the perfect backdrop for visitors to take some stunning photographs. Heritage House is home to some wealthy pearl merchants where visitors are offered chick-peas and tea, a traditional Emirati snack. The building itself is built from coral and gypsum and is built like an old bastakiya building with rooms looking out over a central courtyard.

Deira is an exciting place in the evening where visitors can wander around the streets and enjoy a nice meal at one of the many outdoor restaurants and coffee shops.

Diera City Centre first opened its doors in 1995. Covering over 115,000 square metres of retail space, the centre is home to retail outlets, restaurants, entertainment venues and a hotel. Entertainment venues include the popular Magic Planet where the whole family can enjoy the latest game simulators and theme rides, the 8-lane Bowling City and the 11 screen VOX Cinemas multiplex. The centre offers a wide range of dining venues from chic cafes to lively restaurants and an International Food Court. With over 55 dining outlets to choose from you will be spoilt for choice! The centre also features the 11-storey MAF Tower and direct access to the 5-star City Centre Hotel & Residence which is an 11-storey hotel with 318 rooms and 112 apartments. Located close to the Deira City Centre are 25 other hotels for you to chose from on your last minute holidays to Dubai.

Warehousing costs are levied by the warehouse owners and are an unavoidable expense for the companies that use the space. The owners should be conversant with the applicable charges. In years to come, users will find it increasingly mandatory to implement nearline storage, to reduce their data warehousing costs and make data analysis more efficient and effective.

As the warehouses grow in number and provide more services, determining the cost of the company gets more difficult. Basic costs need to be understood, even if there is a third party involved. There are generally three types of expenses involved and they should be understood, while calculating the costs.

The first is the General Overhead Cost. This consists of the cost of space per cubic square foot. It may further include rent or mortgage, property taxes and utilities. General Overhead Costs also comprise of the cost of racks, tables and other equipment used in staging areas. They include the cost of various security devices, as well as the cost of material handling equipment, depreciation and document destruction services, if necessary and the cost of repairs or shrinkage.

The second type of cost included is the delivery cost. This cost includes freight charges from outside vendors. These costs may also include the cost of gas, the insurance and the cost of the delivery trucks. These rates are subject to the time involved in negotiating rates and to select vendors, as well as the time to prepare shipping documents.

The third type of cost is the labor cost. This involves the receiving of incoming goods, including entering the relevant data into the computer and assigning warehouse positions. It includes the time taken to move goods from shipping to pallet positions. It is necessary for warehouse owners to be informed about the existing warehousing costs.

Article 1494 of the Maltese Civil Code (Chapter 16 of the Laws of Malta), defines Emphyteusis as follows:

“Emphyteusis is a contract whereby one of the contracting parties grants to the other, in perpetuity or for a time, a tenement for a stated yearly rent or ground-rent which the latter binds himself to pay to the former, either in money or in kind, as an acknowledgment of the tenure.”

Emphyteusis is typical of Continental law (European) and not English law. It is very different from lease or rent of a dwelling house or a piece of land. This is because unlike lease, Emphyteusis is a real right which attaches to the land being contracted and not to the person contracting such right. On the other hand, lease, being a personal right, does not attach to the land or the dwelling house being granted, but only to the person receiving the lease. The legal implications arising out of these differences are considerable, especially with regards to the rights and obligations of the contracting parties.

The contract of Emphyteusis must be made by public deed before a Notary Public. It would be null if done by means of a private writing. Lease, on the other hand may be entered into by private writing and will have the force of law. The contract of Emphyteusis cannot be changed throughout the emphyteutical period. Once the ground-rent is established, it cannot be changed.

Article 1494 provides three key phrases which need to be clarified:

i. perpetuity or for a time

There are two types of empytheutical grants: Perpetual Emphyteusis and temporary Emphyteusis. The former is a payment which must be effected annually with the legal option of redemption. Redemption renders the land freehold. Temporary Emphyteusis, on the other hand, is a contract for a number of years. (Usually in Malta the most popular number of years contracted for are 17 years, 21 years, 99 years and 150 years.)

ii. stated yearly rent or ground-rent

The ‘canone’ or ground-rent must be stated in the contract, under pain of nullity, and is to be paid yearly to the dominus, i.e. the owner of the house.

iii.

On expiration of the Emphyteusis, the utilista is bound by law to return the land or tenement with all the improvements made throughout the years during which the property was under Emphyteusis.

DLF is otherwise known as Delhi Land and Finance. It is India’s largest real estate located in New Delhi, the capital city of India. In the year 1946, it was founded by Raghavendra Singh. It has built many residential colonies in New Delhi like Shivaji Park, Hauz Khas, and Krishna Nagar etc. Its future plans include many hotels and other vast infrastructures. At present, its head person is Kushal Pal Singh, who is the 98th richest person in the world according to the Forbes Magazine. DLF possesses lands outside the jurisdiction of Delhi Development Authority. These lands are located, in and around, Gurgaon.

Some of the famous international partners of DLF are UK based Laing O’Rourke, Dubai based Nakheel, WSP group Plc etc. DLF works along with its partners to develop new infrastructures which include residential colonies, hotels etc. At present, DLF is sponsoring IPL, a twenty-twenty format of a popular game in India, cricket.

Recently, DLF has launched a plot in Gurgaon sector 73, an integrated township on NH-8 having good connectivity with the KMP Expressway. From past 64 years, DLF has successfully gained a good customer satisfaction. DLF has played an important role in developing a modern India. Some of the tentative details of the ongoing project work in Gurgaon are:

• Both Commercial And Residential Activities In and Around Gurgaon

• Some attractive infrastructures from DLF

• 18-24 Month Payment Plan(Tentative) which is flexible

• The most expected and eagerly awaited township in NCR

• Limited Dlf Plots

• Expected sizes of plots are 240, 350, 420, 502, 1000 Sq.Yds.

The DLF, Gurgaon is located on 75 meter sector road, which is just a 20 minutes drive from the IGI Airport. It will be half kilometer from the proposed metro route and the proposed ISBT. The site map is going to be launched soon by DLF. The tentative price per square yard is Rs.40000 and the booking amount is Rs.10 lakhs which should be given as a cheque. It is expected that the whole project of Gurgaon, sector 73, will be sold out in a day. Hence, DLF insists on confirming the book by sending the above mentioned amount in cheque. This cheque is refundable if the customer is not satisfied with the layout proposed by DLF. Associations of realtors also work in DLF who analyze the future of the investments done by the customers and can also arrange loans for them too.

If you think of a hotel as a well-oiled machinery, with its million little parts functioning together to deliver a seamless experience, a good property management system (PMS) is the heart that keeps the machine beating perfectly. From simple check-ins and check outs to offering sublime experiences based on guest preferences, a good PMS is integral to the functioning of hotels of all shapes and sizes.

That said, the technological needs of a smaller hotel are very different from that of larger establishments. An intuitive PMS that understands their specific requirements is worth its weight in gold. But it is also a significant investment and to ensure that the money is well spent, hoteliers need to choose a system that works well for their property.

Most hoteliers consider security to be their top priority, and that is a valid concern indeed. Any PMS you select must be PCI compliant. Without it, the system is open to threats and vulnerable to attacks. The banking data of your clients, their credit card details, and other personal information must be protected at all costs.

However, the specifications don’t end with security measures. There are a few other things to consider before you finalize a PMS for your property.

1. It should be easy to use

The best kind of technology is that which is absolutely easy to use. The longer it takes for you to wrap your head around the system, the more quickly you’ll get fed up of it. Besides, hotels are famous for their high turnover rates, and the software is likely to be used by young executives and experts alike. The system should be such that it requires minimum training for people to get comfortable with it.

2. It should be mobile compatible

Gone are the days when technology was restricted to personal computers attached to a desk. This is the 21st century and unless your technological solution can literally walk with you, it’s useless for all intents and purposes.

Any PMS you consider should be able to connect and send information to mobile devices. It should be able to communicate with you no matter where you are and what device you are using, including mobile phones, laptops, tablets, and personal computers. Not only does this promote operational efficiency, your staff will also be able to deliver great guest service on the go.

3. It should be easy to integrate

The PMS you select should have APIs that support both inbound and outbound connections. This will ensure that you’re able to integrate it with any other solution you may be using in your hotel, such as customer relationship management and rate management software.

If your PMS doesn’t facilitate deep partnerships with other vendors, you will have a fractured technology solution on your hands. It will impede two-way exchange of information and hinder sharing of guest profile data. The final result will be less than satisfactory guest experience, not to mention a breakdown of relevant systems.

4. It should keep track of guest preferences and history

The front desk is one part of the hotel that sees the maximum engagement, and, yet, most of the tasks happening there are fairly mundane and repetitive. If there was a way to automate them, the staff would be free to attend to more important duties.One way in which a PMS can add significant value to an establishment is by making low end decisions on behalf of the hotel. For instance, it should be able to auto assign rooms based on the guests’ preferences. This it will do by collecting all the relevant information and using it to make appropriate choices on behalf of the guests.

Secondly, a good PMS should be able to pull a guest’s history to discern what he likes and what his preferences were. This way, if a repeat guest has booked a room by the swimming pool in the past, the system will automatically book him the same room or something similar to that.

This form of automation not only eliminates congestion at the front desk, it also results in more intuitive exchanges with guests and the delivery of personalized and informed services.

5. It should automate guest communication

Hotels are often required to reach out to their guests to share regular updates. But due to conflicting time zones, it becomes difficult to get in touch with them on phone. That’s why they generally prefer to communicate via emails.

Having to do this manually can get fairly tedious for hotel owners and the staff. And should you forget to send an email out, it could cause serious lag in communication. To keep things running ship shape, a property management system can automate this process, sending out emails related to confirmation of reservations, post-stay thank you’s, and everything else in between.

6. It should help you measure success

A great feature to have in your property management system is advanced reporting. It frees you up from having to go through long and complicated spreadsheets and deciphering the data that is relevant to you. Instead, it places all the information you need at your fingertips, accessible in just a few clicks.

Basic systems will give you an overview of the daily running of your property. More advance systems should be able to provide reports around parameters like check ins and check-outs, cancellations, payment methods, average unoccupied rooms, average occupancy, average length of stay, and even revenue per available room.

With so much data at your disposal, you can get a perspective into the workings of your business and even identify areas that need improvement.

As you may have gathered by now, a good property management system can really be god sent for a small hotel. Working invisibly behind the scenes, it combines the best parts of workflow management and decision automation. It also displays a fair amount of intelligence, learning from external systems it is integrated with, and delivering subtle insights that help improve guest relations.

That’s why it’s important you choose a PMS that fits your establishment. Take into account all considerations, evaluate your requirements, and take a final decision once you’re sure the product ticks all the boxes.

For any business to set up in Dubai, an ecommerce license is necessary. This is needed from the emirates first before being able to trade or operate a business in the free zones. The cost for a ecommerce license in Dubai is not free as it needs to be paid before one gets his trade name and the certificate. The free zone is not so restrictive in terms of business set ups as they do not have any restrictions. In terms of business costs, this is one of the lowest business costs in the world. Just the registration fee and the certificate will cost you about the same amount as buying an auto or a house.

For an individual entrepreneur planning to start a business setup in Dubai trading, he may choose to apply for a business permit first. There are several companies offering trading permits in Dubai. Most of these companies offer free quotes on the basis of which the permits can be purchased. Once you have paid the required fee for the free permits, you can start trading in the free zones.

Another option to set up a business setup in Dubai is to get a visa through the Dubai authorities. The only condition for this is that you should hold a valid passport with you. The type of visa, which is available is a business visa or an ordinary visa. To apply for an ordinary visa, you need to apply directly at the immigration department of the Dubai.

A business setup in Dubai, which is complete without having obtained a residence visa does not make any sense. The reason is that most of the trades that take place internationally do not require proof of residence in the country. The documents required for this are the passport and the registration certificate of the person. You can get this information online. You can also visit the Dubai free zone office to find out the procedure for applying for this business set up.

If you want to set up your business in Dubai and you are planning to do so on your own, you will have to obtain a non-immigrant visa. This type of visa is called a residence visa. The other options of business set up in Dubai include the following: a business permit, an offshore business permit or an EEC or an employment permit. These are all different names of the same document. The important differences are the legal status and the eligibility requirements for each one.

The process of obtaining the documentation also differs from one issuing a visa to another. For the first option, you will be required to present your passport and the fee for the processing of your application. For the second option, you will need to present your business activities license and the fee for the processing of your application. The business activities license must be renewed every two years or else it will be considered invalid. For the EEC or the employment permit, you will not be required to pay the fee.

The business setup cost involved in Dubai includes the processing of the documents. The processing cost is calculated according to the number of items that you require and the amount of materials that you require to ship or deliver. The rates may be based on the product or service that you are selling and the location of your business. If you do not want to use the services of a UAE company or individual to process your application, you may choose to hire a freelance translator to do the job for you. Hiring a freelance translator can be an affordable way to get your business running smoothly.

By the early twentieth century, a leading source of economic activity was the pearl trade. However, World War I, the Great Depression, and the Japanese invention of the cultured pearl resulted in a significant weakening of the pearling industry. The heavy taxation on pearls imported from the Gulf following World War II by India caused its irreversible decline. As a result, some turned to fishing. But, with little education and no roads or hospitals, the future looked bleak. By the 1930s, the first oil company entered the region and began conducting surveys around Abu Dhabi. In 1962, Abu Dhabi exported its first cargo of crude oil that would play an essential role in the UAE’s development.

Since the 1820s, the English had maintained a presence in this region. In 1853, Britain intervened in the area due to pirate threats and made a permanent truce to provide protection and oversight of the foreign policy. It was explicitly understood that Britain would not colonize the area. This agreement was made with a group known as the Trucial States, which were a collection of sheikdoms in the Persian Gulf. The Trucial States, also referred to as the Trucial Colony, was composed of present-day Bahrain, Qatar, UAE and Oman. Following a period of Arab nationalism and anti-British activity beginning in the 1940s and 1950s, the British eventually relinquished administration of the region in 1971.

On December 2, 1971, the UAE was created by uniting seven of the Trucial States under a unified Constitution: Abu Dhabi, Dubai, Sharjah, Ajman, Umm al Qaiwain, Ras al-Khaimah and Fujairah. Abu Dhabi is the largest of the former territories and is the federal capital. Dubai is second largest of the emirates and is the main port, commercial center, and airport hub. The five other emirates are smaller areas that realize political and economic benefits through alliances with the larger neighbors, Abu Dhabi and Dubai. All seven states are ruled by Sunnis.

The UAE is considered by some to be an autocracy, which is a form of government in which one person possesses unlimited power. There has been even less political reform in this country than in other Gulf States, even Saudi Arabia. International non-governmental organizations (NGOs) have ranked the UAE as having among the least free political systems in the world. In particular, such studies have highlighted the existence of the ‘sheikh’s dilemma’ in the UAE, in which economic but not political reform is pursued. To maintain peace, a ‘ruling bargain’ is implemented where the UAE government distributes oil wealth equitably, while also carefully exploiting a range of ideological, religious, and cultural resources. Others simply state that the UAE exhibits a monarchical presidency led by ruling families on neo-patrimonial lines.

Following the British withdrawal, Sheikh Zayed bin Sultan Al Nahyan became the first president. Sheikh Zayed, once Emir (or ruler) of Abu Dhabi, ruled as UAE’s president for over thirty years until his death on November 2, 2004. Due to oil wealth, Sheikh Zayed became one of the richest individuals in the world with an estimated net worth in excess of $24 billion (USD). Following his death, the eldest son of Sheikh Zayed, Sheikh Khalifa bin Zayed Al Nahyan became President of the UAE. Sheikh Khalifa is the world’s third richest member of a royal family, with an estimated net worth of $19 billion (USD). The presidency of UAE is decided by a vote by the Federal Supreme Court (FSC), a governmental entity in the UAE rather than through an electoral or popular vote. Political parties are strictly prohibited.

The UAE’s highest authority is the Supreme Council of Rulers (SCR). The SCR is given power to initiate policy and reject laws that have been previously passed. Seven hereditary rulers and sometimes their crown princes and closest advisors have control of this governing body. Subordinate to the SCR is the Federal Council of Ministers (COM). The bulk of UAE’s policies and daily affairs are formulated by the COM, which meets more frequently and formally than the SCR. The judicial branch of government is run by the Union Supreme Court. Judges are appointed directly by the UAE president.

The FSC is the highest constitutional authority in the UAE and has both legislative and executive powers. Overseeing the FSC are the rulers from each of the seven emirates. In addition to the FSC, there are both secular and Islam courts in all seven emirates. The secular courts in the UAE rule on criminal, civil, and commercial matters. Family and religious disputes are heard in the Islamic courts. Each emirate has their own government with municipalities and departments.

There is a high degree of political stability in the UAE, and it is the only Arab state to have a working federal system that withstood the test of time. Furthermore, there are many women in all levels of government. This is a positive reflection on the UAE given its Middle East location.

Sheikh Zayed had a foreign policy to not use force over compromise and to become a major donor of overseas aid, such as infrastructure development and humanitarian relief.

Sheikh Kahlifa developed a foreign policy of non-interference in the internal affairs of other countries. He also supported the pursuit of peaceful resolutions of disputes. The UAE has provided support to the Iraqi Government in the form of debt forgiveness and is a strong advocate of instilling peace in the Middle East with help primarily from the USA. In addition, the UAE promotes intercultural and interfaith dialogues with the primary goal of mitigating misunderstanding between faiths and cultures with the belief that such misunderstandings are used as leverage by terrorists and those who harbor them.

There is strong support in the UAE for international institutions such as the United Nations. The UAE signed or ratified laws to protect the rights of people with disabilities and hosted conventions to eradicate torture and cruelty in punishment, suppression of nuclear terrorism and combating human trafficking. Illicit drugs are another problem, as its proximity to South Asia makes it a drug transshipment point for traffickers. Furthermore, being a major financial center, the UAE is at risk of harboring money laundering schemes. The international community is seeking the UAE government to implement controls to mitigate these problems. The UAE is also a supporter of peaceful resolutions in Palestinians with the support of the Gulf Cooperation Council (GCC).

Disputes have existed between the UAE and Iran over the ownership rights to three UAE-based islands. These disputes date back to 2003 when Oman and the UAE signed and ratified boundary agreements for the entire border. Failing to publish the agreement and detailed maps of alignment gave Iran the opportunity to dispute the Tunb and Abu Musa Islands. In October 2009, Iran signed a Memorandum of Understanding to establish a joint commission between itself and the UAE. Furthermore, the UAE has concern over Iran’s nuclear program. Once long-time tensions between Saudi Arabia and the UAE have also abated. The biggest threat to the UAE is an internal regime failure, which would collapse the GCC military.

The UAE’s foreign aid policy is based on the Islamic philosophy of extending a helping hand for the needy to fulfill a duty of all Muslims. Wealth from oil and gas provides the UAE with the means of helping less fortunate countries. Organizations such as the UAE Red Crescent, which provides emergency relief, play an important role in such efforts.

Relations with the USA have been well-maintained and unified with the goal of maintaining a strong alliance with security and economic interests, including stability in the Middle East and the reliable supply of energy to global markets. The UAE is the largest importer in the Arab World of US goods at $144 billion (USD) in 2008. Over 750 US firms have a presence in the UAE, including Bechtel, ExxonMobil, Starbucks and Cold Stone Creamery. (The World Factbook 2009, 15) Following the global recession, the UAE has tried to insulate the local economy while working with multilateral institutions, such as the International Monetary Fund (IMF) and on a bilateral basis to help countries most seriously impacted.

One setback for the UAE is the severe repression of freedom of speech. There are controls restricting the media from criticizing or questioning the actions of policy. The UAE government pushed new media laws past a first legislative hurdle on January 20, 2009, which would restrict the freedom of press. Any journalist who criticizes the royal family or publishes information that is damaging to the economy, Islam, or UAE citizens is fined up to 1,000,000 Emirati Dirhams (AED). The maximum fine is equivalent to about $270,000 USD. Imprisonment is also possible, but rarely enforced, as the industry practices self-censorship. Censorship has also been exercised by the UAE government. Censoring media on UAE’s prison affairs, democratization efforts, and criticism of the ruling family is seen as repressive to the rights of UAE citizens.

For instance, the UAE does not participate in a bankruptcy process as in many Western nations. Debtors unable to meet such obligations are sent to a debtor’s prison and this has been an increasingly occurring affair since the start of the global financial crisis. Many questions have been raised about the ethical nature of this practice, as well as the level of humane treatment at such facilities.

Property rights in the UAE are about forty percent below the global average, according to the Heritage Foundation, due to the considerable influence the ruling families exercise on the judiciary. Corruption and incompetence in the system is rarely challenged. All land in Abu Dhabi is government-owned. Foreigners may obtain mortgages in Dubai. The UAE leads the region in the protection of intellectual property rights.

The population of the UAE is expected to grow from 4.76 million in 2008 to 5.06 million in 2009, a 6.31 percent annual growth rate. The UAE is extremely reliant on expatriates in its workforce. As of 2007, there were an estimated 3.62 million non-UAE nationals versus 864,000 UAE-born nationals. Most labor issues concern expatriates, especially among the unskilled segment. Addressing these issues is an ongoing development.

In the same year there were an estimated 3.08 million males and 1.4 million females. While Arabic is the official language, English is preferred in the international business community of the UAE. Islam is the official religion of the UAE, but all religions are tolerated.

UAE nationals are described as being tolerant, forward-looking individuals who maintain a strong sense of tradition. There is a high standard of living that is shared by many, including a well-developed education system and health services. There are over sixty public and private universities in the UAE. The illiteracy rate is approximately seven percent.

The UAE government supports efforts to develop human services, especially to assist in the empowerment of women and for social welfare programs. Approximately thirty percent of the UAE workforce is comprised of women. While migrants primarily wear Western-style clothing outside of work, the UAE nationals primarily wear traditional clothing in most settings for cultural reasons and to distinguish themselves from foreigners. Rapid advancements in healthcare facilities have drastically reduced infant mortality (to approximately eight out of every 1,000 births in 2008) and raised the average life expectancy age in the UAE (to seventy-seven for men and eighty for women). Social security services amounted to over $600 million (USD) in 2008, providing financial assistance to nearly 38,000 people.

The UAE sought to modernize under President Sheikh Zayed. Today, the country benefits from a vibrant free economy with a significant annual trade surplus. Reform of property laws has led to a boom in real estate and tourism, especially within Dubai. Tourism is expected to increase to 11.2 million tourists to the UAE in 2010.

Using such efforts as free trade zones, the UAE has been able to successfully diversify away from dependence on oil and gas exports. Free trade zones attract significant foreign investment given the incentive of one-hundred percent foreign ownership and tax-free profits, creating thousands of jobs and facilitating a technology transfer. In 2007, the direct foreign investment (DFI) into the UAE was the highest in the region, at around $19 billion (USD). Two of the largest free trade zones in the UAE are the Dubai Media City and Jebel Ali Free Zone. For instance, Jebel Ali Free Zone, a container port terminal, transports over eight million containers of cargo each year and was expected to reach $180 million in profits in 2007. This is more than all of India’s ports combined.

The GDP in the UAE was approximately $199 billion (USD) in 2007 using current prices, which represented a 5.2 percent annual growth rate and is approximately 115 times larger than its GDP in 1971. Major industries are oil and gas, petrochemicals, aluminum, cement, ceramics, ship repair, pharmaceuticals, tourism, transport, real estate and financial services. While many private companies operate six days each week, the government institutions reserve Friday and Saturday as days off.

In 2007, the UAE economy was ranked the twenty-ninth most competitive economy out of forty advanced economies in a study. This puts the country well ahead of any other Middle Eastern nation. According to the study, some of the strengths of the UAE included a government surplus, low national debt and a high national savings rate. Some of the weaknesses include uneven performance, a lack of innovation and entrepreneurship and high inflation, which unofficially has been as high as fifteen percent. In fact, the UAE is now the second largest Arab economy, behind only Saudi Arabia.

Economic growth is anticipated to slow as the country continues to mature and stabilize. Several serious issues hinder the continued UAE economic expansion. The property market throughout the country has issues such as project delays and bank funding shortages. Partially finished commercial buildings can be found primarily in Dubai and Abu Dhabi, and to a lesser extent in the other five emirates The recent decline in fuel prices has had implications on the UAE budget despite efforts to diversify. Furthermore, the UAE government is implementing more stringent lending guidelines for individuals and companies, while UAE banks are reducing exposure to foreign debt. The UAE had a budget surplus in 2006 of 211.3 billion AED. In 2007, the budget surplus increased to 236.15 billion AED.

Despite the efforts by the UAE to become less dependent on natural resources as a source of revenue, petroleum and natural gas exports continue to play an important role in the economy. UAE main export partners are Japan, China, and Iran. Imports into the UAE are mostly machinery and transport equipment, chemicals and food. Its main import partners are the European Union (Germany, UK and Italy), China, India, the US, and Japan. In 2006, the UAE had a trade surplus of 132.38 billion AED and a trade surplus of 135.94 billion AED in 2007.

To support the banks, the government is working on establishing guarantees of banking deposits and supporting low interest rates. Also, major infrastructure projects are being initiated at this time to lock in savings due to the economic downturn. Corporate governance and transparency standards are rising in the UAE as of late to instill international investor confidence in its equity markets.

The AED is currently pegged to the USD at 3.673 AED to every USD. The peg was established in the late 1980s; the current peg was established in 2002. This strategy could work well for the UAE because one of the country’s major sources of revenue is oil, which is denominated in USD. However, this also makes the UAE subject to any and all currency movements in the USD relative to other currencies. One of the major drawbacks of this exchange rate policy is the effect of high inflation in the UAE.

There have been several lessons learned in the UAE following the most recent global recession. First, leaders in both the public and private sectors took note of the correlation and interconnectedness of global market players. Secondly, careful study was undertaken to evaluate the re-recessionary impact on the UAE economy of oil price declines. Despite slowing growth, the UAE still has one of the fastest growing economies in the world. One of the main drivers of economic growth and employment creation in this country has been the consistency of fixed capital investment from the government, public institutions, and private entities. Four primary sectors are attracting investment and providing economic expansion in the UAE: hydrocarbons, manufacturing, transportation and communications and real estate.

Dubai plays a strategic role in the future of the UAE. Since the beginning of the twentieth century, Dubai had become the premier trading post of the Persian Gulf. Today, it is a massive metropolis with a population in excess of two million people. The initial catalyst for the emirate was oil wealth, which was used to invest in infrastructure and facilitated rapid socioeconomic developments starting in the 1970s and 1980s. A pioneering model was then introduced to create a post-oil economy based on diverse industrialization and a variety of specialist free zones. The diverse industrialization included such sectors as commercial infrastructure, light import-substitution, promotion of luxury tourism and a freehold real estate market.

Abu Dhabi, UAE’s political capital, has at least ten percent of the world’s proven hydrocarbon deposits and over ninety percent of UAE oil exports. Through oil-based revenues flowing into the country, the Abu Dhabi Investment Authority (ADIA) has formed to become the largest sovereign wealth fund (SWF) in the world. ADIA has teams of foreign experts that scour the globe for a variety of investment opportunities in the developed world, such as a five-percent stake in Fiat-controlled Ferrari, Southeast Asian emerging markets, and other developing countries (such as investments in Libya’s tourist infrastructure) that are expected to have substantial future growth.

Over the next ten or more years, the UAE and GCC members as a whole are anticipated to receive a windfall from a strong demand-side energy stimulus due primarily to the rapid economic developments in Brazil, Russia, India and China (BRICs). The BRICs were first recognized by a team of economists and other researchers at Goldman Sachs and, according to their predictions, the BRICs will exert considerable pricing pressure on global energy markets over at least the next decade due to their rapid economic development. If this takes place, the UAE will be able to sustain high investment levels and strong welfare-enhancing economic growth. Due to current regional instability and periods of regional violence, which is among the worst in the world, the UAE’s full economic potential from this scenario will unlikely be reached. Nonetheless, the UAE and the rest of the GCC have an opportunity in the coming decades to become one of the most prosperous regions in the world.

Despite impressive economic growth and development, areas of vulnerability within the economic system of the UAE exist. Social welfare systems have tied the government to burdensome distributive practices, which can bread an unproductive mentality among the native population. Secondly, many new sectors are especially reliant on foreign investment and an expanding expatriate workforce. For instance, Dubai has succumbed to not only globalizing but also appears to be Westernizing. Taboo industries for the UAE have been established in Dubai to cater to foreign residents. They include night clubs, movie theaters and bars.

The other five emirates outside of Abu Dhabi and Dubai lack in economic development and growth potential. Ajman and Sharjah are both resided in by Dubai workers looking for cheaper accommodations. Ajman has great stability, with only four rulers since 1900. Sharjah is a city of learning and the arts, representing the cultural capital of the Arab World and has over twenty museums. Umm al-Qaiwain is the second smallest emirate and is relatively unproblematic and politically stable. However, the emirate’s stance on alcohol has created rifts with the UAE rulers. Umm al-Qaiwain licenses the right to sell and consume alcoholic products, like Dubai, but also operates hug shops at beach resorts. Residents in this emirate rely on fishing and cultivating palm trees as primary sources of income. Umm al-Qaiwain is undergoing an architectural renaissance and is rapidly developing. Fujairah is the only emirate on the eastern side of the UAE along the Gulf of Oman and has lowly status in the country’s development process. If it is able to overcome this situation, Fujairah has the potential to become an important alternative port of Dubai and the rest of the UAE.

The emirate benefits from great stability and good neighbor relations. Ras al-Khaimah has experienced instability over the last few decades and is expected to have more internal problems over the near future. It is not oil rich nor near Dubai, but is an important supply of labor into Dubai.

Financial regulation is somewhat complex in the UAE. The DIFC has its own regulator, the DFSA, and its own civil and commercial laws. The rest of the UAE financial system is regulated by the Central Bank of the UAE, The Emirates Securities and Commodities Authority (ESCA) and the Ministry of Economic Planning (MEP).

The Central Bank of the UAE is granted a general power to create rules governing all matters that fall within its authority. Most of the Central Bank’s power focuses on setting monetary policy and bank regulation, rather than regulating the securities market unless it regards anti-money laundering practices.

There is no formal bond market in the UAE. In order for companies to issue debt, they must list the bond offering on a different exchange (such as the London Stock Exchange), through bond dealers in commercial banks or through private placements directly to investors.

Of the seven emirates in the UAE, Dubai has been hit the hardest by the global financial crisis. The volatile situation in Dubai has affected the whole country and, coupled with a fall in oil prices, the IMF estimate a 3.3 percent contraction in the UAE in 2010. Alternatively, UAE officials have expressed optimism about the country’s future in an attempt to instill confidence in the UAE economy.

The GCC states, seek to become a regional financial hubs. Barriers to achieving this goal have risen as a result of the Dubai World crisis and the UAE’s response. International confidence in the ability of GCC to restructure their debts have been questioned as global investors express concern over issues of transparency, accountability and good corporate governance. At the heart of the issue is the region’s reputation for good governance. An even more serious development is whether such problems are symptomatic of a deeper trend. It is expected that international investors will subject the Gulf states to a far greater level of scrutiny in the future.

UAE government-produced research on the economic outlook in 2009 acknowledged that challenges lay ahead due to the financial crisis and global economic downturn, but emphasizes the country’s strong foundation in which to withstand such challenges. The large current account surplus, estimated at $285 billion (USD) in 2008, and the government’s large controlled overseas assets is expected to shield the UAE from a sharp downturn. However, trade and associated industries are anticipating a slowdown in exports in the future. One positive key prospect from this downturn is the expected decline in inflationary pressures in the UAE due to a fall in soft and hard commodity prices.

Liquidity in the banking sector is an issue that is receiving close attention by government officials in the UAE, as non-Abu Dhabi based banks appear to be undercapitalized following a series of profit falls. The property market, especially in Dubai, is very weak and precipitated by negative sentiment and a short supply of funding. Future construction projects are in doubt as leveraged property firms struggle to obtain new capital. Public-funded infrastructure projects, on the other hand, are expected to continue to experience robust growth. For instance, construction on Dubai’s Al Maktoum International Airport will be the world’s largest aviation hub when finished in 2015.

The UAE government literature emphasized that the government will not let any major firm fail. Furthermore, it was highlighted that most leading firms in major sectors such as property, banking and transport are either wholly or partially government-owned and, as such, their debts have an implicit government guarantee.