INTHEBLACK September/October 2025 - Magazine - Page 19
Dubai skyline, UAE
UNITED ARAB EMIRATES
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
1. Financial modelling and analysis
2. Risk management
3. 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
CPA AUSTRALIA
hub that connects the East to the West,
MEMBERS
with proximity to strategic markets
like India and Africa … will ultimately
495
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.”
GLOBAL GAME CHANGERS intheblack.cpaaustralia.com.au 19
