Top 10 Fastest Growing Business Sectors and Leading Industries in the UAE 2022
The United Arab Emirates (UAE) has constantly been leveraging its limit to broaden the business scope. The Emirati Government's visionary leadership has aided in transforming the concept of business incorporation. Various segments and dedicated regions have been developed across the UAE to focus on specific business industries. Because petroleum is a significant source of revenue in the UAE, the country has been attempting to diversify its economy for some time. Oil exports account for up to 85 percent of the UAE's economy. Regarding its ability to attract foreign direct investment, the UAE was ranked 27th globally in 2018 (up to three positions from 2017). (FDI). The UAE has been investing to diversify its market.
The government in the UAE offers various incentives to Foreign business owners for setting up their company in Dubai. The investments pouring in resulted in booming Businesses in UAE.
Advantages of Doing Business in the UAE
To help foreign investors and entrepreneurs – the United Arab Emirates has established a large number of free trade zones. These free zones became one of the most essential factors in the development of international business in the UAE and a significant incentive for various large and medium-sized global companies to relocate to the country.
The company's registration in such a free trade zone allows foreign people in business to have complete ownership and management of the company. There are significant tax and customs benefits. For companies based on free trade zone territory, there are no restrictions on the volume and nature of investment fund movements and repatriation.
The authorities of UAE also allow for the registration of offshore companies, which can conduct business only outside the UAE but can also acquire immovable property in the country, participate in investment projects, and serve as owners of other companies in the UAE and abroad. Dubai is now a financially powerful city in which you should consider establishing a business. Let's look at some of the most notable advantages of starting a business in Dubai to help you understand better:
Ease of Starting a Business. Recruit Expatriate Workers. There is no taxation. There are more than 20 free zones. Technological Progress. Geographically advantageous location. Infrastructure is second-to-none. Comfortable and high-quality way of life. Easy visa access. Government Support.Top 10 Fastest-Growing Business Sectors in UAE 2022
let's have a look at the top 10 booming industries in Dubai that have a positive future in UAE:
1. Construction and Infrastructure.
The UAE has made significant investments in improving its infrastructure. They want to have the best infrastructure in the entire Middle East. If you are knowledgeable about the construction industry and want to start a business in this field, the UAE is the place to be. The UAE offers numerous opportunities for expansion and establishment. Dubai had over 3,200 active projects worth USD 245 billion as of early 2017. This figure is certain to rise by the approaching Expo 2022, which will contribute USD 42.5 billion to construction projects.
2. E-Commerce Solutions
Dubai alone has become one of the most significant contributors to E-commerce in the Middle East, surpassing Abu Dhabi, a much larger population than Dubai. You can run a successful e-commerce business in the UAE with minimal investments and accurate industry knowledge.
3. Tourism and Travel
The tourism industry is expected to contribute $28.5 billion to the UAE economy over the next ten years, with Expo2020 expected to draw 25 million visitors. Dubai's shopping appeal is crucial, as it has the world's second-highest density of shopping malls after New York City.
UAE's well-developed Emrites travel facilities and tourism, a profitable business in this sector is a good idea. Conducting appropriate research and selecting the proper business location could be one of the most critical steps toward establishing a successful business in the UAE.
4. Real Estate
According to another report, the real estate industry contributes nearly 7% of total GDP, while the construction industry contributes 6.3 percent. According to the well-known news outlet Khaleej Times, the UAE's construction sector will reach its peak by 2020. It is predicted that the real estate sector in the UAE will grow up to 111 percent faster than the current market in the next five years. Furthermore, the increased interest in foreign investment and tourist attraction opens up more opportunities in this field.
5. Health and Hospitality
Since the pandemic, there has been a greater emphasis on the significance of the health and hospitality sectors. The aesthetics market is critical to the UAE's healthcare industry, as Dubai has one of the world's highest ratios of plastic surgeons per capita. The overall sector is expected to grow by 60% to $28 million by 2023.
UAE provides a giant pool of opportunities in this field and developed infrastructure, which creates a sense of ease for people looking to start a business in this field in the UAE. The most important thing is to obtain the necessary approvals and licenses to start a business in the UAE.
6. Consultancy Services
People who have in-depth knowledge of any subject are always at a disadvantage. If you have enough knowledge about something and wish to start a consultancy service about it, then UAE is the place to start your business. Over the years, there has been an increase in interest in this field, a good business opportunity.
7. Hotel Chains and Restaurants
If you want to open a new restaurant or a new hotel branch, the UAE is an excellent place to invest. The business of hotel chains and restaurants has been booming due to increased investor interest and the UAE government's additional investment in the field of tourism. It is also one of the booming industries to watch in Dubai 2022.
8. Fashion Products and Jewelry
The Middle East is well-known for its abundant supply of precious metals. Not only that, but the UAE is the ideal market to enter for luxury goods such as beauty products, perfumes, and so on. If you plan to start a new business or open a new branch for an existing one, a company in UAE is a great place to start.
9. Marketing and Advertising
According to TBWA Worldwide, the UAE led the GCC in advertising spending last year, with $410 million spent in the first quarter, accounting for 46 percent of the region's total ad expenditure. Spending on digital advertising is skyrocketing. This powerfully supports the creation of new jobs in the UAE, including positions such as:
Copywriter. Production coordinator. Art director. Event planner. Marketing coordinator. Creative director. Graphic designer.10. Security services
The UAE is a land of rich properties and luxurious goods, requiring extra care and protection. Businesses pay for additional external security to ensure the safety of their operations. This service is not only available to large corporations; many citizens prefer to have personal protection for their properties, and hotel chains require it as well. This is an excellent time to capitalize on market opportunities.
Procedure To Start A Growing Business In UAE
The process for starting a business in Dubai is straightforward. The main goal is to make the process as simple as possible. Anyone in the emirate can start a business with little difficulty. The country's investor-friendly policies have been lauded by both ex-pat and resident entrepreneurs. Starting a business in the UAE is dependent on a variety of factors, but the basic procedure is as follows:
Choosing the business venture. Choose the jurisdiction: Mainland, Freezone, or offshore. Finalizing the legal body of the business. Getting the company registered. Trade license acquisition. Getting required Business approvals. Submitting the required documents. Obtaining business license.Take Help from us to Start a Growing business in UAE 2022
Danburite is a team of experienced professionals who have cutting-edge knowledge in their respective fields, ranging from management consultants with over 10+ years. We provide business setup services for Dubai, UAE location. Contact us Now If you are planning to start a business in UAE.