The UAE has been continuously leveraging its limit to widen the business scope when it comes to business incorporation. The visionary leadership of the Emirati Government has helped in transforming the idea of business incorporation. Different segments and dedicated regions have been built across the UAE that focuses on particular business industries.
In the previous article, we have seen the top five industries that have been booming in the UAE region and contributes effectively to level up the GDP of the country. In this article, you will get an exposure towards the next set of top business industries prevailing in Dubai that has been exceptionally doing well and has got much of scope in the future. Let’s proceed.
1. Information Technology
The region of Dubai deals with, and Information Technology turns out to be a domain where innovation has been continually growing. This continuous growth has given birth to new technologies, whereas the old ones get either updated or become obsolete. The information technology and communication sector contribute around 4% to the overall GDP of the country.
Recent report states that the IT business in UAE has been ranked as the tenth fastest growing industry in the region. To focus more on the IT industry, the UAE has got free zones like Dubai Internet City, Dubai Techno Park, Dubai Media City, and Dubai Silicon Oasis, dedicated to the IT sector. Nowadays, it has become more comfortable for business investors to come forward and incorporate an IT business in Abu Dhabi or Dubai.
2. Construction & Real Estate
The Emirati buildings are appreciated for their beauty and structure. The region holds the Burj Khalifa, one of the tallest buildings of the world. Apart from this, the region has got multiple projects that leverage the construction and real estate to a great extent. Business investors who are looking out to expand their business or invest in the construction sector can choose the UAE as their ultimate business ground.
According to another report, the real estate contributes almost 7% whereas the construction business stands at 6.3% when it comes to the contribution to the overall GDP. The famous news ground, Khaleej Times has stated the projection that the UAE’s construction sector will thrive its limit by 2020. If you are planning to start a construction or real estate business in Dubai, then this is the right time to go for it. You need to make sure that you obtain a construction license, which will give be issued by the Department of Economic Development (DED) that will allow you to carry out the tasks legally. Let’s proceed ahead to the other industries.
As stated in the previous article, the UAE boosts in the Food and Beverage sector; it also lacks nowhere when it comes to the agricultural domain. Since 1971, it has been practised highly in the Emirates of Ras-Al-Khaimah and Fujairah. Technology plays a more significant role here as it has blended well with the agricultural domain that helps in keeping a proper track of the farm production. Parallelly, the region is also focusing on organic farming and has taken several steps to encourage agricultural technologies.
Recently, the International Centre for Bio saline Agriculture (ICBA) has showcased Agri-solutions to more than 100 farmers. When it comes to business entities, a large number of SMEs are involved in the business, which is going to see a drastic change after the Expo 2020. The different types of agricultural activities that you can get involved with include aquaculture, livestock farming, agrarian activity. Now, it is to be kept in mind that relevant licenses are to be obtained for each of them to establish one.
4. Healthcare & Pharma
The next sector in the line stands as Healthcare and Pharma Industry. According to the 2019 budget, the UAE is leading the healthcare services by $1.2 Billion, and more than $540 million in innovation funds have been funded by Sheikh Mohammed bin Rashid Al Maktoum Fund. The region has made considerable investments in R&D, Innovation and Technological Advancement to stand out in the Middle East Market. The UAE holds partnerships with the following countries regarding the Pharma Industry: Germany, USA, France, UK, Switzerland. Parallelly, the country also contains a good export market to the following nations: Saudi Arabia, Lebanon, Iraq, Sultanate of Oman, Egypt and Others.
To boosts the healthcare industry to the next level, the future forecast set by the Government are stated below:
- By the end of 2020, the industry is expected to hold a value of AED 73.52 Billion
- Medical tourism is expected to rise by 2020
- The pharmaceutical companies are expected to reach from 13 (back in 2013) to 75 by 2020
- The contribution to the UAE’s GDP will be around 0.85%
- The number of exporters is to rise by 4.2%
- Ranging from 16 pharma factories in 2016, it is expected to reach a count of 34 by 2020.
5. Tourism & Hospitality
The next booming industry turns out to be the tourism and hospitality industry. Dubai stands as an excellent destination when it comes to tourism, attracting millions of foreign expats on it way. The upcoming Dubai Expo 2020 is regarded as a catalyst that will boost the sector to the next level attracting 25 million visitors. The industry is at the edge of reaching a paradigm shift and has come up with different strategies like three-year RAK Tourism Development Strategy 2019-2021 and Dubai Tourism Strategy 2027, which will increase the probability of the sector to make a direct contribution of Dh 108.4 billion by 2028. There are multiple reasons to start a tourism business in Dubai to know more click here.
The growth of the tourists in the region gives an equivalent rise to the hospitality industry. An expected count of 165,000 hotel rooms is expected to increase by the year 2020. The expo is opening up routes for new players in the market, in all the seven Emirates. In Abu Dhabi, by 2018, more than 166 hotels have found its business roots. Twenty-six hotels are to be set by 2019, whereas ten more will be setting up their business by 2020, totalling up to more than 6000 rooms for the visitors. Some of the key players in the market stand as Marriott, Hilton and Hayat. This turns out to be an excellent opportunity for the business owners to set up their business in UAE, planning to invest in the tourism and hospitality industry. To know more reasons regarding the reasons to start a hospitality business in Abu Dhabi, click here.
Widening the business scope of UAE hasn’t limited to the sectors mentioned above. The Government has taken equal steps when it comes to logistics and trade business in the UAE. The UAE has cemented itself as an international business hub, dealing with the number of business industries. In such a scenario, logistics plays an essential part, and UAE has mastered it as well. According to Khaleej Times, the region has been cited as one of the best locations for logistics market and has attained the third position among top 55 emerging markets for logistics. The market holds a value of $30 billion. To enhance it to the next stage, multiple big-ticket infrastructures have been built such as AL-Mafraq-Al Ghuwaifat Road with a 1200km rail network. Jebel Ali Free Zone, is one of the biggest multi-modal hubs, connecting the UAE to 140 ports worldwide, has planned to undergo expansion to increase the handling capacity to 22.1 Million TEU. The Government of UAE is looking forward to seeking more investors into the region and invest in the logistics business. To provide more flexibility to the logistics sector, a separate free zone named as Dubai Logistics City has been set up in Dubai, that helps the investors to set up different business entities in the region. If you are looking forward to investing in Logistics Business, Dubai is the best platform for you.
7. Innovative Technology & Finance
Innovation is the key to business sustainability, and UAE is excelling in it in all possible measures. The region of UAE stands as the most attracting destination when it comes to science and technology. The city has been focusing on the various means to establish itself as a “Smart City”, and is looking forward to grabbing more investors in the Technology field. Continuous efforts and improvements are channelized in the Artificial Intelligence, Machine Learning, Internet of Things (IoT), Advanced analytics to uplift the benchmark. Co-innovation is targeted where the region is taking to involve and blend all possible industries with technology. Dubai plans to stand as the safest and best area when it comes to the business establishment in the technology field.
The finance domain is nowhere backwards when it comes to business enhancement. The Dubai International Finance Centre is taking numerous steps to provoke and accelerate Financial Technology (FinTech). When it comes to the UAE banks, it is expanded in the national and international level providing best services to the retail and corporate services to both public and private sectors. The DIFC offers multiple opportunities for business investors to come forward and start their own business in Dubai. Contributing almost 10.4% to the overall GDP, the finance sector stands as one of the top business sectors in the UAE, and we can say it has a favourable climate for the investors seeking to invest in.
Well, by now, you must have got a clear idea regarding the business sectors that you can focus on to start a company in the UAE. The country is a hot-bed for business establishment and provides numerous facilities to the investors to come forward and set up business entities. There are multiple documentation proceedings which might turn out to be confusing for you at the initial stage. To carry out the process at a faster pace, it is recommended to get in touch with a guide who can help you to carry out the business incorporation proceedings.
Commitbiz Consultants are here to help you in the company establishment proceedings and can guide you at every point, providing a hassle-free process. We stand as one of the top ten business consultants who provide tailored solutions according to the business needs. Our business experts will take care of the proceedings so that you can give your attention to business planning. To have a word, contact us today-we’d be glad to assist.