The 5 growth sectors in Dubai, United Arab Emirates
Launching a business in Dubai or anywhere in the world is not easy, you have to be prepared and above all study the market you want to settle in. Before you start thinking about the legal status and registration of your company, we recommend that you do your research on the growth sectors in the United Arab Emirates, particularly in Dubai.
Why choose Dubai?
As you may have heard in the media over the past few years, the UAE has become a destination of opportunity in just two decades. Popular with tourists and coveted by investors, it is a place that has developed at an extraordinary speed and the trend has only increased year after year.
This is due to several factors that have led small and large companies to relocate or even set up in the area. One of the attractions of setting up a business in Dubai is its tax regime which encourages businessmen to develop their business.
Today, it is easier to set up a company in Dubai because the government has liberated the rules. In addition, the post-Covid-19 period has wreaked havoc on the economy worldwide and made people rethink their future. People in the UAE are dependent on oil, and knowing that oil will eventually run out, they have decided to focus on growth sectors such as real estate, tourism and entrepreneurship.
The most profitable industries in the United Arab Emirates
The real estate sector
Known as one of the world’s leading expatriate centres, Dubai’s population is composed of 70% foreigners. With over 16 million tourists last year, Dubai retains its position as the fourth most visited city in the world for the fourth year running, making Dubai’s real estate market a lucrative one with many opportunities. Valued at USD 5.4 billion with an average annual growth rate of around 5% over the forecast period; this industry is one of the most in demand in the UAE due to the massive increase in property purchases and sales in the country. You can now start a real estate business in Dubai with 100% foreign ownership, including property development, property management and brokerage.
Importing and exporting in Dubai is a very lucrative business. Given Dubai’s central location and economic diversity, starting an import-export business makes sense and will offer you many opportunities for expansion and profitability.
Locating your business in a free zone such as DMCC can facilitate your business success by benefiting from zero import and re-export duties and an advanced logistics and transportation infrastructure.
Trade is one of the most important industries in the United Arab Emirates (Dubai), which is also the richest country and the 25th largest exporter, but it also exports a wide range of products. The UAE is a member of the World Trade Organisation, and the UAE is a major trading partner for countries around the world. As a member of the World Trade Organisation (WTO), it can export to a large number of WTO members at very low tariffs.
Improved logistics, confidence in digital payments and increased security have all contributed to the development of the e-commerce industry in Dubai. It is even possible to set up your e-commerce business in Dubai and then run it remotely from another location, while benefiting from low taxation.
E-commerce has grown rapidly during the pandemic. The one-click product ordering process has attracted attention. An entrepreneur can start an e-commerce business and capture the regional, national and international market. In the case of Dubai, the e-commerce market is as lucrative as any other market. Studies show that approximately 91.9% of Dubai’s population has access to the internet.
The tourism sector in the Emirates
Tourism is the backbone of the country and contributes a significant share of the economy’s GDP. The tourism sector is expected to be worth around USD 280.6 billion by 2028. Dubai, in the United Arab Emirates, has been ranked as the world’s most visited city by international tourists. The steady increase in the number of tourists in the country makes it an opportunity for investors. Tourism is the backbone of Dubai and contributes a significant share of the economy’s GDP.
Dubai’s main attraction is shopping. Dubai has the best market for gold, jewellery, clothing and many electronic products. Dubai is a perfect combination of ancient and modern attractions. The economy of the United Arab Emirates has increased dramatically due to the growth of Dubai’s tourism industry.
Whether for personal or professional use, technology has become highly addictive in the minds of people. Whether it is a small business or a multinational company, every activity is considered incomplete without the involvement of technology Dubai is a magnet for international technology companies, the Dubai government is putting in place policies and initiatives to stimulate technological innovation and attract technology entrepreneurs, it has also taken serious steps to strengthen the country’s IT infrastructure and help businesses operate efficiently with the aim of becoming the world’s smartest city. Over the years, Dubai’s free zones have attracted many technology start-ups. Information technology services, including computer companies, web development, mobile applications and software, are in high demand. The Dubai government has also taken serious steps to strengthen the country’s IT infrastructure and help businesses operate efficiently.
A tailor-made solution
One of the strengths of our firm is our expertise and solutions tailored to individual needs. Our team strives to provide you with all the possibilities in terms of setting up a company and expanding your business in Dubai.
If you have any questions or are unsure about starting a business in Dubai, please do not hesitate to contact one of our advisors: we are here to help you succeed in the UAE.
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