BUSINESS SETUP IN DUBAI
Dubai is a city of skyscrapers, ports, and beaches, where big business takes place alongside sun-seeking tourism. Because of its large expatriate population, it feels like a middle eastern melting pot, and the atmosphere is generally tolerant. Religious affiliations are not a prominent aspect of city life.
dubai is a relatively crime-free place where administrative efficiency and openness to business have encouraged astounding growth. Dubai is the most populous city in the united arab emirates and, the most populated of the country’s seven emirates. Established in the 18th century as a small fishing village, dubai grew into a regional trading hub in the early 20th century and grew rapidly in the late 20th and early 21st centuries with a focus on tourism and luxury. It has the second-most five-star hotels in the world and boasts the tallest building in the world, the burj khalifa, which is 828 meters tall.
ECONOMY
Dubai has registered a 3.3 per cent rise in the real gross domestic product (GDP) in the first nine months of 2023, further demonstrating its economic strength, resilience and robust growth potential. The achievement reflects the city’s sustainable development strategies and its continued dynamism as a leading global economic powerhouse.
From bustling tourism hubs to tech-powered communications networks, Dubai’s economic landscape illustrates the depth and wide-ranging nature of its diversification. Accommodation and food services activities witnessed a remarkable 11.1 percent growth, solidifying Dubai’s position as a global tourism leader.
Dubai’s economic engine saw vibrant activity in the first nine months of the past year, as revealed by the latest figures from the Dubai data and statistics establishment. Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy excelled with a 2.6 percent increase in education, while electricity, gas, water and waste management activities grew by 2.2 percent. Manufacturing saw a 2.2 percent surge, and the city witnessed a 1.9 percent rise in professional services.
ECONOMY
Dubai has registered a 3.3 per cent rise in the real gross domestic product (GDP) in the first nine months of 2023, further demonstrating its economic strength, resilience and robust growth potential. The achievement reflects the city’s sustainable development strategies and its continued dynamism as a leading global economic powerhouse.
From bustling tourism hubs to tech-powered communications networks, Dubai’s economic landscape illustrates the depth and wide-ranging nature of its diversification. Accommodation and food services activities witnessed a remarkable 11.1 percent growth, solidifying Dubai’s position as a global tourism leader.
Dubai’s economic engine saw vibrant activity in the first nine months of the past year, as revealed by the latest figures from the Dubai data and statistics establishment. Real estate soared by 4 percent, while financial and insurance activities surged 2.7 percent. The knowledge economy excelled with a 2.6 percent increase in education, while electricity, gas, water and waste management activities grew by 2.2 percent. Manufacturing saw a 2.2 percent surge, and the city witnessed a 1.9 percent rise in professional services.
BANKING
Home to nearly one-third of the GCC’s banking assets, the UAE’s banking industry is the biggest in the region. Dubai is one of the nation’s two financial centers, and through its vibrant onshore and offshore markets, the emirate has established itself as an integral component of the global financial services sphere. Despite the adverse effects of low oil prices in recent years, the domestic banking sector has remained both well capitalized and liquid, while its financial performance has been characterized by rising net profits and lower cost-to-income ratios.
HEALTH
Medical tourism, pharmaceutical production and changes to insurance billing are the chief talking points in Dubai’s health sector at present. The private sector has led rapid growth in recent years, and while high average health spend and a favorable regulatory environment continue to encourage new hospital operators to enter the market, a tilt in the supply-demand balance means providers must closely watch market needs. In the long term a growing population, supportive governance and a focus on non-communicable diseases are likely to continue to create opportunities for both international and local players.
HEALTH
Medical tourism, pharmaceutical production and changes to insurance billing are the chief talking points in Dubai’s health sector at present. The private sector has led rapid growth in recent years, and while high average health spend and a favorable regulatory environment continue to encourage new hospital operators to enter the market, a tilt in the supply-demand balance means providers must closely watch market needs. In the long term a growing population, supportive governance and a focus on non-communicable diseases are likely to continue to create opportunities for both international and local players.
TRANSPORT & LOGISTICS
While Dubai’s reputation as an important maritime trade and air transport center is already well established, the emirate is also rapidly emerging as a leader in transport and logistics innovation. Dubai’s transport and logistics sector experienced strong growth in 2019, continuing to underpin the emirate’s wider economy. Much of the current investment activity in the sector is being injected into transport infrastructure projects for Dubai Expo 2020, which is expected to attract over 25m visitors. However, the local government is also considering the long term, and there is a strong pipeline of transport infrastructure projects planned under the traffic and transportation plan 2030, the emirate’s overarching long-term transport development programme, to expand roads, airport capacity and public transport routes.
CONSTRUCTION & REAL ESTATE
Construction in Dubai was a major factor in the expansive economic growth seen in the early 2000s. However, the sector has witnessed a slowdown in recent years as lower oil prices depressed consumer demand. This was particularly the case for real estate, which slowed building activity. The investment prospects associated with Expo 2020 and a raft of regulatory reforms aimed at attracting foreign investors have helped to stabilize the real estate market, and many industry players are optimistic that the period of lower growth levels is coming to an end. The authorities are confident that Expo 2020 will not only stimulate real estate activity, but also the wider economy.
CONSTRUCTION & REAL ESTATE
Construction in Dubai was a major factor in the expansive economic growth seen in the early 2000s. However, the sector has witnessed a slowdown in recent years as lower oil prices depressed consumer demand. This was particularly the case for real estate, which slowed building activity. The investment prospects associated with Expo 2020 and a raft of regulatory reforms aimed at attracting foreign investors have helped to stabilize the real estate market, and many industry players are optimistic that the period of lower growth levels is coming to an end. The authorities are confident that Expo 2020 will not only stimulate real estate activity, but also the wider economy.
TOURISM
Attention in Dubai has already started to shift beyond Expo 2020 to the emirate’s long-term prospects as a tourism destination. Passenger numbers at its airport, one of the busiest in the world, have not been unaffected by regional economic headwinds. Nor have hotel occupancy rates and average daily rates emerged unscathed from the pre-expo supply boost. But the emirate remains a major draw, and by and large there is a sense among public and private sector stakeholders that the constant mining of new source markets, fine-tuning of regulation and willingness to adapt to changing visitor expectations will generate enough momentum to maintain growth both in the lead-up to Expo 2020 and beyond.
EDUCATION
In a short time Dubai has established a vibrant education sector with an increasing variety of choice at all levels. While the private segment continues to dominate, recent reforms have seen major improvements to public sector schooling, modernizing it and bringing it in line with international best practices. Inevitably, high rates of growth in the number of international schools and higher-education institutions have led to consolidation, gradually slowing expansion and creating greater barriers to entry for prospective players. In general, however, there remain opportunities for investors with savvy value propositions attuned to ongoing shifts in market needs in Dubai and in the broader region.
EDUCATION
In a short time Dubai has established a vibrant education sector with an increasing variety of choice at all levels. While the private segment continues to dominate, recent reforms have seen major improvements to public sector schooling, modernizing it and bringing it in line with international best practices. Inevitably, high rates of growth in the number of international schools and higher-education institutions have led to consolidation, gradually slowing expansion and creating greater barriers to entry for prospective players. In general, however, there remain opportunities for investors with savvy value propositions attuned to ongoing shifts in market needs in Dubai and in the broader region.
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