One of the major reasons why so many travelers fly across Dubai’s airspace is the duty free goods they can buy from its international airport. However, contrary to the popular belief, Dubai is not a tax free territory. It does provide certain tax incentives for various businesses to function and grow economically. The trend of tax benefits began making rounds with the announcement of Jebel Ali Free-trade zone in 1985. Several more have been added into this list since then, until recently. These additions include Maritime City, the Internet and Media Cities, the International Financial Centre and the Airport Free Zone.
Oil revenues were the main segment of Dubai’s per capita income in the post oil exploration period of 1960s. This however, transformed dramatically once the free zones began showing dividends. As a result, no longer do they have to rely on the oil reserves for their economic well being. The amount of foreign investment has been going up remarkably in the post free zones period, and makes much of Dubai’s commerce boost right now. We will have a quick overview of what these free-trade zones are all about and where they are expected to lead...
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