There are many reasons why entrepreneurs and businesses from around the globe are flocking to, and flourishing in, Dubai.
Dubai holds many distinctions both regionally and globally that make it an exciting place to live, visit, and operate a business.
Here are a few amazing facts about Dubai:
- It is the largest and most heavily-populated emirate in the UAE
- More international travelers pass through Dubai International Airport than any other in the world
- It is home to the world’s longest driverless metro line
- The world’s largest shopping mall is in Dubai
- The Burj Khalifa in Dubai is the tallest building in the world
Dubai is an excellent place to move your business. In a city as diverse and rapidly-developing as Dubai, you will have endless opportunities to expand your business and succeed in “making it” in the international market.
Considered by many to be the financial capital of the UAE—and even the Middle East—Dubai is a city where big dreams can turn into lucrative realities for many companies, entrepreneurs, and investors.
Let’s look at the top 5 reasons why Dubai is such an incredible city to move your business to.
#1: Financial Stability
There are many factors contributing to Dubai’s financial stability.
Poverty is virtually non-existent among its residents; in fact, 63% of Dubai residents consider themselves to be financially stable. What’s more, Dubai is now ranked as third in the world for attracting high-net-worth individuals.
One of the major contributing factors to Dubai’s strong economy is its resilience to outside turbulent economic factors, and its ability to constantly innovate and create new channels for growth and development. For instance, in 2018, leading sectors contributing to Dubai’s growing economy are construction, tourism and jobs growth.
Dubai is also considered to be one of the top 25 financial centers of the world, with The Global Financial Centres Index (GFCI) ranking it #18 among financial hubs. Dubai is also at the top of the list within the Africa and Middle East region.
Here are the top factors GFCI considered when determining their global ranking:
- Business Environment
- Human Capital
- Financial Sector Development
- Political Stability
- Macroeconomic Environment
#2: Grade A/Prime Commercial Spaces
Dubai is seeing a surge in fresh “plug-and-play” office space, allowing for faster transitions for business entering the region. Between 2017-2019, Prime or Grade A office space will account for 71% of new office stock.
The co-working space trend has taken the business world by storm, and Dubai is no exception. There are many innovative, flexible, and affordable co-working spaces available with cutting-edge facilities and amenities to make this option very attractive for many companies moving their businesses to Dubai.
#3: Business-friendly Government
Long considered to be one of the most important factors in attracting businesses to the region, Dubai’s business-friendly policies and regulations aim to make doing business in the emirate easy and profitable.
Government plays a critical role in any business—regardless of where it is. In Dubai (and indeed, throughout the UAE), the government has established a climate of support to empower businesses in the region, helping them succeed and achieve long-term sustainability.
With the help of a PRO services professional, foreign businesses can often incorporate and open their business in Dubai within a month. Working with a qualified business management consultant familiar with Dubai’s rules and regulations is important to make sure company set-up is done efficiently and properly.
A PRO service professional has extensive experience working with governmental entities and stays on top of constantly-changing laws
and procedures. Here are just some of the services they provide:
- Visa applications and renewals
- Establishing residency for expatriates
- Ministry of Labour support
- Local sponsorships
#4: Free-trade Zones
Dubai has 37 Free-zones (economic trade zones) which are very attractive for many types of businesses.
Unlike company set-up on the mainland which requires an Emirati national to act as local partner or service agent, free-zones allow expatriates to retain 100% ownership of their business with the ability to repatriate capital and profits.
Setting up in a free-zone also offers foreign business owners exemption from paying corporate taxes for 15 years or more, and no import/export, withholding or personal income taxes.
While operating a business in a free-zone is not ideal for everyone, it is an excellent choice for many businesses. A PRO services professional can provide invaluable insight and information to help investors make an informed decision.
#5: The Talent Advantage
Creating the perfect team can prove challenging for any business. In Dubai, however, businesses have their pick of some of the finest candidates from a large talent pool including highly-educated, highly-skilled, and experienced unskilled workers.
Dubai attracts the best employees in the Middle East partly because of its elevated quality of life and its forward-thinking growth.
Workers of all types flock to the UAE (and Dubai specifically) to take advantage of the never-ending opportunities available in this progressive emirate.
It also has a very diverse and international population which is mostly comprised of expatriates from 195 countries.
There are world renowned institutions of higher education in Dubai as well, with quality assurance overseen by the Knowledge and Human Development Authority (KHDA). In addition, Dubai is home to many professional and training centers, and research and development companies as well.
These local universities, private universities and colleges, and branch universities (among others) are present Dubai:
- American University
- British University
- Michigan State University
- Rochester Institute of Technology
- Wollongong University
- London School of Economics
- London School of Business
Dubai offers many more reasons to relocate there—with its sunny climate, world-class infrastructure, strategic geographic location, and globally-leading export/re-export capabilities at the top of the list.
With a well-established reputation as the ideal location for companies to expand into the Middle East, South Asia and Africa markets, Dubai continues to welcome and support businesses of all types from around the world.
Get some tips on choosing the perfect location for your business in Dubai.