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Country reportsSeptember 2 2013

Dubai climbs GTS ladder

As Dubai has grown, so has its role in the global transaction services industry, with the emirate now serving as the nerve centre of all trade taking place across the Middle East and north Africa. And as Dubai sets out its stall to become the next renminbi hub, this role only looks set to grow.
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Dubai climbs GTS ladder

Dubai’s importance as a trading port stretches as far back as the early 20th century. Trade initially grew up around its pearling industry, but Dubai’s strategic geographical location quickly led to its emergence as a transshipment centre between East and West, helping to transform the emirate into one of the most important trading hubs on the global map. Today, the United Arab Emirates conducts international trade with more than 220 countries and Dubai alone is home to more than 20 free zones, including one of the world’s largest – the Jebel Ali Free Zone, which houses 7000 companies from 132 countries, including 120 Fortune 500-listed companies.

With world-class infrastructure, including the flagship port of Jebel Ali, which is the largest container terminal between Rotterdam and Singapore, Dubai offers virtually unrivalled global connectivity and now ranks as the world’s third largest re-export market, driven mainly by the emergence of Africa and Asia as regional powerhouses. Combined with its low taxes, free-trade agreements and clear-cut, business-friendly environment, Dubai has succeeded in attracting multinational companies and businesses from across the globe.

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