The United Arab Emirates offers a thriving market place to the local as well as foreign companies and the state of Dubai has witnessed unconventional growth in recent times. Many foreign companies are setting up their regional offices in Dubai to be able to get the best out of the local business environment and opportunities to further expand in the region. There are many new entrants in the business arena which are making good inroads on the path to success. This is the best side of starting your business in an economy which is rewarding in so many ways.
Dubai offers a multitude of investment and business opportunities to the whole world. Following are some of the businesses a new entrepreneur can roll out in the city of unlimited opportunities.
- Retail Business
Dubai is second to London only in terms of the best place in the world for the shopaholics. As per estimation, Dubai has over a hundred shopping malls which are filled with all the products one can think of under the sun. No other city in the whole region offers such a massive line up of shopping malls. The working class in Dubai has a good buying power, thanks to amazing salary levels and a great quality of life. The season of shopping never ends in Dubai, which is why retail business is always in top demand in the state. Moreover, The Dubai Shopping Festival (DSF) and Dubai Summer Surprises (DSS) are two yearly shopping events that catch the interest of the whole world as many people plan their trips to be part of these mega shopping events. As per the official figures, the retail business earns around 17 billion U.S. dollars in Dubai every year. You may need a local business partner to start a retail business in the UAE. The partner will have 51 percent stakes in the business and this is one thing that every new entrant has to keep in mind.
- Construction Business
The construction industry of Dubai is always thriving. It is always rewarding to start a construction business in this part of the world which is undergoing massive construction activities ahead of the World Expo 2020. According to the market surveys, the construction industry is set to expand by 9.3 percent in the next few years.
- Hospitality Business
The hospitality industry has touched new highs in the past few years in Dubai. With such gigantic events set to happen within the next few years, the hospitality business is destined to grow further. Tourism and hospitality industries together are considered as the growth engines for Dubai. You can start a restaurant, a café, a hotel apartment, or a hotel chain in Dubai.
- Tourism Business
Dubai is regarded as the darling of the foreign tourists. The tourism industry has long been supporting the local economy along with the oil reserves. You can always set up a travel business in Dubai, which can be a guide service, room booking service, or logistic support business. The field of medical tourism has also picked up pace in the past few years and you can also start a related business to be part of the surge.