The United Arab Emirates (UAE), established in 1971, is a federation of seven emirates: Abu Dhabi, Dubai, Sharjah, Ras Al Khaimah, Fujairah, Ajman, and Umm Al Quwain.
Today, the UAE continues to diversify its economy beyond oil, with significant investments in emerging sectors such as artificial intelligence (AI), space exploration, blockchain, and fintech, demonstrating its commitment to becoming a global hub for innovation and technology.
Arabic traditions are deeply embedded in daily life in the UAE, shaping its business practices and cultural expectations. While the country remains rooted in its heritage, it is also highly welcoming to expatriates and fosters an atmosphere that encourages foreign investments and economic expansion.
The UAE actively promotes values of tolerance, inclusivity, and multiculturalism, making it an attractive destination for global entrepreneurs.
Major cities like Dubai and Abu Dhabi have become global business hubs, attracting international investment and tourism.
KEY FACTS
Currency
UAE Dirham (AED),
pegged to the US Dollar
(1 USD = 3.67 AED)
Gross Domestic
Product
Estimated at $1,68 trillion AED (2023 figures)
Corporate
Income Tax
Fixed at 9%
Personal
Income Tax
0%
Population
Approximately 9.9 million
Nationalities
200+ Nationalities
live in the UAE
GDP
per capita
$55,909 USD
Oil
Production
UAE is the 7th largest world producer of oil; but Dubai’s oil production is less than 1% of its GDP
Internet Penetration Rate
Around 99%,
one of the highest in the world
Ease of Doing Business Ranking
Ranked 20th globally,
and 1st in the Middle East
Foreign Direct Investment Inflow
$22.7 billion (2022 figures)
Tourism Contribution to GDP
Approximately 10% (2023)
International Tourists Visits
15 million (2023)
Average Salary
Roughly $50,000 USD per year (2023)
Top Global Destination
Dubai was named the #1 global destination in Tripadvisor’s Travellers’ Choice Awards for 2024, three years in a row
Second
Safest Country
Best City
for Expats
Dubai ranked #1 for expats in 2023 by Remitly, and one of the best cities for remote work
UAE’S COMPETITIVE EDGE IN THE GLOBAL MARKET
The UAE offers a unique and competitive environment for businesses in the cryptocurrency and web3 sectors.
Here’s why:
The UAE has developed a clear regulatory framework for Virtual Asset Service Providers (VASPs), ensuring legal certainty and investor protection. Dubai, in particular, has positioned itself as a global hub for cryptocurrency, attracting international conferences, events, and businesses, making it an ideal base for companies in the blockchain space.
Positioned at the crossroads between East and West, the UAE provides easy access to key markets in the Middle East, Asia, and Europe. Its excellent air and sea connectivity further enhances its appeal as a strategic gateway for global trade and business operations.
The UAE is committed to fostering innovation, with initiatives like Dubai’s Blockchain Strategy, which aims to create a blockchain-powered government. This presents unique opportunities for the private sector to collaborate with the government on groundbreaking solutions. Additionally, the country’s free zones and accelerators provide an ideal environment for Web3 and crypto ventures.
Known for its political stability and secure business environment, the UAE offers a predictable setting for businesses. The low corporate income tax and other financial benefits further enhance its attractiveness. Coupled with world-class infrastructure—modern airports, seaports, and advanced telecommunications—the UAE ensures operational efficiency for businesses.
The UAE’s multicultural workforce fosters innovation and collaboration, critical for the success of crypto ventures. Add to that the high quality of life, modern amenities, and a vibrant expatriate community, and the UAE becomes not just a business destination, but a great place to live and work.
The combination of a supportive regulatory framework, strategic location, favourable tax conditions, political stability, and a robust innovation ecosystem makes the UAE an ideal destination for crypto and blockchain businesses.
This unique mix of advantages offers a platform for growth, collaboration, and access to global markets, positioning the UAE as a leading choice for companies in the rapidly evolving crypto industry.