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Economy

Currency

• Code: AED
• Currency Unit: Dirhams
• Currency name: United Arab Emirates Dirhams
• Currency symbol: Dhs and AED

Money Matters

• Preferred form: Apart from cash, most of the shops accept credit cards. However, ,many places do NOT accept credit cards such as American Express and Diners Club.
• Changing your money: You can get foreign currency exchanged from major banks and private financial institutions/outlets in Dubai. Most of the hotels will also do currency exchange.

Money Tips

Use your own discretion as tipping for services is not mandatory but good etiquette since most service workers make meagre salaries. Restaurants typically add a service charge to the bill (Abu Dhabi 16 per cent; Sharjah 15 per cent; Dubai 10 per cent) but if there isn’t one, add your own. Tips for other services may include hotel cleaning staff, bellboys, washroom attendants or even the man who cleans your windscreen at the petrol station.

Exports

Non-oil exports increased from from Dhs117.4 billion to Dhs167.9 in 2007 (a record of 43%) due to increased trade with Iran, Saudi Arabia and Qatar.

Oil makes a contribution of 20% to the total economic production. Trading, manufacturing and services - including tourism - now dominate the economy.

Taxation

Professionals moving to work in Dubai would be delighted to learn that Dubai is a "no tax" emirate, Dubai has no personal income taxation or withholding taxes with the exception of business properties that pay a municipal tax at 10% of annual rental value. Although there is no federal tax legislation in the UAE, governing tax decrees do apply for individual Emirates

Insurance

Don’t take a walk on the wild side. No matter how healthy you are, purchasing travel insurance is always advisable. Clinics, hospitals and pharmacies in the UAE are excellent but for a traveller who is not covered, costs can add up quickly especially in cases of emergency repatriation. Emergency care, meanwhile, is free.