Paolo Soro


Country Overview

Country Name: United Arab Emirates are a confederation founded in 1971, which includes seven Emirates: Abu Dhabi, Dubai, Sharjah, Ajman, Umm al-Quwain, Ras Al-Khaimah e Fujairah.


Government: Constitutional monarchy

Capital: Abu Dhabi

Climate: From December till March = min. 15°C - max. 28°C. From April till November = min. 22°C max. 48°C

Official Language: Arabic

Commonly used Language: English

Visa: it is not required a specific visa for Italian citizens (it depends from the country of origin)

Customs: there are no limits for currency movements, nor any customs duties on personal belongings

Working Days: From Sunday to Thursday. Friday and Saturday Holidays. Malls, restaurants and shopping centers are open every day but Friday mornings.

Currency: Dirham (AED). Currency Exchange Rate AED/US$: 3,67 AED/€: 4,2 (average exchange rate in the 2015)

Dubai / Abu Dhabi Safety: extremely low crime rate; cities are extensively controlled

Economic Risk: Nearly zero

The UAE is the fifth supplier of Oil and Gas worldwide, and it is the third biggest hydrocarbon reserves in the world. The GDP has registered a growth rate of 4% in 2014 (source FMI), thanks not only to high oil revenues, but also to the increase of the not oil-related economy. The Government has confirmed the liberal economic policy. The United Arab Emirates enjoys a domestic political stability that positively affects the economy and the growth forecasts. The unemployment rate is close to zero.


Work Condition: The UAE enjoys an efficient and well-developed infrastructure system. The road network is modern and integrated with excellent ports and airports. The federal legal system is well developed, although it differs between the various Emirates. The number of Free Zones, in which foreign investors have the chance of having 100% of capital ownership of companies, is constantly increasing; the number of joint ventures with local partners is growing too, corporate systems that allow easier participation in tenders. The UAE bank system counts more than 50 banks from all over the world. There are 6 Islamic banks and the Italian: Banca Intesa, UBIBANCA and Unicredit.


Italy / UAE Agreements:

  • Agreement against double taxation (1997)
  • Agreement on mutual investment promotion (1997)
  • Air Services Agreement (1991)
  • Military cooperation agreement ratified by both parties (2003)
  • Memorandum on Consultations Strengthen (2007)
  • Agreement establishing a Group of Parliamentary Cooperation (2009)
  • Agreement between the Institute for the East Carlo Alfonso Nallino and the Abu Dhabi Authority for Cultural Heritage for the Arabic translation of the main texts of Italian literature (2009)