“The future belongs to those who can imagine it, design it and execute it. It isn’t something you await, but rather create.”
-His Highness Sheikh Mohammed Bin Rashid Al Maktoum (Vice President and President of UAE, Ruler of Dubai)
The COVID-19 global pandemic had an unprecedented, devastating effect on life as well as economy all around the world. As we are trying to cope with the multi-faceted effects of this unforeseen pandemic and adjusting ourselves to the new normal, governments all across the globe are dealing with the major task to re-strengthen their economies. Dubai being one of the most development and innovation-oriented is taking its own measures as well to ensure a fast recovering economy and a great future.
- Dubai’s fast development is attributed to its fuel-based market. But now a consumer-based market is coming to the forefront. Especially in the current scenario, consumers are preferring to conduct most of their business online thus giving rise to the booming E-Commerce sector.
- The government had been introducing new policies and making amendments in existing ones to help businessmen deal with this situation.
- Several development-oriented bold moves had already been made.
- Keeping in mind the necessity for digitalizing of business, the government has the goal of becoming the smartest city in the world by 2021. Trying to achieve that goal, the Smart Dubai office had partnered with various private sector companies and the government to introduce more than 130 initiatives. These initiatives like shared smart services and shared infrastructure had saved Dubai Government about 1.2 billion USD over the past 13 years. Among the new investors there is a high percentage of technology-oriented companies.
- Dubai’s low tax system and world-class infrastructure remains a big draw for investors. The huge support from Government helps new entrepreneurs form and run their business in Dubai with ease.
Top 5 businesses which is on the rise now and a huge potential in the future:
- E-Commerce: With Dubai Government’s initiatives that had provided better logistics, enhanced security and ease of digital payments, it had become simpler to set up an E-commerce business in Dubai. It’s mostly young population favours to shop online for their various needs to save time and effort. This had made UAE the fastest growing e-commerce sector in MENA region. By 2023, the E-commerce sector is set to reach 12 billion AED of local GDP.
- IT: The digital and analytics and all tech-oriented businesses are estimated to have a huge opportunity in the near future as Dubai is aiming to digitalize all sectors.
- Real Estate: The property market that had seen a huge dip in the recent past is on the rise again in the last seven months. The supportive market growth trend in 2021 for real estate is 30% (as per S & P Global, a rating agency). More than 8000 investors had invested in the property market in the recent past.
- Healthcare: It goes without saying that till this awful pandemic is over there would be constant need for healthcare. Even without that, healthcare is a sector that no normally functioning country can do without.
- Import and export: Given Dubai’s prime location joining the east and the west, it is the perfect location for setting up trading business. In the post COVID situation it is expected that the import/ export business will grow.
All the initiatives taken by the Government and the consumer-market makes Dubai an ideal location for setting up your new business.
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