It is a known fact that the United Arab Emirates is one of the best locations in the world to establishing a business or expand a business. Rapid economic growth has given a boost to the active development of different sectors of industry. Each Emirate in the UAE launches pro-business initiatives to empower the startups and entrepreneurs in succeeding the business growth. Dubai has been the business hub for longer, and Sharjah connected directly to it also has a lot of opportunities. With constant efforts from the government, the wealthy business grounds are now expanding faster in Abu Dhabi and Ras al Khaimah as well.
Abu Dhabi is slowly emerging to be the fastest-growing Emirate in the UAE. With initiatives like Abu Dhabi Vision 2030, the government’s approach has always been a future-looking prosperous economy, with every business booming in its respective sector.
Abu Dhabi has witnessed dramatic growth over the last few decades and has established itself as a global industrial hub. If you are going to start a business in Abu Dhabi, we explore through some of the most booming sectors in Abu Dhabi that present immense opportunity and potential returns shortly. But first, understand the importance of setting up a company in Abu Dhabi.
Why Start a Business in Abu Dhabi?
The Emirates of Abu Dhabi is the wealthiest Emirate as it holds 90% of the Emirate’s oil production, 10% of the world’s oil investments, and 5% of the worldwide reserves of natural gas. Being one of the fastest-growing business and industrial centers in the Arabian Gulf and the Middle East regions, Abu Dhabi has been known over the years as a critical foreign investment attraction for its steady and wealthy economy besides several reasons which are summarized as follows:
- Economic diversification
- State-of-art infrastructure
- Multimodal transportation system
- Specialized economic zones
- Free zones
- Low labor cost
- Member of WTO and GCC
- Gateway to Asia, Europe, and Africa
- Full foreign ownership
- Financial services
- Zero-tax holiday on profits
- More than US$136 billion worth of future project investments by the Abu Dhabi government
- Economic, political, and social stability
Business Industries Booming in Abu Dhabi
Various business sectors are racing to be the number one in Abu Dhabi. Mentioned below are the booming business industries in Abu Dhabi.
With many young and prosperous customers, deep internet penetration, and advanced networks for logistics, the e-commerce sector in Abu Dhabi is growing faster than anywhere else in the world. There is a relatively new and different consumer base who likes to pay for convenience services related to their food purchases. There are more accessible to convenience store formats, meal deliveries, and online grocery delivery. Moreover, consumers are demanding higher quality food as well as organic food, which tends to be priced higher. So there is an excellent opportunity in the grocery sector, which is one of the most upper consumer spending segments in the UAE.
2.Construction and Real Estate
As said earlier, construction is the central pillar of UAE’s economic diversification strategy, and Abu Dhabi has been a strength to achieve every target that the country has aimed at. The region recorded remarkable growth at 7.7% year on year in the second quarter and 7.5% year on year in the third quarter of 2017, the fastest progress rates since the financial crisis. According to MEED Projects, Emirate’s construction market valued at $US805 billion.
Retail is one of the strongest pillars of the UAE economy, which experiences rapid growth and innovation. The retail industry in the Abu Dhabi houses some of the renowned global brands and faces a new era of encounters and opportunities. Many global brands flock their way to the city every year, hoping to expand their industry here. The desire to open their retail businesses in the UAE is not limited to global brands, even small and new organizations dream of an opportunity to establish their presence in UAE.
The United Arab Emirates has a comprehensive, government-funded health service, and a rapidly developing private sector that delivers a high standard of health care to the residents. Healthcare in Abu Dhabi is controlled at both the Federal and Emirate level. Abu Dhabi after Dubai is taking essential steps to improve the healthcare sector by providing incentives to established business startups in the Emirate.
UAE has people from different walks of the world. Not just the people living in the UAE, tourists all over the world flock in the country to taste different cuisines offered to them. The number of good quality café and restaurants are increasing every day. And with Abu Dhabi’s Food Code in practice, the government makes sure that the food is not just tasty, but is also prepared in a hygienic environment.
These are just some of the many industries that are making their mark in the Abu Dhabi business sector. With a vision of building an excellent place for doing business, Abu Dhabi is half-way in completing this race.
How can we help?
We at Commitbiz help entrepreneurs start a business in Abu Dhabi and the UAE. Our experts are well-versed with the legal formalities and can make the process hassle-free. Our services include business incorporation, business licensing, IP, PRO, local sponsor, accounting and bookkeeping, and much more. Contact us today if you have any queries.