3. United Arab Emirates
CPA Australia members 495
Overview
The United Arab Emirates (UAE) is Australia’s largest trade and investment partner in the Middle East and the region’s third largest economy, with 2024 GDP estimated at US$568 billion (A$883 billion). In Q1 2024, the UAE’s GDP hit AED430 billion (A$180 billion), a 3.4 per cent YOY increase.
FDI of US$30.7 billion (A$47.7 billion) in 2023 was a 35 per cent YOY increase. The UAE is diversifying away from oil and gas as it invests in AI, big data, aerospace, renewable energy, tourism, infrastructure, defence and more.
Major sectors
- Oil and gas
- Real estate and construction
- Tourism and hospitality
Key business attractions
The UAE has become an environment for business growth given its focus on investment outside oil and gas. English is used across the economy, and red tape and bureaucracy have been cut.
Entrepreneurship is supported, with attractions including powerful tax incentives, a strategic location between the East and the West, and modern infrastructure.
Skills in demand
- Financial modelling and analysis
- Risk management
- Business development
Local insight
“Many business travellers are surprised with the speed at which things can happen,” says Ralph Khoury FCPA, CFO of the AMIEO Region for Nissan United (an Omnicom Company), and member of CPA Australia’s Ethics and Professional Standards Centre of Excellence.
“The UAE is extremely business friendly. Its ability to transform its economy away from oil into becoming a true business hub that connects the East to the West, with proximity to strategic markets like India and Africa... will ultimately determine the sustainability of the economy,” he says.
“The UAE is a great place for business, but it is important to follow corporate and business licensing laws, and more recent taxation obligations including VAT and corporate tax.”
