Constructing The Burj Khalifa Skyscraper Essay

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When Sheikh Mohammed gave the green light to his project managers to construct the Burj Khalifa, a Dubai skyscraper 40 percent taller than the world tallest building, it became fairly apparent that the Sheikh had some big global ambitions for his oil rich bit of turf, the United Arab Emirates (UAE).
While the Burj may be reaching for the Arabian stars another manmade construction was already well underway in the UAE, a fiscal paradise. Indeed, the Dubai International Free Zone (DIFC), which has managed to lure 313 authorized lenders, insurance firms, asset management companies and fund firms. Among them are 22 of the 25 biggest banks in the world. In figures what this all means is an inflow of foreign direct investment of 30 billion
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When Sheikh Mohammed gave the green light to his project managers to construct the Burj Khalifa, a Dubai skyscraper 40 percent taller than the world tallest building, it became fairly apparent that the Sheikh had some big global ambitions for his oil rich bit of turf, the United Arab Emirates (UAE).
While the Burj may be reaching for the Arabian stars another manmade construction was already well underway in the UAE, a fiscal paradise. Indeed, the Dubai International Free Zone (DIFC), which has managed to lure 313 authorized lenders, insurance firms, asset management companies and fund firms. Among them are 22 of the 25 biggest banks in the world. In figures what this all means is an inflow of foreign direct investment of 30 billion Dirham or $8.2 billion into the UAE in 2012, which is up from $7.68 billion compared to the year before.
There are already 38 free zones in the UAE and already there are plans to construct another nine free zones. There are several fiscal advantages for doing business in these free zones. For example, registered businesses are exempt from taxes when they repatriate their capital, registered companies don’t have to pay import or export duties. Free zone companies are even exempt from paying municipal taxes. Moreover, each zone is treated as an “offshore jurisdiction” under UAE law and they are virtually autonomous with their own administration, legal system and favorable tax incentives with the intended aim of luring top financial institutions
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