This segment introduces the Series II of booming opportunities in Dubai. Before we look into these exciting opportunities, it is important for the business owners, to conduct a feasibility study. A feasibility study is a practice of understanding the macroeconomics, behavioral patterns of the consumer/market and assessing the practicality of the proposed idea. Dubai is a cosmopolitan city and a lot of business opportunities can be explored. At the same time, it’s important to understand whether the specific product or service will work in the market. Hence it is important to conduct market surveys, competitor analysis, and design suitable strategies to survive as an investor in Dubai.
Challenges and business concepts that can be explored in Dubai/ MENA region:
Transportation Solution: Transportation in Dubai is advanced as compared to any developed economy. There is a vehicle for every 2 people in Dubai (540 cars per 1000 user), the car per user density is the highest in the world and is a challenge during peak traffic hours. The number of cars owned by users will cross 2.2 million in the next 10 years(i). The congestion index of Dubai is higher than or similar to some of the most congested cities in the world. Smart transportation and devices to monitor the traffic condition and solutions to reduce this problem is an area where some startups are making a mark. Careem introduced a model, similar to Uber which solves the issue of on-demand request cab, which reduces the number of cars on road (as the same cab gets used by many users). Another startup which makes the commute for office goers easier is the carpooling service Carpoolarabia. Transport service requires many such innovative solutions to meet the next generation demands, keeping in mind the safety and security of the local residents. Thus, the transportation business in Dubai is one promising segment which requires advanced thinking, investment, and newer business models.
Cultural Cuisine Outlets/ Finger Foods: When the population consists of 220 different nationalities, the cuisine is bound to be different and fusion becomes a part of life. Dubai has 9000+ different food shops and outlets and still has room for variety and uniqueness. It is diverse and an absolute delight for the food producers, chefs, and food connoisseurs. You can get American cheeseburger to Japanese Sushi, it serves all. The Asian, Indian and Chinese cuisine leads the numbers of restaurants among F&B outlets. The snacking or appetizer segment has room for variations and can be a great section to innovate and invest. Meanwhile, it is to be kept in mind, food product registration in UAE is a must. However, the location, consumer behavior in terms of eating pattern, taste and ingredients should be thoroughly researched before testing this business idea in the market.
Delivery Services: A delivery services is one of the most sought-after services in Dubai/ Mena Region. In the last 3-4 years, delivery startups have seen a massive growth. Fetchr is one such example which provides the last mile delivery service. It solves the problem of delivery of any item within a reasonable estimated time. Another example of such delivery service is Deliveroo (ii), where the F&B outlets and Restaurants get the last mile advantage. Service is different when the food is served in a restaurant/ hotel. Last mile delivery is crucial for F& B outlets to collect the food from the outlet and deliver it hot and fresh to the consumer is a challenge. Technology infused delivery companies has met this expectation with 100% satisfaction. The last mile delivery/ intra-city delivery is one such segment which needs dedicated players. International startup chains can surely explore this area of business set up.
Home Services: This is one area which has seen growth in every market and in every country. Lifestyle change, work pattern, effective utilization of time has made consumer look for home services online. Some of the successful companies in this segment are Mybox, MoveSouq.com, and Justmop.com and are aggregators of the home service solutions. Justmop.com started with a million dollar revenue in the very first year(iii) Home services are pegged to become a billion dollar industry in the MENA region. The highest amount of demand comes from areas like Arabian Ranches, Dubai Marina and Mirdif. Investment and business set up for owning a home/ repair services is an interesting option for setting up a business in Dubai.
Talent Identification and Management firms: Dubai is a land of opportunities for people from across the world. It has varied opportunities and skill requirements. When so many opportunities and different organizations, take place in one location, employment management, human resources and identification of key resources becomes an important task.
Dubai has one of the best Human Resource and Talent management consultancies. However, the changes in the last decade, with the advent of startups and startup related ecosystem, new age technology trend has created a gap in the requirement for human talent. Traditional talent management firms are finding it difficult to source the quality and skills required to meet this expectation. Companies in Dubai receive more than 1000+ resumes for 1 single job opening. Hence it becomes difficult for the hiring manager to skim through and select the best possible candidate(iv) Technology infused in the HR methods have helped solved this issue to hire the best match for the advertised opportunity. Some of the startups working in this field are Nabbesh which connects the freelancer with a part-time assignment. Laimoon and Social Dice are some of the talent management companies and solution which selects based on 360-degree profiling. Talent identification and management business setups is certainly an area to explore.
Commitbiz consultants are committed to giving expert service and support solutions for the new age innovative solution providers. Our business consultants are adept at business setup knowledge and service in Dubai and look forward to helping business owners with interesting models solving the present day challenges. To get in touch with our consultants, do contact us.