United Arab Emirates

GDP (US$ Billion)

378.66 (2017)

World Ranking 31/191

GDP Per Capita (US$)

37,346 (2017)

World Ranking 26/190

Economic Structure

(in terms of GDP composition, 2017)

Services
(55.64%)
Industry
(43.60%)
Agriculture
(0.76%)

External Trade (% of GDP)

205.3 (2016)

Currency (Period Average)

Emirati Dirham

3.67 per US$ (2017)

Political System

Federation

Overview

The United Arab Emirates (UAE) has well-established infrastructure, a stable political system and one of the most liberal trade regimes in the Gulf region. It continues to be increasingly important, relevant and attractive to businesses from around the world as a place to do business and as a hub for the region and beyond. While the oil sector continues to make up a significant proportion of Gulf Co-operation Council (GCC) economies, the UAE has successfully diversified its economic base from over-reliance on the energy sector. In the medium term, firmer oil prices and easing of fiscal consolidation are expected to promote economic activity, especially as investments ramp up ahead of Dubai's Expo 2020. This rebound is faced with several potential downside risks, including commodity price shocks and tighter global financial conditions.

Sources: Fitch Solutions, BBC Timeline

 

Major Economic/Political Events and Upcoming Elections

February 2017

The UAE signed an agreement with Somalia to station a military base in the East African state.

June 2017

Diplomatic tie with Qatar and the GCC deteriorated.

July 2018

The UAE accepted setting up a comprehensive strategic partnership with mainland China.

September 2018

Crown Prince Mohammed bin Zayed of Abu Dhabi announced the approval of a three-year, AED50 billion fiscal stimulus package for the emirate. The package – titled 'Tomorrow 2021' – will focus on four key objectives: stimulating investment, creating jobs, spurring innovation and improving quality of life.

Sources: BBC country profile – Timeline, Fitch Solutions

Major Economic Indicators
Graph: UAE real GDP and inflation
 
Graph: UAE real GDP and inflation
 
Graph: UAE GDP by sector (2017)
 
Graph: UAE GDP by sector (2017)
 
Graph: UAE unemployment rate
 
Graph: UAE unemployment rate
 
Graph: UAE current account balance
 
Graph: UAE current account balance
 

e = estimate, f= forecast

Sources: IMF, World Bank, Fitch Solutions

Date last reviewed: May 1, 2019

External Trade

Merchandise Trade

Graph: UAE merchandise trade, UAE goods exports, UAE goods imports
 
Graph: UAE merchandise trade, UAE goods exports, UAE goods imports
 
 

e = estimate

Source: WTO

Date last reviewed: May 1, 2019

Graph: UAE major export commodities (2018)
 
Graph: UAE major export commodities (2018)
 
Graph: UAE major export markets (2018)
 
Graph: UAE major export markets (2018)
 
Graph: UAE major import commodities (2018)
 
Graph: UAE major import commodities (2018)
 
Graph: UAE major import markets (2018)
 
Graph: UAE major import markets (2018)
 

Sources: Trade Map, Fitch Solutions

Date last reviewed: May 1, 2019

Trade in Services

Graph: UAE trade in services
 
Graph: UAE trade in services
 
 

e = estimate

Source: WTO

Date last reviewed: May 1, 2019

Trade Policies
  • The UAE has been a member of World Trade Organization (WTO) since April 10, 1996.

  • The UAE is a member of the GCC alongside Kuwait, Oman, Saudi Arabia and Qatar. Many goods from the region enter the UAE tariff-free.

  • Generally, a customs duty of 5% is imposed on the cost, insurance and freight value of imports.

  • A 5% value-added tax (VAT) was introduced in the UAE as of January 1, 2018. The tax will apply to almost all goods and services except basic food items, education and healthcare. The 0% VAT rate also applies to goods and services exported outside the VAT-implementing GCC member states, international transportation, crude oil/natural gas, the first sale of residential buildings, and some specific areas.

  • On October 1, 2017, the UAE implemented an excise tax on tobacco products, carbonated drinks and energy drinks. The tax applies to both locally manufactured and imported goods. The applicable tax rates are 50% for carbonated drinks and 100% for tobacco products and energy drinks.

  • Prohibited products include live swine and other products prohibited on security, health and safety grounds. Restricted products include pig meat products and alcoholic beverages, which require import licences and, in most cases, the tariff on these products is 200%.

  • Trading (importing and/or exporting) in the UAE requires a trading licence and a trader code, which is available from the customs department of each emirate and is valid throughout the UAE. Import and export licences are dependent on ownership rules, with certain industries requiring a domestic partner with a share of 51% of ownership in the importer or exporter in order to obtain the relevant permits. These ownership rules have been changed in 2018 and is further outlined below (see FDI Policy section).

  • Imports of all live animals, animal products (except food products of animal origin) and fodder need an import permit issued by the Ministry of Climate Change and Environment. Additionally, all live animals, animal products, plants and plant products are subject to quarantine requirements and need to be accompanied by health certificates.

Sources: WTO - Trade Policy Review, Fitch Solutions

Trade Agreement

Multinational Trade Agreements

Active

  1. WTO: The UAE has been a member of the WTO since April 1996.

  2. GCC: The GCC, which came into effect in May 1981, implemented a customs union that allows for the free movement of local goods among member states. The UAE's trade with these countries is tariff-free. Other members are Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. This agreement helps member states to leverage each other's industrial capacity and logistics networks. The geographic proximity of these countries and their general adoption of free-trade economic policies are factors that foster a competitive business environment.

  3. Greater Arab Free Trade Area (GAFTA): GAFTA came into effect in January 1998. The agreement activates the Trade Facilitation and Development Agreement and eliminates most tariffs among the GAFTA members. The 17 members of GAFTA are Algeria, Bahrain, Egypt, Iraq, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, the UAE and Yemen. The trade agreement adopts the method of a gradual reduction of taxes and customs (10% per annum), eliminating customs and non-tariff barriers on goods traded among the 17 Arab countries.

  4. GCC and European Free Trade Association (EFTA): The EFTA, which comprises Iceland, Liechtenstein and Switzerland, signed an free trade agreement (FTA) with the GCC which came into force on July 1, 2015. The agreement covers the progressive elimination of tariffs on trade in services and manufactured goods as well as investment, and other trade-related issues such as protection of intellectual property, and is fully consistent with provisions of the WTO. In addition, bilateral arrangements on agricultural products between three individual EFTA states and the GCC form part of the instruments establishing the free trade area between both sides.

  5. Singapore-GCC FTA (GSFTA): The GSFTA came into effect in September 2013. It eliminates most tariffs (99%) on Singapore's exports to the GCC. This is a comprehensive agreement covering trade in goods, rules of origin, customs procedures, trade in services and government procurement, among others. Key sectors benefitting from the agreement include telecommunications, electrical and electronic equipment, petrochemicals, jewellery, machinery and iron and steel-related industry. The recognition of the halal certification of Singapore's Majlis Ugama Islam Singapura will also pave the way for trade in halal-certified products to gain faster access to the GCC countries.

Signed But Not Yet in Effect

The Trade Preferential System of the Organization of the Islamic Conference (TPS-OIC): The agreement would see to the promotion of trade between member states by including most-favoured nation principles, harmonising policy on rules of origin, exchanging trade preferences among member states, promoting equal treatment of member states and special treatment for least developed member states and providing for regional economic bodies made up of OIC nations to participate as a block. The agreement will cover all commodity groups. The OIC comprises 57 members, making a full realisation of such an agreement highly impactful, encompassing approximately 1.8 billion people. Although the framework agreement, the Protocol on Preferential Tariff Scheme and the Rules of Origin have all been agreed on, a minimum of 10 members are required to update and submit their concessions list for the agreements to come into effect. As of January 2019, only seven nations have done so.

Under Negotiation

  1. Australia-GCC: Australia and the GCC share a significant economic relationship, encompassing trade and investment across a broad range of goods and services. The GCC is a key market for agricultural exports such a livestock, meat, dairy products, vegetables, sugar, wheat and other grains. The agreement provides an opportunity to address a range of tariff and non-tariff barriers related to food exports that will benefit the food and drink sectors in UAE.

  2. Mainland China-GCC: Mainalnd China and the GCC are also negotiating a trade agreement. Greater trade liberalisation will help develop the industrial and service sectors.

  3. India-GCC: The GCC and India are negotiating an FTA. The agreement is expected to remove restrictive duties, push down tariffs on goods and pave the way for more intensive economic engagement between the nations. More than 50% of India's oil and gas comes from the GCC countries.

  4. Japan-GCC: Japan and the GCC are negotiating an FTA. This agreement will seek to reduce tariffs and the liberalisation of services trade and investment. Japan mainly imports aluminium, natural gas, liquid natural gas and petroleum products from the GCC, while Japan mainly exports electronics, vehicles, machinery, and other industrial products to the GCC.

  5. Other: A number of other GCC FTAs are currently under negotiation. The countries engaged in negotiations include Pakistan, New Zealand, South Korea, the Mercosur bloc and Turkey.

Sources: WTO Regional Trade Agreements database, Fitch Solutions

Investment Policy

Foreign Direct Investment

Graph: UAE FDI stock
 
Graph: UAE FDI stock
 
Graph: UAE FDI flow
 
Graph: UAE FDI flow
 

Source: UNCTAD

Date last reviewed: May 1, 2019

Foreign Direct Investment Policy

  1. The UAE is a federation of seven emirates. Currently, the UAE does not have a federal corporate income tax (CIT) regime; however, most of the emirates introduced income tax decrees in the late 1960s, and taxation is therefore determined on an emirate-by-emirate basis.

  2. Investment promotion agencies exist depending on the emirate. For example, the Sharjah Investment and Development Authority, or Shurooq, is an independent government agency that assists investors in finding partnerships in the respective emirate. However, the UAE government has, as of October 2018, created an additional special unit within the Ministry of Economy to help attract foreign investors. The unit will offer significant benefits to investment firms by stipulating that foreign investment firms which secure licences under the decree will be treated like national companies, significantly cutting back on red tape.

  3. Under the emirate-based tax decrees, CIT may be imposed on all companies (including branches and permanent establishments) at rates of up to 55%. However, in practice, CIT is currently only enforced with corporate entities engaged in the production of oil and gas or extraction of other natural resources in the UAE.

  4. Previously, foreign companies or individuals were limited to 49% ownership or control in any part of the UAE (with the exception of some free trade zones (FTZs)), pursuant to law. A foreign business in these cases was obliged to have a UAE national sponsor, agent or distributor, with at least a 51% ownership interest of the business. However, in October 2018, the UAE government approved a new foreign direct investment law which would remove limitations on foreign-ownership in select sectors. The list of sectors (as delineated by the 'negative list') would remain limited to foreign ownership and include the following:


     
    • Oil exploration and production
    • Investigation, security, and military-related industries
    • Banking and financing activities
    • Insurance
    • Pilgrimage and Umrah services
    • Certain recruitment activities
    • Water and electricity provision
    • Fishing and related services
    • Post, telecommunication and other audio visual services
    • Road and air transport
    • Printing and publishing
    • Commercial agency
    • Medical retail (including pharmacies)
    • Blood banks, quarantines and venom/poison banks


    Other sectors, including those on the 'positive list', will be open to increased foreign ownership and will be announced in early 2019. The new law also provides the cabinet with the ability to add or remove sectors and industries from the respective lists and provides the cabinet with the power to oblige a company or its shareholders to meet certain requirements before greater foreign investment is allowed (in the case whereby a change in listing occurs).

  5. FTZs have their own rules and regulations and generally offer tax holidays to businesses (and their employees) set up in the FTZ for a period of between 15 and 50 years (which are mostly renewable).

  6. Branch offices of foreign companies are required to have a national agent with 100% UAE national ownership, unless the foreign company has established its office pursuant to an agreement with the federal or an emirate-level government.

  7. Certain transactions in goods between companies established in FTZs have special treatment under the UAE VAT law and may not be subject to VAT. The supply of services within FTZs is subject to VAT in accordance with the UAE VAT legislation.

  8. VAT exemption applies to certain financial services, as well as to the residential real estate sector. Furthermore, transactions in bare land and domestic passenger transport are also exempt.

  9. Most emirates impose a municipality tax on properties, mostly by reference to the annual rental value. It is generally the tenants' obligation to pay the tax. In some cases, separate fees are payable by both tenants and property owners. For example, in Dubai, the municipality tax on property is currently imposed at 5% of the annual rental value for tenants or at 5% of the specified rental index for property owners.

  10. When a public joint stock company lists in the UAE, there is a 51% GCC ownership requirement. UAE nationals must chair and be the majority of board members of any public joint stock company.

  11. The law requires that foreign principals distribute their products in the UAE only through exclusive commercial agents who are either UAE nationals or companies wholly owned by UAE nationals.

  12. A registration fee may be levied on transfer of ownership of land or real property. For example, a land registration fee is levied in the emirate of Dubai at a rate of 4% of the sale value of the property (a cost generally shared between the buyer and seller), payable to the Dubai Land Department. In Dubai, the registration fee may also apply on the direct or indirect transfer of shares in an entity that owns real property. These levies are imposed and administered differently by each emirate.

  13. Currently, there are over 45 FTZs (and business parks) in the UAE, each having its own regulations. Businesses (and their employees) established in FTZs are generally eligible for (renewable) 15-50-year tax holidays. Certain FTZs also offer exemption from customs duties. The laws and regulations granting these tax holidays and exemptions are not consistent across the various FTZs. Each FTZ therefore needs to be considered separately.

  14. The Securities and Commodities Authority of the UAE (SCA) will, during the first half of 2019, introduce regulation concerning the issuance of initial coin offerings (ICOs).

Sources: WTO – Trade Policy Review, The International Trade Administration, US Department of Commerce, national sources

Free Trade Zones and Investment Incentives

Free Trade Zone/Incentive Programme Main Incentives Available
Free Trade Zones (FTZs) are located throughout the country, with some open to all sectors and some catering for specific industries. FTZs include, but are not limited to:



- The Dubai Airport Free Zone



- Dubai International Financial Centre (DIFC) (typically for financial services)



- Dubai Internet City



- Dubai Media City



- Dubai Multi Commodities Centre



- Dubai South



- Jebel Ali Free Zone



- Abu Dhabi General Markets (typically for financial services)
- FTZs have their own rules and regulations and generally offer tax holidays to businesses (and their employees) set up in the FTZ for a period between 15 and 50 years (which are mostly renewable)



- 100% foreign ownership permitted



- Exemption from import and export taxes



- Exemption from customs duties



- Exemption from CIT



- Exemption from personal income tax



- Freedom to repatriate capital



- Subsidised utilities costs



- Strong logistics connections



- Support services for completing bureaucracy
 

Sources: US Department of Commerce, Fitch Solutions

Taxation – 2019
  • Value Added Tax: 5%
  • Corporate Income Tax: N/A

Source: United Arab Emirates Ministry of Finance

Important Updates to Taxation Information

  • In January 2018, the UAE Cabinet approved two double tax agreements concluded by the territory in 2017 with Moldova and Croatia.

  • There is a growing trend of tax reforms in the Middle East region and this may result in changes to the tax laws in the UAE. Based on public sources, the UAE is in the early stages of studying a federal corporate tax regime for the country.

  • On October 1, 2017, the UAE implemented excise taxes on certain goods.

  • VAT was implemented in the UAE on January 1, 2018, with a standard rate of 5%. This follows the ratification by the UAE of the Common VAT Agreement of the GCC for the introduction of VAT in the GCC region.

Business Taxes

Type of Tax Tax Rate and Base
Corporate Income Tax No federal taxation currently exists in the UAE, although each of the individual emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain) has issued corporate tax decrees that theoretically apply to all businesses established in the UAE. Under the emirate-based tax decrees, CIT may be imposed on all companies (including branches and permanent establishments) at rates of up to 55%. However, in practice, CIT is currently only enforced with corporate entities engaged in the production of oil and gas or extraction of other natural resources in the UAE.
Some of the emirates have their own specific banking tax decrees, which impose CIT on branches of foreign banks 20%
Personal Income Tax No personal income tax exists.
Social security contributions Only due with respect to nationals of the UAE and GCC. Employer and employee contribution rates are 17.5% and 5.0% respectively.
Value Added Tax 5.0% applies to all supplies of goods or services, unless a specific measure provides for the zero rate or an exemption.

Sources: United Arab Emirates Ministry of Finance, Fitch Solutions

Date last reviewed: May 1, 2019

Foreign Worker Requirements

Localisation Requirements

The UAE government has launched a policy of 'Emiratisation' similar to that of 'Saudisation' in neighbouring Saudi Arabia, which is intended to boost the employment of Emirati nationals in the private sector and reduce reliance on expatriate labour. There are specific local hiring quotas which must be fulfilled for companies with over 50 employees or more, the banking sector, the insurance sector, and the retail sector. Specific jobs are reserved for Emirati citizens through legislation such as human resources managers, secretaries and government liaison personnel. These local hiring requirements are not applicable to companies with their operations based in the UAE's FTZs.

Obtaining Foreign Worker Permits for Skilled Workers

Citizens who are not from the GCC need to be sponsored by their employer, and therefore need to have a job offer in order to be able to apply for a work permit. Various documents such as educational and professional qualifications, results of medical examinations and a signed copy of the job contract all need to be lodged with the UAE Ministry of Labour before the work permit will be granted.

Visa/Travel Restrictions

Citizens of other GCC and European Union states do not need a visa to visit the UAE. Citizens from North American states, Central Asian states and Asian states in general can obtain a visa on arrival, and citizens of African and South American states are required to arrange a visa in advance. Visa processing times are estimated at being four to six weeks.

New visa rules have been implemented (effective October 21, 2018) which allow visitors and tourists to apply for new UAE entry visas without leaving the country, and grant one-year residency extensions to widows and divorced women. The new rules will also allow visitors to be granted a new entry permit (valid for 30 days), but only twice. Extension of entry permits will require a payment of AED600 (not applicable to citizens of GCC nations).

Regulation surrounding long-term visas have also been updated in October 2018, now offering:

  • Five-year residency visas to persons owning real estate in the UAE worth a minimum of AED5 million
  • Renewable 10-year visas to persons with investments in the country worth a minimum of AED10 million (if non-real estate investments make up at least 60% of the total portfolio)
  • Five-year visas for entrepreneurs
  • 10-year visas for scientists and researchers with top qualifications
  • Five-year visas for 'outstanding students'

Work Sponsorship System

Several changes were made to better protect workers' rights under the 'Kafala' system which came into effect from January 1, 2016. These included that job contracts must specifically reflect the terms offered to the employee verbally and must be signed by both parties prior to being submitted to the Emirate Ministry of Labour as part of the formal work permit application and that a contract of employment has come to an end if an employer has not met their contractual obligations (for example, failed to pay their employees for 60 days or more). The changes allow workers greater freedoms in terms of seeking alternative employment within the UAE and, therefore, obtaining a new work permit through a new employer.

Sources: Government websites, Fitch Solutions

Risks

Sovereign Credit Ratings


 
Rating (Outlook) Rating Date
Moody's
 
Aa2 (stable) 25/03/2019
Standard & Poor's AA (stable) 02/07/2007
Fitch Ratings AA 11/05/2018

Sources: Moody's, Standard & Poor's, Fitch Ratings

Competitiveness and Efficiency Indicators


 
World Ranking
 
2017 2018 2019
Ease of Doing Business Index
 
26/190 21/190 11/190
 
Ease of Paying Taxes Index
 
1/190 1/190 2/190
Logistics Performance Index
 
N/A 11/160 N/A
Corruption Perception Index
 
21/180 23/180 N/A
IMD World Competitiveness 10/63 7/63 N/A

Sources: World Bank, IMD, Transparency International

Fitch Solutions Risk Indices


 
World Ranking
2017 2018 2019
Economic Risk Index Rank N/A 56/202 59/202
Short-Term Economic Risk Score
 
62.1 65.4 60.6
 
Long-Term Economic Risk Score 63.5 63.8 63.1
Political Risk Index Rank N/A 74/202 38/202
Short-Term Political Risk Score 83.1 83.1 86.7
Long-Term Political Risk Score 69.6 69.6 76.1
Operational Risk Index Rank N/A 20/201 19/201
Operational Risk Score 71 73.8 73.6

Source: Fitch Solutions

Date last reviewed: May 1, 2019

Fitch Solutions Risk Summary

ECONOMIC RISK

The UAE has been the most successful of the Gulf States when it comes to diversifying its economy away from oil, which accounts for just under 35% of GDP. However, with diversification has come greater exposure to the global economy, tougher regulations (focusing on 'concentration risks' and more stringent loan-to-value ratios for mortgages) for banks that have come into force in the past two years will go some way towards creating a more sustainable development model over the long run.

OPERATIONAL RISK

The UAE is the GCC and Middle East and North Africa (MENA)'s regional top performer for Operational Risk, which increases its attractiveness as a global business and investment destination. The UAE's operating environment is boosted by its comparably lower crime and security risks than other GCC and MENA states, its highly attractive trade and investment environment, by virtue of its comparatively diversified economy, competitive special economic zone incentive offerings, as well as its high quality and well-connected logistics network. The UAE is weighed down by its labour market, largely due to the low numbers of tertiary educated graduates (especially within fields such as science, technology, engineering and mathematics) present in its labour force, by global standards.

Source: Fitch Solutions

Date last reviewed: May 1, 2019

Fitch Solutions Political and Economic Risk Indices

Graph: UAE short term political risk index
 
Graph: UAE short term political risk index
 
Graph: UAE long term political risk index
 
Graph: UAE long term political risk index
 
Graph: UAE short term economic risk index
 
Graph: UAE short term economic risk index
 
Graph: UAE long term economic risk index
 
Graph: UAE long term economic risk index
 

100 = Lowest risk, 0 = Highest risk

Source: Fitch Solutions Political and Economic Risk Indices

Date last reviewed: May 1, 2019

Fitch Solutions Operational Risk Index


 
Operational Risk Labour Market Risk Trade and Investment Risk Logistics Risk Crime and Security Risk
UAE Score 73.6 71.2 79.1 68.7 75.3
MENA Average 48.3 52.3 48.0 48.7 44.1
MENA Position (out of 18) 1 1 1 3
 
2
Global Average 49.7 50.3 49.8 49.0 49.8
Global Position (out of 201) 19
 
11 3 38 32

100 = Lowest risk, 0 = Highest risk

Source: Fitch Solutions Operational Risk Index

Graph: UAE vs global and regional averages
 
Graph: UAE vs global and regional averages
 
Country
 
Operational Risk Index
 
Labour Market Risk Index
 
Trade and Investment Risk Index Logistics Risk Index Crime and Security Risk Index
UAE
 
73.6 71.2 79.1 68.7 75.3
Qatar
 
66.2 65.0 61.8 71.6 66.5
Oman
 
66.2 62.2 61.9
 
64.5 76.0
Bahrain 66.0 63.1 69.5 71.5 60.1
Saudi Arabia
 
62.6 67.2 62.1 62.7 58.6
Jordan
 
59.1 56.9 60.7 59.0 60.0
Kuwait
 
55.1 54.2 51.2 52.5 64.1
Morocco
 
54.1 43.2 63.8 54.8 54.6
Egypt 49.3 49.9 45.7 56.4 45.3
Tunisia
 
47.1 42.2 56.2 47.3 42.8
Lebanon 44.7 53.0 51.9 41.4 32.4
Iran 43.0 49.5 36.7 50.8 35.1
Algeria
 
42.0 46.1 31.1 42.9 47.9
West Bank and Gaza
 
34.8 48.8 37.4 32.0 21.2
Libya
 
28.0 47.2 22.1 29.3 13.4
Syria
 
27.3 45.5 23.7 27.0 12.7
Iraq
 
27.1 43.7 24.8 18.6 11.3
Yemen
 
22.4 32.7 24.9 15.8 16.1
Regional Averages 48.3 52.3 48.0 48.7 44.1
Emerging Markets Averages 46.0 48.1 46.5 44.7 44.8
Global Markets Averages 49.7 50.3
 
49.8 49.0 49.8
 

 

100 = Lowest risk, 0 = Highest risk

Source: Fitch Solutions Operational Risk Index

Date last reviewed: May 1, 2019

Hong Kong Connection

Hong Kong’s Trade with the United Arab Emirates

Graph: Major export commodities to UAE (2018)
 
Graph: Major export commodities to UAE (2018)
 
Graph: Major import commodities from UAE (2018)
 
Graph: Major import commodities from UAE (2018)
 

Note: Graph shows the main Hong Kong exports to/imports from the UAE (by consignment)

Date last reviewed: May 1, 2019

Graph: Merchandise exports to UAE
 
Graph: Merchandise exports to UAE
 
Graph: Merchandise imports from UAE
 
Graph: Merchandise imports from UAE
 

Note: Graph shows Hong Kong exports to/imports from the UAE (by consignment)

Exchange rate HK$/US$, average

7.75 (2014)

7.75 (2015)

7.76 (2016)

7.79 (2017)

7.83 (2018)

Sources: Hong Kong Census and Statistics Department, Fitch Solutions

Date last reviewed: May 1, 2019


 
2017
 
Growth rate (%)
 
Number of UAE residents visiting Hong Kong 16,838 -16.0

Source: Hong Kong Tourism Board


 
2017
 
Growth rate (%)
Number of Middle East residents visiting Hong Kong 129,816 -0.2

Sources: Hong Kong Tourism Board, Fitch Solutions

Date last reviewed: May 1, 2019

Commercial Presence in Hong Kong


 
2016
 
Growth rate (%)
 
Number of United Arab Emirates companies in Hong Kong 22
 
N/A
- Regional headquarters N/A
- Regional offices N/A
- Local offices 22

Source: Hong Kong Census and Statistics Department

Treaties and Agreements between Hong Kong and the United Arab Emirates

Hong Kong and the UAE signed Comprehensive Double Taxation Agreements in December 2014 and the deal came into force in December 2015.

Source: Inland Revenue Department

Chamber of Commerce (or Related Organisations) in Hong Kong

The Arab Chamber of Commerce & Industry
 

The Arab Chamber of Commerce & Industry was established in Hong Kong in 2006 as a leading organisation at promoting commercial ties between Hong Kong and mainland China and the Arab World.

Address: 20/F, Central Tower, 28 Queens Road, Central, Hong Kong

Email: info@arabcci.org, secretariat@arabcci.org

Tel: (852) 2159 9170

Source: The Arab Chamber of Commerce and Industry

Consulate General of the United Arab Emirates Hong Kong

Address: Unit 4903-06, 49/F, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong

Email: hongkongcon@mofaic.gov.ae

Tel: (852) 2866 1823

Fax: (852) 2866 1690

Source: Hong Kong Protocol Division of Government Secretariat

Visa Requirements for Hong Kong Residents

For HKSAR passport holders, a visit visa will be granted at the Consulate General in Hong Kong or upon arrival in the UAE.

Source: Visa on Demand

Date last reviewed: May 1, 2019

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