Hello Dubai.

Date : 01-May-2007

Dear Subscriber:

A new jurisdiction is sprouting out of the desert sand at the south east corner of the Arabian Peninsula. Dubai, with its position overlooking the Gulf of Oman, and being the main commercial center for the United Arab Emirates, positions itself as the shiny new jewel of the region. Hearing about Dubai is one thing; seeing it up close is a real mind bender.

It’s been reported that over 20 percent of the world's cranes are currently in use in Dubai. Picture a stark desert extending its sands straight into the sea; and then picture, all at once, a massive 24 hour a day, 7 day a week construction race. Add to the equation architects with a penchant for the eccentric and a fondness for Sheikhdoms dating back into distant antiquity.

Dubai soon will be home to the world's tallest building, the sleek Burj Dubai, designed by a U.S. firm, which is scheduled for completion in 2009. One Central Park, the tallest eco-friendly apartment building will tower 80 stories. Dubai has unsurpassed imagination; current construction projects include a theme park, an underwater hotel, untold shopping malls, to the first opera house in an Arab nation. If you stand anywhere in Dubai and turn in a circle construction will encompasses your complete view. Today, the national symbol for Dubai should be a construction crane, and I am fairly sure the current national anthem is the sound of a jack hammer. Construction for all major projects is slated to be completed in 2010. It looks to me that the only thing that will stop boom town is if the powers that be run out of dessert. …

As for the real estate market overall, whatever lunacy you have witnessed in U.S. markets, such as Florida or Southern California in the past few years, get your calculator out and just keep adding zeros. The best way to describe real estate in Dubai is “off the charts.”

Financial Center

Dubai is smartly using free trade zones to develop business with multi-national corporations. There are several advantages for foreign investment into the free trade zones.

- You can own 100% of your company.
- You are exempt from import and export tax.
- You can take 100% repatriation of capital and profits.
- There is no corporate tax for 50 years.
- There is no personal income tax.

The growth numbers are staggering. In 2002 there were 3,000 companies operating in the free zones, with an estimated trade of $8 billion USD. In 2005 trade steamed past $17 billion USD.

The UAE legal system is essentially a civil law jurisdiction heavily influenced by French, Roman and Islamic law. Increasingly, in the free trade zones international law firms from common law jurisdictions have been using common law principles in many commercial contracts.

Pleasure

Beyond the ever changing skyline, Dubai is a great vacation destination where you will be treated as though you were a political dignitary. The famous Burj al Arab 7 star hotel with its distinctive skyward sail is one small gem among many world class hotels. You may have heard of the Palm-Jumeirah, an island built in the water in the shape of a palm tree. The real estate has been sold out for 2 years. The project has been so successful that three similar reclaimed land projects from the Gulf are now under construction. One is called “The World,” and it will have separate individual islands that will make the shape of the continents of our planet Earth. It has been reported that Rod Stewart bought Scotland; he must have saw Dubai before Sean Connery.

With its glistening monoliths sprouting out of the desert floor and its kaleidoscope of contrasts, Dubai has all the accouterments of a world class destination. Bottom line: Dubai is becoming a major financial center; it is an incredibly safe holiday destination spot; and is an exotic experience not to be missed.