Located at the centre of one of the fastest developing regions in the world, Dubai has evolved at an amazing rate, from a relatively unknown place in the Gulf into a cosmopolitan city and a business destination to be reckoned with. This has been realized by many factors like Dubai’s unique location, its world-class infrastructure and facilities, business friendly policies and the easy availability of manpower.
While Dubai’s economy is a vibrant, progressive and diverse enough to offer equally exciting opportunities for all industries some have definitely displayed better performance and faster growth when compared to others.
We have listed the booming industries in Dubai.
Owing to the progressive economic policies of the government, Dubai has witnessed a significant influx of investors, businesses and expatriates. This has provoked an excellent growth in both commercial and residential real estate, so much so that the real estate industry now contributes to over 20% of Dubai’s GDP.
Additionally, Dubai’s status as a leading tourist destination has led to the development of world-class hotels, airports, restaurants and even the construction of man-made islands like the Palm Jumeirah, Palm Jebel Ali and The World.
Travel and Tourism
Dubai is the biggest name in luxury tourism in the Middle East, and is considered at par with cities like New York, Paris, Munich and Sydney. Millions of tourists flock every year to Dubai, leading to the establishment and growth of a range of services and industries like hotels, airlines and others that have emerged in response. Even while tourism is on a downturn globally, the number of tourists coming to Dubai is expected to rise to 10 million in the next 5 years.
Trade and Business
Dubai presents an almost open doors policy for companies across industry verticals. Dubai’s unique location and large coastline allows businesses easy trading access to markets in Europe, Asia, Middle East and Africa. With very low customs duties, zero personal taxes, corporate taxes, capital gain taxes, and free zones that allow 100% ownership, Dubai is one of the most profitable places in the world to do business in. The government further helps entrepreneurs and investors by simplifying regulations and reducing the paperwork required in the formation of businesses.
Healthcare is one of the most in-demand industries in Dubai, and the only one that remained unaffected during the recent economic slowdown around the world. In fact, thanks to its aging population, Dubai’s healthcare market has witnessed significant growth and is expected to reach a value of nearly $500 million in the next five years. Dubai is also trying to develop itself as a leading destination for healthcare tourism, offering patients from across the world easy and affordable access to high-quality treatments and procedures.
With all of these advantages and more, the decision to set up an office in Dubai or in any of its free zones should be an easy one for any business. And if you’re one such enterprise, it might prove helpful to get in touch with a company formation agent to guide you through the entire process.