Day Two Reflection - Kim Nikolovski

Day two started out with a wonderful presentation by two gentlemen with BDO. They gave us a snapshot of the demographics and culture of Dubai before detailing the reasons why Dubai is a great place to do business. One of the most interesting facts was the 83% of the population in Dubai are foreigners, with only 17% being nationals. Citizenship is not granted the same in Dubai as it is in the United States. For example, you cannot get citizenship in Dubai simply by working there; if and ex-pat has a build born in Dubai, the child is not granted citizenship, but rather gains the citizenship of the parents; and citizenship is granted on a case by case basis if you marry a national. Some of the more appealing reasons given for starting a business in Dubai include no corporate tax, no personal tax, no VAT, no export duty no annual tax filing, and free trade zones.

In the afternoon we enjoyed a detailed presentation by Mr. Sohail Zubairi of the Dar Al Sharia. He spoke about the world's only religion-based financial system - Islamic Finance. Some of the core beliefs of Islamic Finance include divine guidance, prohibition of riba (interest), prohibition of uncertainty, prohibition of injustice and deceit, prohibition of dealing in forbidden items, consideration of outcome, and return is subject to risk. Although very different from traditional financial systems, Mr. Zubairi explained why Islamic Finance works well for Dubai and others who have adopted such practices.

We finished of our evening on the water at Board Walk. Along with the well-flavored wine, we enjoyed Oriental Flavored Hammour and Arabic Mezzeh Platter (pictured above). It was a culturally enjoyable way to begin our time in the UAE!