2020 – Time is Now to Start Business in Dubai
An entrepreneur always look for the best time to start his business, so that it can boost up his business in the initial days to generate good revenue and goodwill in the market. In Dubai it is a great time this year, as Expo 2020 is going to be hosted and with that comes lots of new opportunities which can boost the initial phase of the business and can really become successful.
As a host of EXPO 2020 after last EXPO in France, Dubai is expecting huge investment in the Economy from the investors where the outside investors will make a huge effect with an expectation of AED 150 billion.
The Travel and Tourism industry is also going to have the biggest boom as 138 countries from worldwide are going to participate in the expo along which it brings immense potential to open the dream doors to thousands of budding entrepreneurs. Also the city is expecting 25 million new visitors from worldwide.
As the theme of the EXPO 2020 is “Connecting Minds, Creating the Future” and with three sub themes : opportunity, mobility and sustainability; it is clear that there will be focus on technology, infrastructure and finance related business.
The Government has also taken an initiative called “INNOVATION ATTRACTION PROGRAMME (IAP)” to develop Small and Medium Enterprises Sector (SME). The govt. is looking for 25,000 start ups worldwide that are looking at Dubai for their innovative solution as a new market. It will mainly emphasis on : transport and mobility, education and information technology, energy efficiency, medical and health and also aerospace. On the payment aspect the SME suppliers linked with Govt. project will be paid within 30 working days instead of 90 days and hence expecting a liquidity of additional AED 1.6 billion per annum. Not only that, 5% of Govt. capital project to be allocated to SME s and hence the SMEs are expecting to receive AED 400 million worth of projects. Also the SME s who are supplying products and services to EXPO 2020 do not require any bank guarantee.
The Govt. has also promised to lubricate the economy system with nearly $40 million and simultaneously creating new 2,77,000 jobs in the market.
Even the banking partner of EXPO 2020 Emirates NBD has come over with new plans and packages for the SMEs that are directly working with EXPO 2020. This huge occasion will also create a rise in the GDP as per the expectation of international Monetary Fund.
Taking all the points into consideration its very clear that this is a good time for the entrepreneur to take the first step in Dubai to have its own startup or new business. With the growth of the economy the new business are expecting to grow more revenue as they will have a better opportunity from the beginning to connect the world and to present themselves in front of world.
This blog is written by Ms. Ananya, Business Advisor at Flyingcolour Business Setup, VAT and Accounting Services, Dubai. If you have any question regarding setting up any business in Dubai or anywhere across the UAE then please contact us at +971 4 4542366 or email us at info[at]flyingcolour[dot]com.
