In today’s world, information technology has turned out to be one of the basic necessities. Ranging from personal communication to the business front, the technology has left its footsteps in all possible domains. Understanding the involvement of technology in the daily human lives, the UAE has taken a necessary initiative to set up an Information Technology Centre in Abu Dhabi, the capital of UAE. Additionally, the UAE stands as a renowned business ground for both entrepreneurs as well as experienced professionals. Building an IT Centre will not only spread the tech-wings, but it also brings numerous opportunities for business investors and professionals who want to start a business in the UAE. Let’s understand it in detail.
Information Technology Sector in the UAE
The UAE aims to excel in the field of IT since the very beginning. The IT market was worth of AED 17billion in 2015, which is now expected to reach a count of AED 22billion in 2019. The nearing of Expo 2020 is expected to bring more opportunities for the IT Sector, and transforming Dubai, as one of the smartest cities of the world.
In March 2019, a Future Tech Week was conducted in Dubai, which focuses on the growth of the IT Sector, featuring all the possible sectors like Big Data, IOT, Enterprise Mobility and Internet Security. The Government has necessarily taken numerous initiatives to infuse technology with all possible business sectors which will have a significant impact on the region’s economy. Recently, a new Memorandum of Understanding (MoU) has been signed between the Ministry of Finance and Abu Dhabi Global Market (ADGM), and International Bank for Reconstruction and Development (IBRD) to innovate technology and establish an Information Technology Centre (ITC) to enhance sustainability.
The agreement is aimed at boosting the Digital Economy in Dubai in the MENA Region. Moreover, it will blend the government and private companies to work together and act as a catalyst heading towards innovation and technological developments.
Business Opportunities in the IT Sector in the UAE
Since the technology is aimed to infuse all the possible business sectors prevailing in the UAE, there exist numerous options for entrepreneurs to start a business in Dubai or any part of the Emirate. This has become more trending since entrepreneurs with minimum investments can set up their business in the different regions of UAE like Mainland, Free Zone and Offshore, and gradually infuse technology with it to drive the business growth. Some of the business opportunities that you can think of with minimal investment are:
- Advertising Agencies
- Apparel Store
- Accounting and Bookkeeping Firm
- Consulting Business
- Education Business
- Recruitment Agency
- Transportation Business etc.
Apart from the aforementioned business sectors, there are numerous business options in different sectors like Hospitality, Restaurant, E-Commerce, IT Consultancy, Real Estate etc. that entrepreneurs as well-established businessman opts for. If you are keen on establishing your business in the UAE, you can choose one from the list mentioned above.
Benefits of Setting Up a Company in the UAE
Before you concrete your decision, you should be aware of the list of benefits that you can avail by establishing your business in the UAE region.
- 100% Repatriation of profits earned and investments made
- No personal tax
- Gateway to other Middle Eastern Markets
- Robust connectivity through air, road and waterways
- Dedicated zones like Dubai Internet City for IT business
- Well-established and growing market
- Reasonable incorporation cost
Thus, you can see that the initiative taken by the Government to introduce an IT Centre will turn out to be a boon for the UAE region. Setting up an IT business in UAE turns out to be a profitable one. However, to step-into and deal with the process might take more time than your expectation. To simplify the company incorporation process, all you can do is have a word with an experienced business consultant, who is well-equipped with the legal formalities. To make the process easier for you, Commitbiz is here to guide you. A team of experienced professionals who takes the responsibility to understand your business needs and cater to them accordingly. To have a word with our experts, do contact us-we’d be glad to assist.
Where does the UAE stand in the IT industry?
UAE stands as the most attractive IT market among the middle east and African countries according to a recent study.
Is it good to invest in the UAE information Technology Industry?
Yes, Dubai is planning several initiatives to develop its presence in the industry and the smart city project makes it the right time to invest.
Which is the best place to start an IT firm in Dubai?
If you want to set up in a freezone, there are various specified ones including Dubai Silicon Oasis, Dubai Media City, and Dubai Internet City.
How much will it cost to start an Information Technology company in Dubai?
It depends on the jurisdiction and the scale on which you plan to set up your business.
What are the UAE government’s initiatives to improve the IT sector?
Artificial Intelligence strategy, Project of the 50, National Innovative Strategy are some of the plans introduced to improve the economy of the nation keeping IT the vital sector.