Business in the UAE
Improving the desert climate
A draft companies law in the emirates is a bit disappointing
FOREIGN investment is flooding back, the malls are filling with shoppers and deals are being struck: business in the United Arab Emirates is booming once again. The IMF this month upgraded its forecast for the emirates' economic growth in 2014 from 3.9% to 4.4%.
As memories of the crisis recede, companies are remembering the reasons that make the emirates attractive. The high income of the population, 84% of whom are expatriates, is one. Geography is another. The country is conveniently located between Europe and Asia, with two world-class airlines, Emirates and Etihad.
The UAE has done a lot to make life easy for firms, keeping paperwork to a minimum and moving much of it online. It comes 23rd out of 189 economies in the World Bank's latest ranking for the ease of doing business, the highest in a region that has seen a tumultuous few years. It takes only eight days to set up a business, three fewer than the average for the OECD, a club of mostly rich states. “Two years ago I'd have said the UAE does well relative to the region,” says Habib al-Mulla of the Dubai office of Baker & McKenzie, a law firm. “Today I'd say it globally, too.”
阿联酋在为让企业生活方便上做了很多的事情，比如文书工作在线以保持最小化移动。 阿联酋在世界银行最新的189个经济体的商业排行榜上名列第23位，成为混乱的几年里在该地区中最高的。只需八天的时间，阿联酋就能够成立一个企业，用时平均比作为大多数富裕国家的俱乐部的经合的成员国少三倍。“两年前我会说阿联酋是一个相对的区域。”迪拜的一个法律公Baker & McKenzie的办公室人员Habib al-Mulla说，“而今天，我要说它一样是全球化的”
On April 13th the country's president, Sheikh Khalifa bin Zayed al-Nahyan, signed into law a measure to promote smaller firms by giving them greater access to official contracts and loans. Yet businesspeople are disappointed by a draft of a broader companies law, which is expected to be sanctioned soon. The bill fails to solve the two big problems hampering business in the emirates. First is the lack of a proper insolvency regime that makes clear the duties of a firm's directors and the rights of its creditors if it hits financial trouble. Despite its high overall rating, the UAE comes 101st on this score in the World Bank's ratings. Such minor matters as being late paying a phone bill may be treated as criminal offences rather than civil matters; businessmen tell tales of colleagues going to the airport only to be told they are banned from travelling.
The second issue the proposed legislation leaves untouched is foreign ownership. International businesses that set up local limited-liability companies, as most do, can own only 49% of them, and thus must find trustworthy local partners. Dubai has created several “free” zones, where full foreign ownership is allowed, but the other emirates have been slow to follow. Analysts reckon that full liberalisation of ownership would attract more businesses.
Investor protection is another worry. The UAE has made progress: its courts tend to recognise the decisions of foreign arbitral tribunals. But enforcing contracts can be tricky, and the new law does not help much. Its biggest potential benefit is its lowering of the percentage that companies must float in an IPO from 55% to 30%. This should encourage more family-owned firms, hitherto worried about losing control, to raise capital to expand.
Further legislation on insolvency and foreign ownership is promised. But when things go well in the Gulf, as they now are, the authorities tend to lose interest in reform. Still, businessmen agree that the UAE's advantages far outweigh its handicaps. Fadi Malas, the boss of Just Falafel, a local fast-food operator, says it is ideal not just as a place to do business but as a springboard for expanding across the region and beyond:plans are in hand for the chain, currently 55 outlets, to grow to more than 900 worldwide. Like the Lebanese-British Mr Malas, entrepreneurs choose the UAE over neighbouring countries not least because it has both electricity and stability—two things other places sorely lack.
当局在关于破产和外国所有权进一步的立法问题上给出了承诺。但当事情顺利发展的时候，当局却失去了改革的兴趣。总是如此，在商人们的心中，阿联酋的优点远远大于它给的障碍。一位当地的快餐店经营者，ust Falafel的老板Fadi Malas说，阿联酋不仅是一个做生意的好地方，还是一个可以扩展到整个地区甚至地区以外的跳板：他计划的产业链条是，目前55家店成长到超过全球900家的数量。像黎巴嫩籍英国人Malas先生一样，企业家们选择在众多邻国中选择阿联酋，至少是看中了其他国家和地区所缺乏的电力资源和稳定的环境。
1.fill with 装满
Your lungs become leaky and fill with fluid.
Select the cells that you want to fill with a pattern.
2.relative to 相对于
Or, consider how bad old-line email is for collaboration relative to facebook or twitter's social experiences.
They also look cheap relative to gdp per head.
3.access to 有权使用
Apple also would instantly get access to a huge swath of tv and movie content.
For one, open source hardware projects often require participants to have access to tools and space.
4.expect to 期许
They expect to ship another 50,000 this month.
The answer will help determine what kinds of revenues the industry can expect to earn.