With vast resources and amazing tourist spots, Dubai is known as the commercial hub of the middle east. Dubai offers easy access for doing business to more than 1.5 billion consumer markets situated in Eastern Europe, Africa, West Asia, as well as the neighboring countries of the Middle East. Dubai is among some of the Arab countries in which people are flocking in considerable numbers because of the favorable economy, tax flexibility, and enormous job opportunities out there.
Dubai gives thousands of opportunities for setting up a business to millions of people, both the citizens of the UAE as well as foreigners. Mostly, foreign business is a significant boost to the economy of Dubai. The government policy, magnificent architecture, and the state-of-the-art infrastructures drive the attraction of the massive number of outsiders that support the growth of the small, medium, and larger business corporations.
In the present day, Dubai is full of opportunities in various sectors in the UAE. Those industries include the hospitality industry, tourism, manufacturing firms, medical technologies, and finance industries. As the growing demands of technology are clearly visible in the market, the business also has risen continuously.
Opportunities in Different Industries
1. Hospitality Industry
One of the sectors that never fail to attract people is the hospitality industry in the UAE. When we analyze the leading hospitality markets globally, and there is adequate proof that Dubai’s hospitality sector is doing remarkably well. With a 78% all over year occupancy and an average daily rate of AED 804 across all Dubai hotels in 2018, Dubai’s hospitality market is giving many cities in Europe, the US and Asia a run for their money!
Healthcare industry is the most demanding sector among every other sector. The interest in medical tourism is increasing day by day. Visitors from all over the world come to Dubai for treatment because of its ultra-modern technologies, innovative ideas in the field of medicine. The sedentary lifestyle of people all over the country is facing many health-hazardous situations. To overcome such a disastrous condition, the government of the UAE is showing its moves in the healthcare industry. Many pharma companies are continuously setting up their business incorporation all over the UAE. Other factors triggering the boom in the health care industries are the growing essentiality because of its population, the rise in the number of people above 60 years in the population who need a special kind of treatments, the disposable income that those staying for long have their intention to spend on luxury and wellness.
The UAE government is also liberalizing policies to attract foreign investments in order to improvise the healthcare standard and boost the healthcare industry. Our holistic research and analysis depict that the healthcare market in the UAE will grow at a CAGR of around 8.5% during the forecast period 2018 to 2023.
3. Oil and Gas Industry
Dubai is famous for its oil and gas industry all over the world. The UAE contributes a major role in supplying oil and fuel to the rest of the countries. The larger portion of the oil produced in the United Arab Emirates region gets exported all over the world. The export of oil and gasoline products is carried out in multiple ways. Shipping terminals are supplied with new equipment and the alluring infrastructure. Transportation is carried out by oil tankers and ships to Japan, South Korea, Thailand, the countries of Western Europe and the USA and many more. For the production of electric energy, natural gas is the major resource. The constant improvement networks for connecting the pipelines and establishing of modern technical well-equipped plants both within the country and abroad contribute the major proportion to the economy by increasing the GDP.
The rigorous population growth always encourages the government to increase the volumes of the produced gas, and meanwhile also promotes the discovery of new alternative energy sources. And creates many business opportunities in today’s generation.
4. Tourism Industry
Dubai, as a travel destination, is always regarded as one of the most innovative and attractive travel hubs across the world. The rapid development tourism economy, on the global level, drives the attention of tourists across the world. The recent survey shows exponential growth in the travel and tourism industry. The government of Dubai strongly supports and encourages tourism and considers it a fundamental and significant pillar of its economy. It is estimated that there will be 20 million visitors in 2020. Along with that, many airlines and industries are opening up.
Dubai is so resourceful that anyone can get a chance to set their business here successfully. We at Commitbiz help you in setting up your business in the UAE. Registration of the business, licensing and business consultancy are some of our services. Contact us to know more about our company and services. We’d be happy to help you at any point in your business setup.