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The year 2021 will be considered as a year of recovery in Dubai & UAE. The world economy has suffered a major setback due to the COVID-19 pandemic and still, at the time of writing this article, many countries across the world are under lockdown. However, due to bold decisions and timely measures to curb the spread of panic caused by the pandemic by UAE Government, all businesses were back to operational by almost the beginning of May 2020, resulting in saving thousands of jobs and survival of the SME sectors and avoiding lasting damage on the economy and making sure continuity of businesses. The UAE Government had also opened international travel quickly, with appropriate precautions in place, making it easier for people to return to their homes and to unite with their families.
Very recently, the UAE Government has announced to grant UAE Citizenship to expatriates, an unprecedented decision paving way for many individuals to make UAE a permanent home, for themselves, their families and future generations. This move will surely result in billions of dollars to be pumped into the economy and to be retained in UAE. This move will also result in increasing permanent population in UAE and decreasing floating population. This will result in increase in demand for all commodities and services necessary to support the livelihood of human beings. Dubai was recently announced as third globally and second in Major Cities category as part of report ‘FDI Global Cities of the Future 2021/2022’ by Financial Times, further solidifying its position as a top city for investment and business growth, and marking its resiliency even during the turbulent global economy.
Flying Colour Business Setup Services is assisting organizations and individuals in setting up businesses in UAE since 2004. Currently, with a team of 60 experienced professionals, we are delivering errorless and seamless services for business setup and corporate structuring across all UAE jurisdictions, be it Mainland, Freezones or Offshores. We also provide corporate UAE national service shareholder/agent for Mainland companies. We advise in structuring, using funds, foundations, SPV’s etc in financial Freezones like ADGM and DIFC. We assist in bank account opening, trademark registration; accounting and VAT related services all over UAE.
We know the difficulties and pain an entrepreneur goes through in order to setup right type of company without falling in to the trap of wrong advisory resulting to waste of time, money and other business opportunities. Based on our current observations dealing with the local market in UAE, we have come up with an analysis based on facts and figures on which business sectors could possibly thrive during 2021 and beyond in Dubai-UAE. The information furnished here is purely our observations and anyone should utilize this information after discussing with us the specific business plan. Unprecedented time and once in a lifetime experience due to COVID-19 pandemic has fundamentally changed how we live and work. However, the entrepreneurs for tomorrow will definitely reap benefits of opportunities these unprecedented circumstances have unfolded which otherwise were not in existence.
During 2020, people were locked down in their houses for weeks, months in some places; a situation many thought is not possible. Businesses, schools, parks, recreational places, everyday utilities shops were closed. During this time, online businesses were a major convenience and in many cases, almost a necessity for people to buy products or services that were necessary for everyday life. This pushed existing E Commerce companies towards new challenges, and with it, new levels of success and growth. People have now moved on from the traditional mindset of touching, testing, feeing or smelling the products or services before buying them, a tradition that could possibly be now considered old and unhygienic partly due to COVID-19 precautions. The E commerce model also proves profitable for businesses as well as it allows entrepreneurs to keep the startup costs lower.
Consumers also find it convenient to use E Commerce platforms, saving time and cost of travelling to brick and mortar stores. E commerce has also made it easy to scale up the business with lesser cost unlike brick and mortar stores. Many new ideas for E Commerce are circulating in people’s minds and investors are ready to support them, as it is quite clear that E Commerce is the future.
Dubai being an international tourism hub has started witnessing influx of tourists from December 2020 onwards. Dubai has also hosted successfully trade shows like Gitex recently which allowed people to visit the stands physically. All such successful experiments have driven the tourism and hotel bookings upwards again.
Expo 2020 is around the corner and possibilities for a stable population on rise due to UAE citizenship being announced, all businesses related to hospitality sectors are expected to perform during 2021. As per CNBC’s 17th December 2020 report, Expo 2020 organizers expect 25 million visitors over the 6 month event, despite concerns about the pandemic’s impact on global travel and tourism. This is a huge number, and can lead to an increased demand I the hospitality industry.
The international trade relations opening with Israel and Qatar will also lead to more hospitality demands in the UAE. Further into 2022, the Football World Cup is to be hosted by Qatar, which is expected to bring a lot of visitors not only in Qatar, but also in UAE.
Real estate market has already started witnessing high demand in the first month of 2021. RERA (Real Estate Regulatory Agency) in Dubai has already implemented many strict rules safe guarding the business interests of developers and buyers. Since 2007, all real estate brokers and brokerage companies are licensed by RERA. All real estate development companies are licensed by RERA and any off-plan project selling can only be done once escrow account is opened. Law number (13) of 2008 regulates the off-plan sales of real estate protecting the interest of buyer and developer. Lot of construction activities are going on full swing due to Expo 2020 event as well.
The above factors, as well as the governmental policies related to citizenship and investment benefits in real estate could lead to increased demand in real estate transactions, and in turn related industries of development, consultancies, engineering consultancies, contracting and trading.
Dubai Government has allowed E cigarette, Vaping devices and E liquids to be sold in local market. The new legislation came in to effect in April 2019 known as UAE S 5030. Earlier it was banned. This has opened doors for manufacturers and traders from all over the world to enter in to untapped, yet highly potential, market and to capture the maximum share of the business in the early stages. All such products have to be approved from ESMA (Emirates Authority for Standardization and Metrology) Dubai. This business is expected to boom in 2021 and beyond this, as the market for these products grow globally and within the UAE. Please enquire for more details.
The medical infrastructure existing in Dubai and UAE has played a significant role in fighting against COVID-19 successfully. Doctors, healthcare employees along with DHA (Dubai Health Authority) and MOH (Ministry of Health) have played an extra-ordinary role in protecting the lives of people in UAE and this has established Dubai and UAE on the world map as a safe place to live.
Revenue receipt from UAE healthcare industry is forecast to grow at the rate of 7.5% CAGR (Compound Annual Growth Rate) for next 5 years. A sale in Dubai is expected to reach 10.7 Billion USD in 2021 due to high demand in preventive medicines, said by Dubai chamber of commerce and industry and reported by Arabian business.
Medical tourism is expected to reach AED 8.4 Billion in 2021 and grow by CAGR 17.1% for next 5 years. As per IHRC (International Healthcare Research Center), Dubai has been ranked 6th out of 46 global destinations as per Global Medial Tourism Index 2020-2021.
Technology has become the integral part of any business. Businesses, without implementing technology, will not be able to thrive and grow any more. In a hyper connected world, no sector of the economy will be untouched by technology and only those who adapt quickly to technological change will survive.
Dubai and federal Government has also adopted to move swiftly to engage all available technological advancement and accordingly changing its policies. Dubai Government has launched Smart Dubai 2021, preparing Dubai to embrace the future. Guided by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the United Arab Emirates, and ruler of the Emirate of Dubai, .the Smart Dubai office has transformed the city by revolutionizing how the Government services are delivered by connecting several Government departments and adding 1000 plus smart services. The intention is to make Dubai, the happiest and smartest city on the earth. Such a technological approach by Government to bring happiness to people utilizing best of the technology will surely boost implementation of technology in a smallest to biggest businesses across all of its business operations in city.
Regardless of any short term benefits from Expo 2020 event, any business offering IT services, be it software development utilizing all modern AI, Blockchain, IOT and data analytics will keep thriving subject to it also being able to keep pace with advancement and attract human assets equipped with such modern technological knowledge. In an internet economy surely cyber security companies will have to play major role in safe guarding people from any threats of cyber crimes.
Retail and trading drives the overall economy of Dubai. Dubai is ranked number 1 in an international retailer presence as 62% of global brands have footprint here. Retail segment is expected to thrive even in the digital transformation amid COVID-19 and the advancement and growth of E Commerce platforms.
Complimentary to the growth of tourism, and E Commerce industries, the growth of delivery and transportation industries is naturally expected. The ever-growing industry of food delivery, products delivery and courier services has only been bolstered by the impacts of COVID-19 and could well have found more permanent markets due to the same. UAE’s courier market is expected to grow by 7.5% annually, according to an article published by CBN ME.
The transportation and logistics business has been in the pulse of the UAE market since decades. The location of UAE on the word map, coupled with world class ports, maritime, aviation and road facilities ensures that this industry is a growing sector.
COVID-19 has changed the fundamentals of physical classroom education systems. Most schools and universities have implemented online classes.
Any educational businesses which can create an extraordinary consumer experience of delivering quality study contents through computer / mobile phones / tablet screens will potentially become profitable. This will require technology to be well integrated with intelligent study content development which can provide overall personality development of students along with subject knowledge while still remaining confined in homes away from physical interaction. Such challenges will unfold massive business opportunities for the early entrants in the digital educational business.
Corona virus has caused sudden upswing in cleaning services business in 2020 and it is expected to continue in 2021. Sanitization and cleaning becomes more and more important as people flock to malls, cafes and work places, but with Government imposed precautionary measures, which include continuous sanitization.
Globally hotels, restaurants, cafes and public transportation have to comply with new cleaning guidelines. All hospitality businesses have to guarantee highest level of cleanliness to rebuild the consumer trust. Businesses related to cleaning services will have high demand for many years to come.
Dubai and UAE will remain an attractive place to do business. The postponement of Expo 2020 will provide a huge enthusiasm wave to ride on for new businesses to flourish in 2021. Signing of Abraham Accords in September 2020 and subsequent normal relation between UAE and Israel will add a complete new dimension in UAE economy. All types of consulting services will remain in high demand. However the consulting firms have to implement sophisticated digital capabilities and high quality customer services. Consulting firms will need to cater niche advisory services to price conscious clients.
Dubai and UAE holds extremely high potential for all types of consulting services considering thousands of Expo 2020 visitors will be looking for such services as they look to consider UAE their next business destination.
Industrial activities are on the rise in UAE to achieve sustainable diversification under UAE economic 2030 vision. The government has put the target of contribution of manufacturing sector to overall GDP from its current 10% to 25% by 2025. Manufacturing sector will grow at a rapid speed under the diversification and self sustainable plan of the Government. Dubai Industrial Park spread across 55 square kilometers speaks a lot about Government’s aggressive policy and support on developing manufacturing sector.
The Agricultural industry in the UAE is expected to grow, with the support of the Government and its incentives to grow the industry and overall make a sustainable agricultural industry. The above are the 12 sectors that are expected to thrive in 2021 and beyond. If one is looking to invest in or start a new business in any of the mentioned sectors, please consult us for customized advisory.
Mobiles are part of our daily life in Dubai. We do everything from shopping to banking on the mobile phone. You can start an app development company if you have technical skills or a skilled team. Businesses also need custom apps to serve their customers in a better way. You can create apps for food delivery, taxi booking, e-learning, and many more things.
In Dubai, every individual aspires to elevate their digital footprint. Your service portfolio can include SEO, social media marketing, content production, and advertisement management. The demand for digital marketing services is at the top because every business is going online. It is a business idea with a small setup cost and great returns.
The growth of the tourism industry in Dubai is also increasing the demand for rental cars. The you start your car rental company and offer daily, weekly, or even monthly rentals. In Dubai, both residents and visitors choose to rent a car. You should set a your business close to the airports or hotels in Dubai. This will help you attract the customers easily.
Online shopping and food business are increasing, and the need for online delivery is also increasing. You can start your courier business to deliver parcels, documents, and online orders. A reliable delivery service builds a trusted and repeat customer. This business can grow fast, and you can have a profitable business.
Dubai is known for its stylish homes and offices. You can start an interior design company in Dubai, where you can excel in creativity and design skills in Dubai. People in Dubai are willing to spend a lot of money on great interiors. You can offer home decor, furniture, and full interior renovation services in Dubai.
Villas, hotels, and parks in Dubai require constant maintenance of their gardens. You may facilitate the company that offers garden setup, maintenance, and irrigation services. You can apply eco-friendly and water-saving design concepts to your customers. This is a type of service that can grow through long-term contracts.
The health and Fitness industry in Dubai is growing very fast. Every person goes to the gym to be fit. You can sell gym equipment, supplements, or accessories to people going to the gym. You can sell your products online and in the offline market.
The people living in Dubai prefer online learning options for their children. You can offer language courses, professional training, or kids' classes online to students. The schools and companies are using e-learning platforms to learn instead of joining offline classes.
Mobile car wash services can save the time of busy people. You can provide doorstep car cleaning services to our customers. This business needs simple equipment and staff training. Many people prefer this service because it is easy to get and convenient.
People living in Dubai need regular maintenance services for their homes. You can provide plumbing, electrical, and AC repair services to the houses. Property owners also prefer maintenance services from trusted companies. This is a steady business idea, and you will get repeat customers.
You can open your cloud kitchen to deliver food online. This business idea reduces rent and the cost of staff. You need a good delivery app partner to reach the customer. Many popular brands in Dubai offer cloud kitchens.
You can also provide your travel consultancy services to the tourists. You can help the tourists plan vacations, desert safaris, and city tours. You can also offer travel insurance, visa help, and holiday packages to your clients. Dubai attracts millions of tourists every year. This business has huge potential.
A social media influencer is a powerful marketing source in Dubai. You can provide social media campaigns for the brands to produce creative content on social media platforms. This business suits the creative individuals who can understand the trends. The social media culture of Dubai is highly influential and profitable.
As we know that more than 200 nationalities live in Dubai. The translation and language services for documents, websites, and marketing materials are important. You can offer translation, proofreading, and language training to attract clients. You can hire an Arabic-English or business translator to provide services.
Dubai is a global hub, and it connects Asia, Africa, and Europe. You can trade products like electronics, clothes, and construction materials. The government offers good support for the logistics and Free Zones.
Every third person in Dubai has a pet. You can open a pet grooming salon or mobile pet care services to attract customers. You can also sell pet food and accessories to your customers. This business can build a strong and loyal customer for your business.
The real estate agents need professional photos and videos for the market properties. You can provide drone shorts, virtual tours, and editing services. The quality visuals can help the properties to sell fast. This business can provide an extra income.
Desserts and freshly baked goods have a huge demand in Dubai. You can sell tasty cakes, pastries, and Arabic sweets to customers by starting a lucrative bakery business. The good things can be purchased both online and offline. In Dubai, good recipes and good packaging are absolutely essential if you want your business to get noticed.
Dubai residents are always in search of a good and healthy lifestyle. A health coach or a certified nutritionist can give their customers the option to receive online or personal guidance. Moreover, diet plans and fitness advice can be provided to the clients. This venture business option will provide you trust of the people.
Dubai is encouraging electric vehicles (EVs) to reduce pollution. You can set up your EV charging stations. This is a forward-looking business idea. This business idea needs some investment, but you will get strong support from the government. You can make your partner with malls, hotels, and parking areas.
Recycling businesses in Dubai are in demand because the city is moving towards sustainability. You can collect, process, or resell the recyclable materials in the market. This green business idea is fully supported by the government of Dubai.
The businesses nowadays totally rely on technology to conduct their operations. You can provide IT maintenance, cloud services, and cybersecurity support to attract companies of all sizes. This sector will offer a strong long-term demand. You need a skilled technician to build a loyal client base.
If you love cooking, then you can start your small catering business from home. You can sell homemade meals, snacks, or sweets for the office and events. You just need a license and follow hygiene standards to sell your products in Dubai. Good taste and good reviews can build customer loyalty.
Smartphones are part of everybody’s life. And the things related to smartphone accessories like cases, chargers, headphones, and gadgets. You can open a store in a mall or run your online shop to cater to the demand of your customers. This business has a low investment and fast sales.
Fashion is always on trend in Dubai. You can sell trendy clothes, an abaya, or designer wear for men and women. Many local brands are also becoming famous with the help of online marketing. The quality of your clothes will help your brand to stand out in the market.
Daycare centers are always in demand due to the high number of working parents. You can open up a secure and enjoyable place for kids during office hours. Proper safety measures should be put in place and trained personnel hired. This venture earns you the confidence of parents and assures you of a steady income.
You can supply masks, gloves, etc., or medicines to the hospitals and pharmacies. The healthcare industry in Dubai is expanding continuously. You have the opportunity to legally import and distribute medical products. It is a business that is stable if well-managed.
A grocery store is important for every neighborhood in Dubai. You can sell daily items, fruits and vegetables, and household goods. The area you choose should have easy access to parking. When it comes to daily shopping, the customer looks for a store that is nearby them.
The need for good-quality photographs is becoming more and more common in weddings, events, and corporate needs. You can begin with the bare minimum and then slowly but surely build up your photography studio. Getting clients' attention by offering packages for different events, portraits, and even product photography is one of the ways to do it. The social media promotion will give you the advantage of having the first customers.
Companies and people want video materials for marketing, social media, and events. You can do it in the form of short videos, advertisements, or documentaries. A minimal studio setup and a decent camera would suffice for the beginning. Your imagination and good editing will be the things that make you different.
Dubai is the place for a lot of corporate and social events. Event planners are the ones who take care of the arrangements for weddings, parties, conferences, and exhibitions. You are the one who can handle the vendors, the venues, and the décor. Providing a trustworthy service can very quickly create your brand name.
Every person a proper advice about food and diet when it comes to living a healthy lifestyle. You can start a health and wellness coaching business to assist people with diet plans, lifestyle changes, and online workshops. You can provide your services offline or online, thus making it a cost-effective option.
Services such as massages, skincare, and haircare are always be high in demand. Whether it is a small salon or a home-based setup, they can attract local clients. Customers' trust can be built through providing quality products and a hygienic environment. You can also have wedding packages and wellness treatments as part of your services.
The fashion shows, weddings, and other events all need professional makeup artists. You can start your business with a small kit or a certificate. Moreover, you can offer home services or mobile makeup kits to be more flexible. Social media is a great tool for marketing since it enables one to reach clients quickly.
The market for unique crafts and gifts is a great income source for locals and visitors. You are allowed to sell things like real jewels, paintings, and custom gifts. It could be a good choice to sell either online or in local markets. Customers who want something different will go for the eye-catching creative designs as their winning point.
The demand for organic and healthy food is increasing in India. You can supply fresh produce, snacks, and dietary supplements to your customers. The quality organic products are the first choice of people who care about their health. You can start your business by collaborating with local suppliers in Dubai.
Coffee is always trending in Dubai. A small café that offers drinks and snacks can get some regular customers. You have to choose the right location, high-quality products to start your successful coffee business in Dubai. You might consider adding takeaway as well as delivery services to boost sales.
An adventure, to say nothing of the sports-related activities, is the one that makes Dubai's tourism culturally and economically appealing, and among these, skydiving, water sports, and desert safaris are the most popular ones. A rental business, along with offering experiences, is a good start. The areas of paramount importance are safety and customer service, which is not just good but excellent. The adventure tourism pie is growing bigger and bigger.
The production of sauces, snacks, or baked goods can be a profitable business venture in local and international markets. You can start from your home and then expand our business to the other stores. Quality packaging, along with hygiene, is the most important factor. Sales can be increased by marketing through stores and online.
Vending machines that operate automatically for snacks, drinks, or essential items are very handy. The machines can be put up in places such as offices, malls, or gyms. The low maintenance and passive income aspect make it very appealing. As you regularly restock, the profit will be steady.
Podcasts are utilized widely for education, entertainment, and news purposes. You can make your own podcast or develop content for customers. Just a few tools are sufficient to start. Sponsorships and ads can be the sources of your income.
Financial management is a must for small and medium-sized businesses. You can offer accounting, payroll, and tax services in return. You should have a proper understanding of UAE VAT and accounting rules. Trustworthy service leads to long-term client relationships.
Legal assistance is needed by businesses for contracts, compliance, and business setup matters. A consultancy can be started by certified legal professionals. Clear and simple advice is the key. Legal services are constantly in demand in Dubai.
It is a common issue that companies get stuck in the process of talent acquisition and require assistance. The recruitment agency can focus on industries such as IT, hospitality, and healthcare. Strong networking and good relationships with clients will bring repeat business. Such agencies gain income through commission.
Every company has a staff, and with that staff comes the chaos of payroll and benefits. The role of HR consultancy becomes much more relevant as it guides the firms concerning policies and strategies. You might want to start small by approaching local businesses. Proper HR practices will give you a long-term client.
The professionals are the ones who always get their clothes washed and cleaned on time, whether they are residents or businesses. You can set up a small laundry center with the option of pickup and delivery, or you can go for a sizable one. Good service and Quality will keep the clients for the long term. Going green is another way of making your services appealing to the clientele.
Drones are important for aerial photography and surveys. You can provide drone servcies for aerial pictures of properties, weddings, and building sites. Certification and good equipment will be a must, according to the size of the project. The local Dubai market is very advantageous for such services.
3D printing has its applications in many areas like manufacturing, designing, and education. The range of services you can offer includes printing drafts, custom products, or even spare parts. Although the initial investment is not extensive, the demand is increasing. Gradual change and innovative solutions produce the high-tech clientele of the future.
Customers cannot resist curated products sent to them monthly. You can provide a monthly subscription for food, cosmetics, books, or waning hobbies. Besides, this business model allows you to have a stable income from your clients. You can attract the customer by quality packaging and creativity.
The locals and the tourists love the fresh drinks the most. The options of detox drinks, smoothies or fresh juices are all available for the next people in Dubai. Juice bars and shops near offices or gyms are the best places to set up your business.
The people of Dubai always go for the juice bars and shops that are next to their workplaces or workout places. The detox drinks, smoothies, and healthy juices are to be given under the condition of very high-quality ingredients and the use of unique flavors to get customers to return.
People love to spend their money on beauty and relaxation. The services of hairdressing, skincare treatments, body or foot massages, and nail painting can be provided. Moreover, the setting up of mobile or home services will surely widen the clientele base. A clean environment and a well-trained staff are the winning factors to the venture's success.
Uncommon and unique gifts are in high demand by both tourists and locals. The handmade jewelry, art, and décor items are some of the products that you can create. Online selling, as well as selling at markets, is also a good option. Customization features will make your products more appealing.
Local people of Dubai like tea and also like to test their taste of various teas. You can start your business with special teas, herbal blends, and even tea accessories. Your business has a high potential to repeat demand if you have good packaging and quality ingredients.
Starting a food truck is a simple process, and the range of food items you can sell is enormous. You can choose to place your business in crowded places and sell light meals, sweets, or beverages. You can start your marketing from social media and with regular changes of locations. The presence of signature dishes on the menu will attract a larger customer base.
Energy-efficient systems, solar panels, and renewable energy solutions are becoming profitable. You can offer your services in the areas of installation, consultation, or maintenance. Clean energy projects in Dubai are attracting huge investments. Your company can also get the benefit of government incentives.
Offering water purification systems, bottled water, or water delivery services is a good idea. High standards of quality control and sanitation must be maintained to draw customers in. Aim at residential, corporate, and retail markets to guarantee a constant flow of sales.
Starting a business in Dubai can be a troublesome thing to deal with, especially for new entrepreneurs. Flyingcolour Business Setup offers you the complete package of a fast and easy process. Here are the reasons that make us reliable:
The first step is to decide on the appropriate business type: either Mainland, Freezone, or Offshore. The three options are quite distinctive with respect to the regulations concerning ownership, trading, and taxes. Also, the company will be helped with the registration process, licenses, and visas.
Mainland companies are allowed to sell their products and services anywhere in the UAE. The Freezone companies can offer their services in a Free Zone area, and they can be owned by foreigners. Offshore companies are employed mainly in international sales and asset protection.
The government provides business and investor visas. Moreover, you can be a sponsor for your employees. It is a very simple process with clear steps and requirements for getting the approval.
Normally, a local UAE national will be required as a service agent or partner. There is no need for a local partner in Freezone and Offshore companies.
It depends on the nature of the business. You can start a Freezone company in 1–2 weeks. You need 2-4 weeks to start your Mainland companies.
If your company is registered, then you are free to open a bank account in the UAE. Banks may ask for specific documents and approvals.
This article is written by Meet Joshi – CEO from Flying Colour Business Setup Services. For any enquiry related to setting up business in Dubai and all over UAE, please enquire here *Please Note: This article was published on 17th February, 2021. The information provided in the article is based on the policies and rules applicable at the time of writing it. This article has been published as an information only and should not be treated as an advisory.
Our Success lies in honestly and integrity which are used as motivational factors to inspire us to arrive at success as well as prosperity for the company plus our customers.
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