16
Kubota Metal Corporation Enters United Arab Emirates
United Arab Emirates’ Currency Dirham –code AED– is the official currency of United Arab Emirates and the value in relation to Canadian dollars as of May 30, 2009 is 3.28 Dirham per Canadian Dollar. The Dirham is definitely a hard currency because of its strong value and demand in the world and furthermore it continues to face a strong economic growth; hence, Dirham will only get stronger. The import duty in United Arab Emirates is 4% for countries outside the GCC and no export duties. The 4% is going to be lowered for Canadian companies because of the recent agreement signed with the Middle Eastern countries. This is considerably lower that Canada’s import cost because in Canada you have to pay duty fees plus taxes. Like with all countries there are possibilities of hidden costs, since they are hidden they can not be found by the general public; hence, it is advised to call the UAE Ministry of Finance prior to shipping. Al Zorah, a self contained master planned city with free zone and freehold status, intends to keep its ecological footprint to a minimum.
Websites for investors: http://www.eebizguides.com/eguides/uaeguide/ index.htm http://www.wto.org/english/thewto_e/countries_e/ united_arab_emirates_e.htm. http://www.onada.com