Abu Dhabi, the capital city of the United Arab Emirates and is slowly removing its focus from oil and gas and is gradually enhancing the development of various business sectors of the country in hopes of diversifying the economy. As a result, the government of Abu Dhabi has initiated significant plans which attract both local and foreign investors from around the world. The increase in tourism and the major world events such as the Expo 2020 plays an important role in the growth of the emirate, and it is estimated that the city of Abu Dhabi will become one of the most prosperous cities in all of the world.
Let’s understand the various reasons why setting up a business in Abu Dhabi is so beneficial for a company and then later we will know which are the industries which are booming in Abu Dhabi.
Why Choose Abu Dhabi?
Abu Dhabi not only provides the necessary services and infrastructure which is needed by a business to set up in the area, but it also boasts of an increasing number of tourists from all around the world. The rising numbers mean that the emirate has a better reach and a broad scope of people who will invest in the emirate.
Abu Dhabi is one of the richest emirates in the UAE and is known for the luxurious life that the people live in the emirate. the capital city of Abu Dhabi is the headquarters for all the government offices. It is the largest emirate in the UAE and accounts for more than 85% of the countries territory. Abu Dhabi is a multicultural place and people in Abu Dhabi work 24X7.
According to the new economic plans, the emirate is aiming to increase the to speed up the growth of the small and medium enterprises in the area. The government has also decided to waive off the registration and license fees for all the new entrepreneurs and people in business for the first two years of incorporation of the company Abu Dhabi.
The various tax incentives, tax and healthcare policies and the political and economic stability make Abu Dhabi one of the front runners in places to set up a business.
Businesses Booming in Abu Dhabi
The increasing population and the increasing number of visitors have made certain businesses very profitable. Some of the most profitable businesses in Abu Dhabi are:
As the number of visitors is increasing and the government is trying to uplift the hospitality sector of the emirate and UAE as a whole, opening a restaurant is a very good option for entrepreneurs and businessmen all over the world. A good quality café or restaurant is always a welcome sight for the eyes as well as the stomach, and any restaurant which can provide home cooked food is bound to succeed.
2.Travel and Tourism Business
Travel and hospitality industry has grown by leaps and bounds in the last few years. The emirate is aiming to get a rise of 5.1% of the total GDP. The total contribution of travel and tourism in the GDP of the country is estimated to rise by almost 5% by 2027. Abu Dhabi is investing heavily to uplift the tourism and the hospitality sectors and has high hope for the Emirates.
Abu Dhabi is a very good place to conduct business, but we all know that all work and no play makes Jack a dull boy. The city is full of people from various ethnicities and races and has been working all week long. Naturally, they would like to blow off some steam. Opening a night club in the area will not only allow the people an opportunity to relax but will also double up as a lucrative business option.
With the entry of various kind of business in the city, it is indispensable for them to have a business broker who will provide them with the essential amenities and will provide them with a workspace of their choice. The option of hiring a Business Broker is very lucrative and is gradually turning into a profitable business option.
At the start of every business, there is finance. This makes the provision of financial services a very good and essential service which is required by almost all the companies. Financial services range from accounting and auditing to VAT calculation and filing of the taxes. Not having a proper financial service can lead to the downfall of the company.
Retail business has very much increased, thanks to the increased traffic from the tourism and hospitality sector. Not only the physical stores have grown in numbers, the amount of virtual and e-stores have also seen an increase.
7.Health and Fitness
Being healthy and fit is in the top five life goals of everyone and the fast-paced life in Abu Dhabi. This goal is often compromised upon. Because of this, there is an increase in the number of pharmaceutical companies and fitness related companies in the UAE.
These industries show enormous potential in Abu Dhabi, and if these businesses are perused, a businessman is bound to achieve great success. Nevertheless, you should be very clear about the laws and rules regarding the various companies. Commitbiz can help you get the clarity you need, which will help you decide which business you would like to go through with. For more details on the services offered by Commitbiz, contact us – we'd be happy to answer your query.