One of the world’s fastest-growing cities, Dubai is on the way to hosting the World’s largest gathering in Dubai Expo 2020, which will be held on October 2020, and will come to an end by April 2021. The six months expo will be inaugurated to develop more business opportunities across the world.
More than one hundred and ninety countries are taking participating, which is expected to give birth to multiple business partnerships cross-countries. The commencement of the Expo has opened up various opportunities for different business industries to be set up.
Business investors have got multiple options to come forward and start a business in the UAE. However, it might be confusing regarding which business to begin with. If you are an entrepreneur or business owner who holds a dream of setting up a business in Dubai but is confused regarding the business domain, then this guide is for you, which states the top ten businesses you can think about.
1.Tourism
Tourism serves to be one of the most influential business domains when it comes to the UAE. According to the analysis done, Expo 2020 is expected to attract 25 million visitors, which will shift the tourism industry to the next level. Incorporating a travel and tourism business in Dubai is an easy option to start with the attainment of a tourism license, which will be issued by the Dubai Tourism Authority.
There are multiple reasons that provoke the investors to go ahead with this industry. If you hold an idea of starting a tourism business in Dubai, then this is the best time to go for it.
2.Hospitality
With the increase in the number of tourists, the need for hospitality services will parallelly increase. This reflects that starting a hospitality business will turn out to be a feasible option, as there will be a high demand in the market. According to reports, 27,000 additional hotel rooms have already been added by 2018 and is expected to reach 91,000 by the end of 2019, built to provide accommodation services to 25 million visitors.
By this, we can say that the hospitality demand is in full swing, and the GCC hospitality market is about to experience a massive change after the 2020 Expo. Abu Dhabi is targeted to be the centre of the hospitality industry, and some of its reasons are mentioned here. Starting a hospitality business in Dubai at this point stands to be a perfect option, and if you hold an idea regarding the same, go for it.
3.Food and Beverage
The next industry that will see a drastic change along with the tourism and hospitality industry is the food and beverage industry. Providing the food service to such a large audience turns out to be a one-time opportunity for business investors who seek to start a food business in Dubai. Be it a small hotel, a food truck, or even a large restaurant; the UAE has a place for all.
According to a report published by KPMG, the Food and Beverage Industry is on its way to expand its operations exponentially. The Expo 2020 Dubai site will feature more than 200 Food and Beverage outlets covering an area of 30,000 sqm. According to the count, 85,000 meals are expected to serve every hour. Precise figures are stated below which will help you to understand the insights of starting a restaurant business in Dubai before Expo 2020.
- 50% operational improvement and brand refresh
- 38% of new brands are on their way
- 38% of new markets and geographies will get covered
- 42% expansion in the network of the existing brands
Thus, you can imagine the opportunity that the Expo holds. If you own a restaurant business and is planning to expand, or an entrepreneur, planning to set up a hotel business in Dubai, then this is the correct time for you to go ahead.
4. Cleaning
The next primary industry is the cleaning industry that will have a massive demand in the Emirates during Expo 2020. By the end of 2020, the cleaning and hygiene industry is expected to grow from AED 80 to 300 billion, which is a considerable shift of 275%. The demand for the industry will grow in the hotels, exhibition centres, commercial complex, residential and commercial projects etc.
By this, we can say that there is an open ground for business investors and entrepreneurs who want to open a cleaning company in Dubai. One of the critical factors that need to be considered is that you need to hold a cleaning license to carry out the business activities of your company legally.
4.Entertainment
Dubai is on the way to see a paradigm shift in the entertainment industry. The massive gathering of the world population under one umbrella will bring a massive change in the entertainment industry. According to a report generated, the Dubai Theme Park industry is estimated to generate $5billion by the end of 2020. When it comes to grabbing the audience, the industry is expected to grab more than 45 million visitors by 2021.
An initiative was seen in the year 2018, as Warner Bros. indoor amusement park was inaugurated in Abu Dhabi. The statistics mentioned above pave out numerous options for business investors who are seeking out an opportunity in Dubai. Are you planning to start a leisure or entertainment business in Dubai? If yes, then it is the correct time to give a kick-start to your business idea.
5.SMEs
The Expo 2020 is a boon for SMEs as it will have a great effect on Small and Medium Entrepreneurs. Dubai stands out to be a commercial trading centre, and according to a report, more than 90% of the registered businesses turn out to be SME. Dubai SMEs will see a drastic growth by 2020, which is expected to contribute 40% to the overall country’s economy.
The large business entities established in Dubai including companies like Dubai Properties, Emaar, DAMAC etc., holds multiple opportunities for small business entities rounding to a count of 3,00,000 direct jobs and 1 million indirect options. When it comes to Expo 2020, the business owners of the SMEs can focus on the following points:
- Build up relationships with clients and customers
- Seek a competitive edge for themselves
- Build strategies to enhance the brand value etc.
Considering the above points, the SMEs will be able to utilize the presence the Expo 2020 and can take advantage to transform their business to the next extent. If you hold the idea of starting an SME in UAE, then take the incorporation steps now.
7. Engineering
Dubai stands as a perfect example when it comes to engineering creations. The umbrella of engineering turns out to be a huge one comprising of various segments like aviation, computing, construction, energy, healthcare, defence, oil and gas, telecommunication etc.
The Expo 2020 will turn out to be a massive ground for the engineering industry as it gets implied with all the other business sectors. Setting up a business dealing with the engineering industry will pave out various options for you to excel in your business in different domains.
8. Real Estate
As mentioned above, the Dubai Expo 2020 is on its way to increase the number of business entities dealing in various sectors, and it indirectly uplifts the real estate sector to a great extent. The number of commercial and residential complexes are on their way to get their shape, which will demand real estate property to establish their business roots.
According to a recent report, more than 59,800 have been scheduled for delivery in 2019. Dubai properties are holding a worldwide demand, and this turns out to be an excellent opportunity for the investors to come forward and set up their real estate business in Dubai.
9. Construction
The partnerships that will take place in Expo 2020 is expected to fetch in new demand for commercial and residential complexes. This widens the scope of the construction business in Dubai to come forward and get indulged in more projects.
Pre-expo, the construction sector is expected to contribute AED 25.7 Billion. To start a construction business, you need to possess a construction license, which will be issued by the Department of Economic Development (DED) Dubai that will allow you to carry out the activities in a legal way.
10. Consultancy Firms
The increasing number of companies in Dubai do require consultants dealing in marketing and finance background to boost the company’s growth and earn more profits. Subject matter experts and freelancers opt to open consultancy firms to provide services to clients effectively.
Since the number of business entities is expected to increase by the end of 2020, the demand for consultancies will grow accordingly. If you are planning to set up a consultancy firm, you can do that by obtaining a consultancy license.
In short, we can say that Expo 2020 has got a massive platform for business organizations to come forward and set up their business. A business owner has got multiple options to start a business based on his preference, and be it small or big, Dubai is the perfect place to give a kick start. Initiating the process of company formation in a foreign land might involve a specific documentation process that needs to be followed accordingly. At the initial stage, it is advised to take the help of a business consultant who can be your guide and stand by your side to help you carry out the process in an easy way.
How can we help?
Commitbiz Consultants Dubai turns out to be a one-stop solution for your business needs. Our business experts are well-versed with the incorporation process in IFZA. If you want to start a business in IFZA, do contact us today-we’d be glad to assist.