Opportunities for Russian companies in Dubai and beyond were discussed at a webinar held on February 3.
Representatives of Russian companies, interested in entering the markets of the Persian Gulf, had the opportunity to listen to spokesmen of the Russian governmental agencies, which are responsible for the development of international cooperation, as well as experts from the largest free economic zone in the UAE - DMCC (Dubai Multi Commodities Centre).
The Dubai Multi Commodity Free Zone was established in 2002. It is a strategic initiative of the Dubai government, established in order to create a commodity market in the emirates.
The event was moderated by the Vice-President of the MCCI, Mr. Suren Vardanyan. In his opening speech, he noted: "We consider it principally important to acquaint both Russian companies and other foreign partners with the possibilities of cooperation and the prospects of presence and activity at certain sites and platforms".
A large number of registered participants of the Seminar was indicative that many Russian companies are interested in conducting business with the UAE’s entrepreneurs. And the DMCC zone arouses special interest, because it provides comfortable conditions for work, interaction with other companies and provides the necessary services. The webinar was devoted to the introduction of all of the DMCC’s opportunities. Organizers invited representatives of companies, which have already managed to realize their projects and become successful in the UAE market.
According to Mr. Vardanyan, the United Arab Emirates is perceived by our companies as "an entry point not only to the Persian Gulf and North Africa, but also to the whole of Africa.”
The DMCC’s Executive Chairman and CEO, Mr. Ahmed Bin Sulayem, in his response, said that “one of the main reasons for DMCC's success is because during the pandemic, we found a way to help our companies grow and made sure that the process was seamless and painless, even in such trying times.” He also emphasized that DMCC has already adapted to the new reality.
The trade and shipments do continue, and of course, with the strict adherence to all of the sanitary requirements. Mr. Sulayem also proudly announced that the DMCC has won the award for the best economic zone in the UAE for the sixth time in a row and expressed confidence that in 2021, the DMCC can do it again.
Mr. Bassel Bitar, the representative of the DMCC’s Free Economic Zone in Asia and Eastern Europe, spoke in detail about the specifics of conducting business and daily life in Dubai. He emphasized the advantages of the UAE’s free economic zone: zero corporate income tax, permission to own one hundred percent of a foreign company and no restrictions on repatriation of capital.
Mr. Sanjeev Dutta, the DMCC’s Executive Director for goods and financial services, spoke about the current gemstone market infrastructure. "We understand the needs of the players in this market and we create favourable conditions for them. Our geo-positioning and our connections provide help to all of the participants," stated Mr.Dutta.
The Chairman of the MCCI’s Commission for Foreign Economic Cooperation with partners in the UAE, the General Director of “Incona”, Mr. Alexey Busev, presented the highlights of the practical aspects of doing business in the UAE for Russian companies. It is worthwhile to be diligent when it is purported that business in the Arab countries is impossible or extremely difficult.
Also, one should not immediately trust those, who say that two or three meetings after an exhibition will secure contracts. Of course, miracles do happen, but usually, it is a painstaking, systematic work, for which one should be prepared," warned Mr. Busev. He also spoke about the importance of personal relationships when doing business in the Arab countries.
Mr. Leonid Komissarov, the Co-founder and General director of “Liko Middle East”, spoke about the specific experience of his company's entry and work in the Dubai market, and Mr. Victor Rykov, the attorney for international operations support of “PETER-SERVICE” spoke about the particularities of the UAE’s jurisdiction for conducting business with Russian companies.
Thus, the webinar participants have received practical, expert advice on doing business in the UAE, learned about the legal features of opening a company in Dubai, the intricacies of the Dubai tax system, the opportunities for business throughout the Gulf region and the specifics of daily life in the United Arab Emirates.