Duncan Wensley Middle East Office relocating

The new office is located in Jumeirah Lake Towers, Liwa Heights, 31st Floor in Dubai, United Arab Emirates. Mr. Kevin Philips is appointed Operations Director Middle East.

Kevin Philips, Belgian national, contributes with an extensive portfolio in finance, accounting, controlling, trading and audit. He graduated from Boston University, USA with a Bachelor of Arts in Economics and Business. Mr. Philips has more than eight years global experience, reaching out from Belgium over France up to USA, Singapore and the United Arab Emirates.

The Duncan Wensley Middle East branch is available by telephone [ +971 56 6945808 ], Mail [ P.O. Box 212506, Dubai ] and via email [ middle-east@duncanwensley.com ].

› Contact us in the Middle East

United Arab Emirates economy report

In 2009, UAE's GDP, as measured by purchasing power parity, stood at US$200.4 billion. The GDP per capita is currently the 14th in the world and 3rd in the Middle East, after Qatar and Kuwait as measured by the CIA World Factbook, or the 17th in the world as measured by the International Monetary Fund.

UAE's economy, particularly that of Dubai, was badly hit by the financial crisis of 2007–2010. In 2009, the country's economy shrank by 4.00 percent.

Petroleum and natural gas exports play an important role in the economy, especially in Abu Dhabi. A massive construction boom, an expanding manufacturing base, and a thriving services sector are helping the UAE diversify its economy. Nationwide, there is currently $350 billion worth of active construction projects. Such projects include the Burj Khalifa, which is the world's tallest building, Dubai World Central International Airport which, when completed, will be the most expensive airport ever built, and the three Palm Islands, the largest artificial islands in the world. Other projects include the Dubai Mall which is the world's largest shopping mall, and a man-made archipelago called The World which seeks to increase Dubai's rapidly growing tourism industry. Also in the entertainment sector is the construction of Dubailand, which is expected to be twice the size of Disney World, and of Dubai Sports City which will not only provide homes for local sports teams but may be part of future Olympic bids.

Major increases in imports occurred in manufactured goods, machinery, and transportation equipment, which together accounted for 80% of total imports. Another important foreign exchange earner, the Abu Dhabi Investment Authority - which controls the investments of Abu Dhabi, the wealthiest emirate manages an estimated $360 billion in overseas investments & an estimated $900 billion in assets.

More than 200 factories operate at the Jebel Ali complex in Dubai, which includes a deep-water port and a free trade zone for manufacturing and distribution in which all goods for re-export or transshipment enjoy a 100% duty exemption. A major power plant with associated water desalination units, an aluminium smelter, and a steel fabrication unit are prominent facilities in the complex. The complex is currently undergoing expansion, with sections of land set aside for different sectors of industry. A large international passenger and cargo airport, Dubai World Central International Airport, with associated logistics, manufacturing and hospitality industries, is also planned here.

Except in the free trade zones, the UAE requires at least 51% local citizen ownership in all businesses operating in the country as part of its attempt to place Emiratis into leadership positions. However, this law is under review and the majority ownership clause will very likely be scrapped in order to bring the country into line with World Trade Organization regulations.

As a member of the Gulf Cooperation Council [ GCC ], the UAE participates in the wide range of GCC activities that focus on economic issues. These include regular consultations and development of common policies covering trade, investment, banking and finance, transportation, telecommunications, and other technical areas, including protection of intellectual property rights.

The currency of the United Arab Emirates is the Emirati Dirham [ AED ].