United Arab Emirates (UAE) is a federation of the seven emirates of Abu Dhabi, Ajman, Al Fujairah, Dubai, Ras al Khaymah, Sharjah, and Umm al Qaywayn. UAE is heavily reliant on its export industry, being the sixth largest petroleum exporter in the world. Petroleum export revenues are valued at around $120 billion USD a year, out of a total of around $200 billion USD total export revenue.

UAE exports globally, its top export destinations are Japan, India, South Korea and Thailand. As well as crude petroleum, UAE exports gold, petroleum gas and raw aluminum. Interestingly, UAE is a big user of natural gas, and as well as sharing international gas pipelines, it’s a big importer and exporter of liquefied natural gas (LNG).

Chart Showing GDP Growth Compared to rest of world

United Arab Emirates (UAE) is a growing world financial centre and trade hub, with GDP growth rate at around 4% a year. With a total population of just 9 million, UAE is a high income and one of the richest nations in the world. UAE is actively seeking ways to diversify its economy in the long term, as it is heavily reliant on oil exports as a primary revenue stream at the moment. The country is investing into sustainable energy, education and science.

UAE imposes a 5% tax on imported goods, in accordance with the Unified Customs Law (ULC). United Arab Emirates main imports are pearls and other precious metals and stones, machinery, sound recorders and transport vehicles. UAEs import partners are China, India and the United States.

With a large expatriate population and one of the most liberal trade nations in the Gulf, a UK business exporting to UAE could have many advantages, including its proximity to other Gulf markets, there is no taxation on personal income and capital gains, and it’s ranked thirty-first  in the World Bank’s ease of doing business report.