The Middle East and North Africa (MENA) region accumulates 20 official member countries as well as 34 additional nations and territories recently added to the economic pantheon with the exception of the non-sovereign territories. This alone allows the region to behave as an economic sub-continent of its own creating laws and policies governing corporate entities that function in this region. The region hosts very popular business destinations which have received a record-breaking Foreign Direct Investments from private entities in the 21st Century due to the vast availability of resources or network of investors or just the sheer geographical advantage. A geographical and economic presence in the MENA region is just some of the reasons why many new business owners prefer to set up business in the UAE.
Five Reasons to Choose Dubai for Doing Business
Dubai used to be heavily dependent on petroleum and oil-based revenue until the early 2010s. Still, with due diligence and smart investments, the visionary leaders diversified the economy to the extent where today, 85% of Dubai's economic contributions to overall Emirati GDP is non-oil based. The credit goes to the government entities, public firms and private companies that continue to work in cohesive behaviour to develop the corporate ecosystem of Dubai, making it the Alpha Emirate for doing business.
1. The Future of the Technology and Innovation Sector lies in Dubai
In recent years, the government has seen an untapped potential in Dubai for incubating a research and development industry. This was the reason why investors also showed interest to pump their funds into tech companies that worked on technological innovation. Thus, the government extended more support towards the various start-ups and conglomerates by providing them with accelerators, tech parks as well as international exhibitory conferences hosted by the Leaders in collaboration with private entities. Dubai is a destination where a budding inventor/innovator can achieve a platform to pitch new technology to a globalised audience of corporate professionals. The global masses will soon witness one such platform in the form of The Dubai Expo. Currently, the new innovations that have taken the news by the storm are in the fields of Blockchain Technology, Cryptocurrency, Virtual Trading, Artificial Intelligence in UAE Healthcare and Eco-Infrastructure.
2. Support from Government Initiatives
The government has never hesitated to invest in making Dubai an iconic destination not only for the tourists but for the businesses as well. Whether it's the cloud-piercing skyscrapers or the mind-boggling views of the Palm Jumeirah, the leaders of Dubai have ensured that there is always something for everyone who enters the crown jewel of the United Arab Emirates. Considering the vision of a diverse economy in mind, the leaders of Dubai have announced several new initiatives and campaigns that will drastically impact the future of doing business in Dubai. Some of the campaigns that the government has announced are –
- Smart Dubai Initiative
- Dubai Blockchain Strategy
- Dubai Sustainability Strategy
- Dubai AI Roadmap
- Dubai Paperless Strategy
3. Dubai as a Business Destination
One of the most popular business destinations in the UAE happens to be Dubai which will also soon be hosting the most anticipated world exposition – The Dubai Expo. Dubai gets undermined by some of its sibling Emirates such as Abu Dhabi for lack of trading area and coastal presence for export and import as well as logistics business. Still, where it lacks in trading as an industry, it makes up through sheer innovation in sectors such as infrastructure, securities trading, E-commerce, Hospitality and Tourism. The blissful sense of freedom in experimentation that mentors and investors offer growing technology and innovation start-ups in Dubai is just an added reason why business setup in Dubai, especially for modern tech firms, is a prevalent trend.
4. Diverse Consumer Market
After adopting a globalised approach and promising a diverse economy, Dubai as an Emirati uniquely invited many foreign ex-pats to not only set up business in Dubai but also build their careers by providing their skills to existent corporate entities in Dubai. This resulted in a mammoth change to Dubai's consumer market. Due to globalisation, Dubai now hosts consumers from all around the globe, and the commendable efforts by the government in forming policies and implementing regulations has led to the improvement of the standard of living of people to a large extent. Therefore, since the affordability issue is sorted, and the market is ever accepting new products and services, new businesses experience fewer obstacles in growing and expanding their consumer market in Dubai.
5. Consultants Providing Step-by-Step Assistance Play a Huge Role
The energetic and ever buzzing business environment in Dubai always leads new business owners to raise questions on how to set up a business in Dubai. Well, that's why UAE is home to industry professionals that cater to providing new business owners with step-by-step solutions to set up the business in UAE. We at Commitbiz have been catering to various clients across a tenure of over 15 years, providing our clients with tailor-made solutions for all their administrative activities from accounting to company secretarial services. Our team of consultants have been diligently working to provide clients with nothing but the best in class services. Contact us to know more.
1. What is the MENA region?
MENA is an acronym for the Middle East and North Africa region.
2. What is the VAT rate in Dubai?
3. What is the business scenario in Dubai?
Dubai is home to one-third of all investors in the Middle East and North Africa (MENA) area and 19 venture capitalists, the region's most significant number.
4. How big is Dubai Internet City?
1600 businesses of all sizes, including Fortune 500 companies, SMEs, start-ups and entrepreneurs.
5. How much does oil add to the GDP of the country?