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First-time visitors can gain a deeper understanding of the local culture by taking part in activities such as falconry, camel racing and horseracing. And a trip to the UAE is considered incomplete without spending an evening in the desert after an afternoon of driving over the dunes and "wadi" (stream)-bashing.
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Within these seven emirates, there are two cities that serve as the major centers of the country - the capital Abu Dhabi and the commercial hub of Dubai.
Abu Dhabi, once a tiny village on the western coast, had evolved into a bustling, well-planned cosmopolitan city. Today, sleek and glistening buildings crowd the skyline, providing a stark contrast to the desert from which Abu Dhabi emerged.
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Dubai, on the coast north of Abu Dhabi, has several shopping centers, five-star hotels, and a booming nightlife. Tourists can explore the Dubai Museum or bargain for jewelry at the Gold Souq. Lined with traditional sail boats, the Dubai Creek can be crossed in an "dhow" or "abra" for a perfect Arabian night.
But, there is much more to the UAE than its busy cities. Beyond the city limits, tourists encounter a beautiful desert, filled with interesting flora and fauna. Many tourist companies offer overnight trips to the desert, where visitors sneak a peek of Bedouin life.
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The UAE is a crossroads between the modern West and the magical East. And, the reasons to visit are compelling. Besides a progressive infrastructure and a low crime rate, the Arab brand of hospitality is warm and inviting, just like the climate- a perfect combination for a much-needed vacation.
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 Under an endless choice of leisure options, tourists are able to pursue activities ranging from the traditional to the contemporary, all in a friendly and multicultural environment. |
The next global financial center
Saadiyat Market was well-positioned to be the world financial center. The market, located on Saadiyat Island adjacent to the island capital of Abu Dhabi, has about $1 trillion in cash and more than $400 billion worth of commodities traded in the area every year. Yet, until recently, there were no financial institutions to service the bustling trade. And here was the stimulus to set up a free zone in the area.
Currently, there is a three to five hour gap in which none of the world's financial markets is operating. Saadiyat Market wants to fill that void, giving the world round-the-clock commodities trading for the first time. And because businesses in the Gulf Region stay open on Saturdays and Sundays, trading will be able to continue seven days a week.
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 Mohamed Ali Al Hosani, general manager and board member of the Abu Dhabi Free Zone Authority. |
"You don't necessarily have to increase the hours. You have to have the whole region to be open to be an active market. But here, on Saturday and Sunday the whole region is open. All the institutions- the ports, the airports, the ministries- are open. So, we have the full range of services and support when other world markets are closed," explained Mohamed Ali Al Hosani, general manager and board member of the Abu Dhabi Free Zone Authority, which controls and regulates the Saadiyat market.
Entirely regulated by the Abu Dhabi Free Zone Authority, Saadiyat Market has complete organizational autonomy. It cuts out bureaucratic red tape by issuing its own licenses and acting on legal matters on its own.
Because it's a free zone, foreign enterprises can assume 100-percent ownership of a company here, unlike other parts of the country. Businesses here deal only with ADFZA and are exempt from many corporate laws of the UAE. Furthermore, companies in Saadiyat are not subject to corporate and personal income taxes.
"Saadiyat is also open for fund managers who wish to register their fund here and tap the liquidity of the region. The fund managers can have their settlement and clearing house here to operate on the depth of liquidity of this region," Hosani said.
Although the Saadiyat Market will not be completed for at least five years, it has officially inaugurated a temporary center in Abu Dhabi, where banks, insurance firms and other financial corporations currently operate. Several leading international financial organizations have already taken steps to open regional operations here.
Saadiyat Market is designed to complement other free zones in the UAE. "Jebel Ali is for transshipment and storage. We are a financial market," Hosoni pointed out.
Officials of the two markets recently held a promotional show in Japan to lure prospective participants in Jebel Ali Free Zone and the Saadiyat Market.
Although Saadiyat aims to join Tokyo, New York, London and Singapore as a top financial center, the newly formed market will set itself apart from the rest.
The UAE possesses a wide range of desirable attributes, and a phenomenal amount of liquidity. While presently experiencing unprecedented growth, largely a result of diversification policies. the country enjoys one of the highest per-capita incomes in the world.
The economic boom would not have been possible without the commitment of the national government, which has spent $400 million for the infrastructure of the Saadiyat Market and expects spillover revenues of around $170 billion within the first 25 years of the market's operation.
Saadiyat is modeled under the vision of the country's president, His Highness Sheikh Zayed Bin Sultan Al Nahyan, whose leadership has transformed the UAE from an oil producing country into the booming world trade center it is today.
"You don't see any countries like the United Arab Emirates that develop themselves in such a short period of time." stated Hosani.
The Japanese have always been major trading partners with the UAE and will be key links for the Saadiyat Market.
"The Japanese companies are one of our target markets because Japan itself needs a lot of raw materials. They are one of the biggest buyers and consumers of raw materials in the international market. The Saadiyat Market will be an efficient market for them in the trading, storage and delivery of raw materials. We already have relationships with Japanese traders, multinationals, and banks to have operations here," said Hosani.
Saadiyat Market aims to be a cutting-edge facility which will link the UAE with the global financial market. Hosani explained, "We are modifying our project to fit into the 21st century. We will have electronic trading, an electronic government and electronic commerce backed by an excellent telecommunication platform. This will be one of Saadiyat's main elements,"
Once the Saadiyat Market is in full operation, the global financial market will never sleep.
Always eager for a challenge
Salah Mohammed Al-Bassam, the Chairman of the Al-Bassam Group of Companies, has faced many challenges during his career. At 19 years old, he somewhat unwillingly took the helm of the company that was started by his grandfather in 1955. Since then, he has embraced his role and led his company to its place as a very important international company.
In the past four and a half decades, the Al-Bassam Group of Companies has grown into a major regional conglomerate with offices in Dammam, Riyadh, Jubail, and Dubai. Also, several joint ventures have been set up in the United States, Switzerland, France, and Oman. It is also one of the largest oil companies in Saudi Arabia.
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 Salah Mohammed Al-Bassam, chairman of the Al-Bassam Group of Companies |
The Al-Bassam Group of Companies areas of activities include heavy engineering fabrication, engineering services, health-care and hospital management services, real estate development and investments, and the supply of goods to the oil and gas, utilities and petrochemical industry. The group also focuses on special projects and joint ventures.
"This is a very dynamic market. We are always looking for new opportunities to adapt and take advantages of these changes," said Al-Bassam.
The Dubai and Damman branches serve as the trading arm of the group, representing over 50 leading international manufacturers. In the future, the group plans to expand operations to other regions, including Europe.
"We've been doing business in Dubai even before we had an office here," stated Al-Bassam, and added that it didn't take long for the group to venture out of its original headquarters in Saudi Arabia to set up operations in the UAE.
"Dubai links the whole of the Middle East with both Europe and the Far East," he pointed out. "Dubai is the ideal place to be. It is a destination where we could hold our international meetings and people would want to come. It is an open place where you can do good business. It is also in a good strategic location in the region.?
By supplying steel, pipelines and drilling cases, the Al-Bassam Group of Companies has enjoyed a 42-year relationship with leading Japanese companies, such as Marubeni and NKK. And Al-Bassam enjoys working with the Japanese.
"They support you in good times and bad. Their commitment and support is always reliable. This is exactly what you need from a partner," he said. "Their support has been very important."
In the end, the challenges of the future keep the head of the industrial giant going. "I love the challenge of his job. I believe life would be boring without challenges," he said.
Interesting facts
- The United Arab Emirates has the highest literacy rate in the Arab world, estimated at 79 percent.
- There are more women receiving higher education in the UAE than men. The equal status of women is enshrined in the UAE Constitution. The United Nations Development Program's Human Resources Development Report of 1997 states that women in the UAE have achieved the highest rate of development of all Arab countries.
- The UAE has the third-largest proven oil reserves in the world. Oil and gas production has been the mainstay of the UAE's economy and will remain a major revenue earner for the country long into the future. At the current rate of utilization, excluding any new discoveries, these reserves will continue to provide revenue for the UAE for more than 150 years.
- The non-oil sectors of the UAE's economy contribute more than twice the oil sector's contribution to the gross domestic product, providing stability to the economy and protecting it from the full impact of oil price fluctuations.
- The UAE is the third most important re-export center in the world after Hong Kong and Singapore.
