Page 7 - Premier Brains Global -Doing Business in UAE (Low Res)

DOING BUSINESS in UAE

Population, language and

culture

According to 2020 data, the total population
of the UAE is approximately 9.89 million. The
official language of the UAE is Arabic. English
is a widely accepted business language
and is commonly spoken in commercial
and government organizations, although
government correspondence is mainly
conducted in Arabic.
The UAE is an Islamic nation and the legal
system is largely based on Islamic teachings.
The holy month of Ramadan is determined by
moon sightings and shifts by approximately
ten days each year. In this holy period,
Muslims fast during the day. Non-Muslims
are not expected to fast; however, smoking,
drinking or eating in public is prohibited.
Working hours in both the public and private
sectors are reduced during this period and
a slowdown in commercial activities should
be expected.

Currency

The official currency of the UAE is the Dirham
(AED). Since 1980, the Dirham has been
pegged to the US Dollar (USD 1 is equivalent to
AED 3.6725). There are no exchange controls
in the UAE but exchanging cash may require
supporting documents.

International Membership

The country is a member of various
international organizations, such as the
United Nations (UN), the League of Arab
States, the International Monetary Fund
(IMF), World Trade Organization (WTO), the
World Customs Organization (WCO) and
the Organization of Petroleum Exporting
Countries (OPEC).

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