Dubai is the commercial hub of the United Arab Emirates (UAE). The success story of the last 30 years of Dubai, transforming from an oil-dependent semi-arid desert to one of the leading economic and innovation hubs in the world, is exemplary. Sundry investors and entrepreneurs flock every week to Dubai to set up their business here. This is owing to the emirate’s reputation of being a fertile ground for company setup, because of its commitment to sustainable development & economic diversification, progressive-minded government, and liberal corporate policies.
If you are looking to start a business in Dubai, here are a few options you can consider. The following industries present immense opportunity and potential returns in the near future.
1. Real Estate
Real estate is one of the most established industries in Dubai. With a myriad of industrial, housing, aviation and commercial projects in the pipeline, this sector is expected to only further boom. This is the ideal time to be investing and partaking in the construction projects in Dubai. With the World Expo 2020 being hosted by Dubai, this industry is certain to receive an added fillip.
2. Financial Services
The UAE has quite an organized and advanced financial system in place, to support the large-scale businesses there. As such, the Banking, Financial Services & Insurance (BFSI) sector in the region is well developed. What’s more, there is a perpetual demand for accounting, bookkeeping, auditing, and other financial services in Dubai.
Dubai is known for its ‘souks’, or bazaars, especially those of jewellery. With more than 70 shopping malls, the emirate is referred to as the shopping capital of the Middle East. There is an evergreen prospect for marketplace establishments and merchants in the city. And the online retail territory isn’t far behind either. The popular e-commerce firm souq.com was recently acquired by Amazon. This speaks volumes about the inroads being carved into the industry.
Dubai attracts millions of tourists each year. It is one of the most preferred tourism destinations in the world. Consequently, there are myriad sterling hotels and resorts here. Entrepreneurs operating in the hospitality and tourism sector directly or indirectly can look forward to lucrative opportunities in Dubai.
As of now, 11.5% of the population of Dubai is of schoolgoing age, and this figure is expected to rise in the future. An additional 77,000 student facilities, implying about 50 new schools, would be required in Dubai to cater to this need. Therefore, more teaching professionals and educational institutions can hope to prosper in the city.
Dubai is a fairly developed city, and the populace here enjoys a comfortable living standard. People in Dubai care for their health, and as a result, there is a demand for professional healthcare services here. A quality-oriented private business in the sector of health & wellness is sure to get an impetus in Dubai.
Trade is what has made Dubai what it is today. Import & export is the very lifeblood of the region. Everything from eatables, textiles and jewellery to furniture, luxury items and vehicles is traded in Dubai. And now even the stock market is soaring. In a recent development, a new cryptocurrency exchange, Palmex, was launched in Dubai. Owing to its business-friendly and progressive environment, Dubai welcomes traders with open arms.
Dubai is riding on the wave of the future to grow as a favourable foreign direct investment (FDI) destination hand in hand with sustainable development. Business prospects here are plenteous, and given the apt will, effort and location, an entrepreneur in Dubai has a lot to gain. Should you decide to open a business in Dubai, do contact us, even if it’s just for a friendly advice. We at Commitbiz have our team of experts to help you with company incorporation, registration, accounting, bookkeeping, tax consulting and legal advisory.