While the world is making its way back to a state of equilibrium, Dubai is open and ready to welcome new players into its thriving economic ecosystem. With strong stability, access to markets, and impressive quality of life standards, Dubai remains one of the most attractive cities for savvy investors and entrepreneurs looking for a new place to expand their business setup.
Social, economic, and political stability
In a city that hosts an approximate 80% ex-pat population, stability is a key factor in the city's on-going success. Ruled by the local royal family, led by His Highness Sheikh Mohammed bin Rashid Al Maktoum, residents live under a smooth and stable leadership that strongly supports Dubai's thriving status as a haven for ex-pats. In 2016, the UAE added a Minister of State for Happiness to their cabinet, later updated in 2017 to the Minister of State for Happiness and Wellbeing. The goal of the position, held by Her Excellency Ohood bint Khalfan Al Roumi, seeks to maintain unified government policies to support a happier resident population. In a recent report by the World Economic Forum, the UAE ranked as one of the most competitive countries for economic stability due to its robust financial systems that are able to offer lines of credit in support of SMEs to reduce rates of insolvency. By integrating health, fiscal and social policies, the UAE was also highlighted as a benchmark standard during 2020, mitigating the pandemic's effects on the local economy.
Markets and capital
Innovative startups capitalize on Dubai's strategic positioning as a gateway to the economies across the Middle East, Africa, and South Asia – a region with a projected combined GDP of over $12.8 trillion by 2030. Dubai delivers a compelling network of angels, accelerators, and venture capitalists offering a range of support mechanisms, accounting for one-third of all MENA investors and 19 venture capitalists – the highest in the region. Dubai is proven to deliver an efficient, secure, and future-forward network for accelerated growth. Backed by committed investment in key growth sectors and smart-city development, Dubai is consistently ranked among the top 5 global centers for trade, logistics, tourism, and finance, attracting 56% of the world's Fortune 500 companies. In a landmark agreement in 2020, the UAE and Israel signed the Abraham Accords, normalizing relations between the two countries, opening highly lucrative opportunities for investors, tech, tourism, and green economy partnerships.
Ease of business setup in Dubai
With the introduction of free-zones in the 1980's, Dubai changed the landscape of Middle East business forever. In an attempt to diversify the local economy, free-zones offered local commercial ports the opportunity to conduct business with greater flexibility, free of customs. Fast-forward 40 years, and Dubai is now a thriving cosmopolitan with a wide array of business setup programs designed to support unique needs and requirements, from freelancers to multi-national corporates. A close-knit network of business giants converge in the city's various communities, aptly dubbed by their leading industry: Dubai Media City hosts news, journalism, and television companies while Dubai International Finance Center is a hub for finance consulting, risk advisory, and financial exchange. Business centers in Dubai offer another opportunity for companies of all sizes to lease private offices, sharing common facilities, support staff, and business services, mitigating costly overheads and long-term commitments.
Quality of life
Dubai is famous for its tourism industry, welcoming millions of visitors every year with world-class entertainment, shopping, and glittery beach resorts, but for residents, the city offers many attractive lifestyle benefits that suit family life as well as individuals. With over 200 private schools offering 15 different types of curriculums, educational opportunities accommodate a diverse variety of students from all over the world. Access to quality healthcare is another big draw, with over 140 private and public hospitals and healthcare facilities. According to a recent Gallup report, the UAE ranks as the #10 safest country in the world, with low crime rates and a firm but friendly presence of the city's local law enforcement. A wide variety of residential properties offers renters and buyers the chance to live in modern high-rises along the city's beaches, canals, and downtown districts, as well as sprawling villas and townhouses in suburban-style communities. A copacetic balance between liberals and conservatives allows for a diversity of lifestyle choices, from family-friendly venues to religious organizations and western-style entertainment.
For individuals or companies looking at the Middle East as their next potential destination, Dubai's opportunities and well-established commercial infrastructure are difficult to rival. To learn more about business setup in Dubai, serviced office rentals, licensing, and more, contact Sentinel Business Centres.