The United Arab Emirates

The United Arab Emirates (UAE) is a country located in the southeast part of Arabian Peninsulain the southwest Asia. The south shore is washed by the Persian Gulf. The east of the country is bordered by the Gulf of Oman.

The UAE is a federation of seven emirates. All of the emirates are absolute monarchies. The Federal Supreme Council of the country has legislative and executive powers. It is formed of the rulers of the seven emirates. Every five years the president and the vice-president of the country are elected among its members by the Supreme Council. Actually only the emirs of Abu Dhabi were the presidents of the Emirates.

The economy of the UAE has rapidly grown for only few decades because of the oil and gas mining. Today the capita income of the state is one of the highest in the Arab world. The government of the UAE pays a particular attention to the development of all economic sectors as well as foreign trade. The rapid development of the infrastructure attracts foreign investments.

Today more than thirty-eight Free Trade Zones successfully operate in the country. More than twenty of them are located in Dubai. The largest and fastest growing Free Zone in the UAE is the DMCC (The Dubai Multi Commodities Centre). DMCC is a platform for trade in different goods and services. This Free Zone is well-known as a center of diamond, gold and tea trade. Dubai almost rivals the world’s top center Antwerp inthe volume of diamond trade. There are beautiful skyscrapers in the JLT (The Jumeirah Lakes Towers) district. Each of them is a unique center focused on a particular business activity. Officers of diamond, gemstones, pearls and jewelry trade companies as well as the officers of the DMCC authority, Dubai Diamond Exchange and Dubai Pearl Exchange are located in the world’s famous sixty-eight floor Almas Tower. Diamond cutting productions and Kimberley Process Certification offices are also here. The “Golden Tower” (Au Tower) and the “Silver Tower” (Ag Tower) are also famous.

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