The UAE economy has taken a hit on the verge of the COVID 19 pandemic. Still, from the looks of the recovery plan set up by the leaders of the UAE, it seems the United Arab Emirates will soon be seeing brighter days. This time of great descent is often followed by a period of recovery and then progress. But in the case of UAE, recovery may just be another code word for new opportunities. Thus, even though the Emirati business hub got off to a rocky start to the year 2020, rest assured that businesses will pull through. And the economy will scale up in the coming months followed by new business owners wanting to set up business in the UAE. All this is based on optimism and proper planning which will include -
- The stabilization of the economy
- Evaluation of available resources for doing businesses
- Normalization of the standard of living
- Increase in affordability/consumer purchasing power
- Slow but definitive growth of the economy – stable cash flows, employment opportunities and continuity in trading activities
Overview of Economy and Businesses in Abu Dhabi
Any external economic fluctuations are directly proportional to variations in the corporate landscape. The government actively participates in promoting firms both conglomerates as well as Small Medium Enterprises to ensure there is a balance of power between all corporate entities. Thus, the implications in the economy directly affect the seven emirates individually primarily Abu Dhabi, considering the population of corporate entities and market size.
Abu Dhabi is the largest emirate area wise in the UAE; therefore, the sheer availability of land allows Abu Dhabi to be a significant manufacturing and production hub for various businesses spread across the UAE. Manufactured goods are transported from Abu Dhabi to different retail locations in neighbouring sibling emirates. Therefore, the Logistics industry is another prominent business sector in Abu Dhabi. Since business setup in Abu Dhabi is largely subjected to material and resource procurement, the vast coastal area is home to several ports where trading businesses acquire raw materials to supply to clients. This forms an overview of doing business in Abu Dhabi.
Abu Dhabi Master Plan 2030
The current Emir of Abu Dhabi, as well as the President of the United Arab Emirates Khalifa bin Zayed bin Sultan Al Nahyan, approved the optimistic and ambitious Abu Dhabi Master Plan 2030 that consists of various sub visions aimed to bring about large-scale opportunities across multiple business sectors. These vision categories are –
- Urban Planning Vision 2030
- Economic Vision 2030
- Abu Dhabi Vision 2030 – aimed towards Tourism, Sustainability, and Cultural Diversity
The enthusiastic involvement of the government has triggered the curiosity of several investors to pump their funds into UAE based businesses; thus, resulting in promising development in the corporate ecosystem and emerging business opportunities in Abu Dhabi. Thus, is the relationship between the economy and local businesses. The growth of one domain simultaneously benefits the other. The Arab business market is set for an explosive kick-off to the coming years through various public-private initiatives that will benefit multiple businesses leading to overall economic development. The future promises influx of Foreign Direct Investments, Employment opportunities, Technological innovation and many incentives to entrepreneurs planning to set up business in Abu Dhabi.
How can Commitbiz Help?
We at Commitbiz comprise of a team of industry professionals that have catered to several businesses in the UAE with an overall experience of 15 plus years in the Emirati market. Our services comprise of business setup in the UAE, company secretarial services, accounting and bookkeeping services, and nominee director services. We strive to provide entrepreneurs with an overall package of administrative services to simplify their journey from inception to incorporation in the UAE market. Contact us to know more about our services.