Trade in Dubai

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Dubai World Trade Centre(DWTC):

The Dubai World Trade Centre (DWTC) was built by H.H. Sheikh Rashid bin Saeed al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai. DWTC is considered one of Dubai's premier landmark properties and business locations. Today, the complex comprises the original 39-storey office tower, eight exhibition halls, the Dubai International Convention Centre, which can accommodate more than 6,500 delegates in its multipurpose hall when set in auditorium style, a business club, and residential apartments with a leisure club.

Dubai is the fastest growing Business Location in the GCC countries, and certainly in the United Arab Emirates. Dubai has world class communications, high speed Internet Access, a superb GSM Mobile Phone Network, International Hotels, 100% Foreign Ownership via the Jebli Ali Free Zone, excellent Conference and exhibition facilities, in fact Dubai has everything that you want for a GCC and Arabic base for your Middle East Business location.

The Dubai World Trade Centre has been at the forefront of exhibition organising in the Middle East for more than 20 years. The professional expertise of the DWTC has guaranteed the success of all exhibitions organized by DWTC, in addition to international exhibitions featuring health, oil & gas, food, construction, interior design, fashion, consumer electronics, education and motor vehicles.

Although it is a common misconception that oil was the catalyst, trade triggered Dubai's explosion from a sleepy village into the Southern Gulf's leading port. In 1833, Sheikh Maktoum bin Buti began the Al Maktoum family's rule of Dubai. Realising the potential of Dubai creek's natural harbour, he established a trading port.

At the turn of the twentieth century, traders were re-routing goods through Dubai to avoid the high customs elsewhere in the region. Persia's principal port, Lingah, was particularly hard hit. To take advantage of the influx of merchants to the Arab coastal settlements, Sheikh Maktoum bin Hasher Al Maktoum 'established Dubai as a free trade port, abolished import and export tariffs, and began a systematic programme to encourage Lingah's leading merchants to relocate. He offered free land and personal guarantees of protection in his peaceful trading haven.'1 The economy grew as smaller traders followed the more prominent merchants and resettled in Dubai. Dubai established itself as the Gulf's leading entry port and the centre of the pearling trade.

For hundreds of years, the finest pearls in the world were found in the waters of the Arabian Gulf. The ancient pearling industry provided the only real income for the people. The barter system was their way of trading. A few families would leave the nomadic desert lifestyle and settle on the coast to fish. Some of the fishermen probably found the occasional pearl when wading in the shallows, and kept it until there was an opportunity to barter it. As India became increasingly prosperous in the eighteenth and nineteenth centuries, demand for pearls grew. What had been little more than a cottage industry became a major part of local life. Merchants would provide the capital to provide and equip a boat for the diving season, in return for a majority share of the profit accumulated from the sale of the pearls.

Although the pearling industry offered potential wealth, it was also very dangerous for the divers, both physically and financially. In order to provide for their families over the months they were at sea, most would take advances from the owner of the boat.

While trade was the grit around which the pearl of Dubai was formed, oil has definitely played a part in the emirate's story. By the early 1970s, as one of the Middle East's principal oil producers, the UAE was experiencing an unprecedented economic boom.

International manufacturers and exporters conducts business with Dubai by concluding transactions directly with importers and traders.

International businesses interested in developing their trade with Dubai will find that the market has a number of attractive features.

 
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