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United Arab Emirates (UAE)
Independent Overview

"With a reputation as the leading diversified economy in the Middle East, the UAE is a growing platform for work and investments into the region and beyond. The Dubai market has been boosted by the opening of a major stock exchange - the Dubai International Financial Exchange (DIFX) - in the fledgling Dubai International Financial Centre (DIFC). Complete with its own regulations and dispute resolution system, the DIFC is attracting many entrants, especially in the financial services industry. The current influx of international lawyers demonstrates the level of commitment being put into the UAE and reflects the market's buoyancy.

Abu Dhabi has traditionally enjoyed greater oil reserves than Dubai, and this remains a strong driver of the economy, enabling outward investment by state-owned companies. The projects and energy sectors are also active, providing a significant amount of work for lawyers.

All the Emirates are benefiting from a continuing property boom and a growing demand for Islamic financing."

Chambers Global - The Client's Guide 2007 (published by Chambers & Partners)

"Dubai has confirmed its worldwide recognition as a business hub with the opening of the Dubai International Financial Centre (DIFC) in 2004 and the Dubai International Financial Exchange (DIFX) in 2005. Dubai serves as an international bridge between the financial centres of London and New York in the West and Hong Kong and Tokyo in the East. Focusing on several financial sectors, the DIFC provides benefits such as a zero percent tax rate on income and profits. To regulate the financial services provided by the DIFC's institutions, an independent body, the Dubai Financial Services Authority (DFSA), was established."

Practical Law Company Yearbook 2007 (published by Practical Law Co.)

"With a buoyant economy, which is becoming increasingly diverse, the UAE is one of the most exciting and dynamic places in the Middle East for investors. The impressive growth in Dubai's economy has been greatly aided by investment-friendly legislation such as the 'free zones', which are found throughout the UAE and come with huge tax incentives. The free zone of the DIFC, its stock market (DIFX) and the independent standard regulatory body (DFSA) have also attracted investment, with many foreign companies and financial institutions entering the market.

The Middle East location is also viewed as an important gateway to lucrative emerging markets in South Asia, such as India."

The Legal 500 Europe, Middle East and Africa 2007 (published by The Legal 500 Group)