Habitats on the mainland of the Persian Gulf, the Emirate of Abu Dhabi, stands as the capital of the United Arab Emirates. Covering an area above 900 sq.km., the region has constantly been boosting the foreign investors to come forward and incorporate their business in the UAE. The part of Abu Dhabi serves as home to multiple business industries, which the investors can look forward. One such booming business sector is the hospitality sector. Starting a business in UAE, in the hospitality sector is one of the smart decisions that an investor can make at the present times. If you hold an interest in the hospitality business, then this blog will help you to gain insights. Let’s take a step forward and understand.
Hospitality Industry in the UAE
According to the report published by Knight Frank, the hospitality sector in UAE contributes a significant portion to the overall GDP of the Emirates. Another research conducted by Oxford Economics states that by the year 2026, the hospitality sector would directly contribute 72% to the Emirates GDP, which will increase employment by 16%. At present, the hospitality industry is experiencing a boom because of the upcoming Dubai Expo 2020. The event is expected to attract 25 million visitors, which will have a drastic impact on the tourism and hospitality industry. According to the news published by Khaleej Times, pre-event, the region is expected to add 56,701 hotel rooms by 2020. Thus, we can say that there’s immense potential for business investors to come forward and invest in it.
Growth Possibilities of Hospitality Industry in Abu Dhabi
Since Abu Dhabi is established as the UAE’s capital, it gets the perfect attention from the international tourists visiting UAE. As per multiple sources, the GDP of the Emirate of Abu Dhabi has increased by 3.3% by the first quarter of 2019, which highlights the Emirate’s progress. Starting a business in Abu Dhabi, dealing with the hospitality industry, at this stage will turn out to be way profitable. Few reasons to incorporate a hospitality business includes:
- You can expand your business to other Emirates or even give an international exposure
- The demand for the restaurants and lodging services are at peak
- The hospitality industry is expected to reach $7.6 Billion by 2022
Now, it is recommended to start the process with the guidance of professional experts, who can help you in carrying out the complete process in a hassle-free way.
Benefits by Availing Professional Services
By availing the professional services from business experts, you can derive the below-mentioned benefits:
Once you hand over the complete essentials to your business expert, you can be free of worry. This boosts productivity and also, the assigned task gets cleared professionally. You can make better utilization of the time by getting indulged into business planning and strategy building.
Another benefit that you will be availing is that the assigned task will be completed at a quicker pace. In case you carry out the process in-house, then it would lead to delay. Moreover, there can be no surety that the task assigned comes out error-free.
We know that the accounting and bookkeeping process stands as a vital element for a business corporation, irrespective of the business size. Now, if the task is carried out in-house, there might be errors, and the confidential information gets leaked out to the internal employee. On the other hand, when you end up dealing with business experts, the task is carried out professionally, and the confidential information is well-maintained.
The moment you get in touch with business experts, you will be in sync with the market insights. Professional experts deal with numerous clients belonging to different business, and thus possess tremendous ideas when it comes to the competitive market. These insights will be helpful for your business to grow and achieve organizational goals effectively.
Experts can guide you and can drive your business in multiple domains. As it has been projected in the earlier point that they hold knowledge on market insights, additionally, they also hold the practical experience, which gives them the privilege to foresee business future. Before the implementation of significant decisions like expansion, liquidation, collaboration etc., which can be easily seen in the hospitality industry, it is recommended to have a word with the experts.
In a nutshell, we can say that the hospitality industry in the UAE is acting as a game-changer, which will help the entire region to boost its growth. Now, the company set up process in the UAE has to deal with numerous legal proceedings. Being ignorant about them might delay the process to a great extent. The smart move that most of the business owners or entrepreneurs prefer is to have a word with a business consultant who can help them to deal with the incorporation process at a much faster pace.
Commitbiz Consultants stands as one of the best business consultants in the UAE, who has been helping numerous clients in business setup process to start their business in the region. Our business experts are well-versed with the proceedings and can help you to start your hospitality business in a hassle-free way. If you hold a query, do contact us today-we’d be glad to assist.