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There is a lazy version of this story that credits Dubai's commodity boom to tax. It is the first thing people reach for, and it is the least interesting reason. If a zero rate were all it took, a dozen jurisdictions would have replicated Dubai by now. None have. The real reason is geographic and structural, and any business choosing where to base a trading operation should understand it, because picking the wrong location does not just cost a little margin, it cuts you off f