Dr. Ahmed Abdurrahman Al Banna, Deputy Director General of Dubai Chamber of Commerce & Industry (DCCI), has urged the Chinese economic and business community to exploit Dubai’s investment opportunities and strategic position in Gulf by using the city as a hub for regional trade.
In a speech delivered to a delegation from the Shanghai Chamber of International Commerce, Dr. Al Banna pointed out that Chinese businesses will have access to 1.5 billion potential consumers in GCC (Gulf Cooperation Countires) countries, Iran, The Indian subcontinent, the Commonwealth of Independent States and Africa by distributing their products through Dubai.
“It’s the fact that may inspire the Chinese business community to consider establishing a Chinese regional trade center in Dubai to participate actively with other 65 foreign trade centers,” Dr Al Banna told the delgates.
The Deputy Director General of DCCI emphasised Dubai’s rise to prominence as an import/export centre through free trade zone initiatives such as Jebel Ali Free Zone, the Dubai Internet City, the Dubai Media City, the Knowledge Village, the Dubai International Airport Free Zone and the Dubai International Financial Centre.
China is already on of Dubai’s largest trading partners, with non-oil trade between the countries totalling some US$4 billion in 2003, according to Dr Al Banna.
Dubai's enormous oil revenues mean that the government has no need to raise income through direct taxation. With the exception of banks and oil companies no corporate income tax is payable by businesses in Dubai. There are also no withholding or capital taxes.
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