Setting Up Business in the Growing Economy of Dubai
Amidst the developing global business environment, UAE is showing strong signs of a self-sufficient resilient economy. This year the non-oil sector recorded a positive expansion of 3.7% in the first half, which is a direct result of UAE’s diversification goals. This growth is a good news for new non-oil business setups as they seek business opportunities to establish and expand their presence in Dubai. In this blog by Next Generation Corporate Services, one of the Best Business Setup Company in Dubai, we will explore the emerging non-oil business opportunities and provide you pathway with our Best Business Setup Services.
UAE’s Resilient Growth and Projections Against Global Challenges
While the 3.7% growth may appear moderate compared to the previous year, Minister of Economy HE Abdullah bin Touq Al Marri, highlighted its robustness, considering the prevailing global and regional apprehensions. The spotlight remained on the non-oil sector, boasting an impressive 5.9% growth within the initial six months of the year, constituting approximately 71% of the GDP. This monumental growth reflects the UAE’s successful strides in diversification initiatives.
His Excellency underlined the anticipation of continued economic momentum in the second half of 2023, estimating a 3.6% expansion in GDP. He emphasised the government’s proactive measures, fortifying the economy’s resilience despite challenges posed by inflation, monetary policy uncertainties, and global economic deceleration.
Growing Non-Oil Business Opportunities in Dubai
Dubai’s non-oil sectors are experiencing significant growth, as evidenced by the rise in the S&P’s Purchasing Managers’ Index (PMI) report. Key sectors such as travel, tourism, and construction are leading this expansion in Dubai’s non-oil sector. The growth in output is primarily attributed to strong customer demand, prompting businesses to intensify hiring efforts to meet increasing demands. Below is a list of some of the growing non-oil sectors in Dubai:
Tourism and Hospitality: Dubai has become a popular destination for tourists worldwide, drawing millions of visitors each year. The hospitality business keeps growing, opening up opportunities in hotels, resorts, and travel services.
Construction: The construction sector in Dubai is promising, with constant progress in homes, offices, and stores. The city’s skyline is always changing, giving opportunities for people who build properties, investors, and those who provide real estate services.
Trade and Logistics: Dubai is geographically perfect for trade and logistics. The Jebel Ali Port, one of the busiest ports globally, and Dubai International Airport make it easy to trade worldwide, providing business opportunities in shipping, storing, and logistics.
Sustainability and Green Initiatives: Dubai has long plans for sustainability with its green initiatives. There are growing business opportunities in renewable energy, eco-friendly tech, and other environmental projects.
To explore more business opportunities in Dubai, contact our Business Setup Advisors and get comprehensive consultations for all your business endeavours in Dubai.
Setup Your Business in Dubai with The Best Business Setup Consultant in Dubai
Setting up your business in Dubai has never been this opportune. With its booming non-oil sectors and the resilient economic conditions, now is the perfect time to capitalise on the growing business opportunities in Dubai. Setup your business with the leading business setup company in Dubai and make your business setup process efficient, well-planned and organised. Consult our Best Business Setup Advisors today for the most effective business setup solutions, professional corporate services, and for a successful business journey in Dubai.