The UAE ranked 1st in the MENA region in World Bank Group’s 2020 Ease of Doing Business survey and 5th worldwide in CEOWorld’s list of the 100 most entrepreneurial countries for 2021. In this UAE’s success, Dubay plays one of the key roles — its exclusive location makes the city an ultimate global gateway. It is a unique mixture of the benefits of the established economies of the West and the growth potential of the East. Let’s have a look at the primary factors that make Dubai an extremely attractive destination for new business.
Dubai is the second wealthiest emirate in the United Arab Emirates after Abu Dabi. The economy is booming here — it is supposed that the city gets its major profit from the oil industry. However, the oil accounts for only 1 percent of Dubai’s GDP, and the rest, the city wins due to its thriving manufacturing industry and exports. Recently, the city of Dubai announced $ 409m to support the energy, trade, retail and tourism sectors. The skyrocketing economic growth is also backed by the government and the semi-governmental structures, which actively encourage and support investors and entrepreneurs.
- Disruptors and innovators' hub
What are the most the startups and SME founders appreciate in their destination location? Obviously, access to funding and mentorship from highly qualified professionals. Dubai has it all. It has been home to an increasing number of residents returning from notorious innovation hubs — like Silicon Valley — bringing expertise, knowledge, and capital. Dubai’s focus on attracting investment in technology turned it into a leading innovation hub for incubating industries such as artificial intelligence (AI), robotics, fintech, biotech, driverless vehicles, 3D printing and blockchain.
Dubai’s Metaverse Strategy is gearing up to develop the digital economy and leverage opportunities within the metaverse. During WEF2022 in Davos, Dubai’s government announced its intention to create a crypto valley, which is supposed to be the largest cryptographic and blockchain technology ecosystem in the world. Dubai already hosts big crypto exchanges like FTX, last valued at $ 32 billion. Dubai is already about to host the crypto exchange giant, Binance’s first headquarter in MENA. Binance is going to start operations in its new Dubai department already in June 2022!
Doing business in Dubai was facilitated for foreigners in 2018 with the establishment of a Trade Free Zone aimed to attract foreign business owners to the country. This allowed foreign founders to have total control of their companies and to enjoy benefits such as zero percent corporate and professional tax. Recently introduced 10-year visa for investors, entrepreneurs and highly skilled individuals made residence in Dubai easier. Nowadays, Dubai is keeping to welcome highly skilled overseas workers no matter where they are from. This will also be reinforced by the
Advanced infrastructure is a must-have to run your business in megapolis such as Dubail fluently. Dubai has a very beneficial location that provides access to the world’s leading economies and 2.2 billion consumers from MENA and other regions. Along with the immense growth, Dubai offers the first-class physical and digital infrastructure, high-quality professional and residential accommodation, developed transport links, and profitable and growing financial and service sectors. A pleasant bonus of Dubai’s mature infrastructure is the affordability of its transport due to low petrol prices. Such advantages as a favorable regulatory environment and infrastructure give entrepreneurs an opportunity to launch their business at an expedited pace.
Above all named advantages, it is no less significant for founders to reside in an expat-friendly and safe environment. And Dubai has exactly such conditions and atmosphere. Expats shape around 80 percent of Dubai’s total population and you have the opportunity to meet visitors from all over the world. English is spoken everywhere. Finally, Dubai has low crime rates and has been on the list of the world’s top 10 safest cities in the world, which makes Dubai one of the best locations to build a successful business and simply enjoy life.