International Business Opportunities

United Arab Emirates and Netherlands signed yesterday in Abu Dhabi a double taxation avoidance agreement.

The agreement means that companies will pay tax only in their home country, avoiding double taxation. Tax waiver agreements exempt countries from paying tax on income and capital in both countries.

The minister said the pact would enhance bilateral economic, commercial and tourism relations and would accelerate the flow of investments into the two countries.
(source)

A EU-Gulf Cooperation Council (GCC) summit will beginon Tuesday May 8, in Riyadh, Saudi Arabia.

The summit could lead to a free trade deal between EU and the GCC - which includes Saudi Arabia, Bahrein, United Arab Emirates, Kuwait, Omand and Qatar.

The two blocs had started to negotiate a free trade agreement in 2002, however they failed to agree on a commons set of rules regarding investments and market access.

The telecommunications and broadband internet sectors will generate $70 billion in annual revenue by 2015 in the Middle East and North Africa region, according to Madar Research reports.

Its report also indicates that the Middle East tele-communications market is set to top $50 billion this year.
The report shows that Arab countries’ ranking in the annual ICT Index gained by 43 per cent in 2005 compared to the previous year. (source)

A Houston, Texas-based real estate investment advisory firm, ZT-TAKtical Inc, has announced the closing of its first property fund, focussing on the UAE property market.

Labelled ‘Dubai Affordable Housing Fund One, L.P.’, the first fund has been mandated to look at the affordable housing sector within the UAE, and did its first round of closing in March 2007.
(Source)

A lot of people can afford boats in the UAE. However it seems a shortage of marinas could limit growth in boat sales in the Emirates.

- What is holding back the boat industry’s growth?
Physical infrastructure is the main challenge. It is the facilities that have to be built around marinas. You can build marinas in a simple way, but it is not about just having a dockyard or pontoon.
You have to build causeways, restaurants, there has to be the whole urban planning around marinas. So it is the infrastructure that is limiting the development.

- What is the marina requirement in the UAE?
Everything is full at the moment. There are about 13,000 boats in the country. People are talking about between 10,000 and 30,000 more boats. Once people know there are more marinas, they will buy boats. So whatever demand is there now will grow. (source)