Business Confidence in Dubai at its Highest Since 2014
As one of the first cities to shut down when the pandemic began in early 2020, Dubai’s recovery from the COVID-19 pandemic has been amongst the fastest of cities around the world. In addition, economic policies that favoured investment and changes in regulations lured new business prospects to the region.
Although the numbers are promising, the growing confidence in the Dubai economy is also felt by industry leaders and investors alike. Here’s what business leaders said about the recovering economy in a survey conducted by the Dubai Chamber of Commerce & Industry:
- ⅔ believe Q3 will be more successful than Q2
- 66% are optimistic about the business environment
- 57% believe the upcoming recovery of oil prices will help improve the Q3 economy
These were the most optimistic survey results since 2014 and these positive results are due to a number of factors and initiatives that the Dubai government undertook to face the challenges of the pandemic and continue to position Dubai as an upcoming economic power worldwide. Below, we’ll discuss some of the main reasons why Dubai has been able to pull off this exceptional feat.
Although Dubai and the UAE were not immune to the pandemic, there were some specific actions taken that really set them apart from other cities and countries:
- Dubai has led the worldwide vaccination race, achieving the vaccination of the vast majority of residents very early on in the process.
- Its strict testing and travel regulations have allowed foreigners to enter the country and see what Dubai has to offer while at the same time preventing new outbreaks and restrictions.
This past year has been monumental for foreign investors, with new regulations allowing for a number of attractive incentives to bring new business to the region:
- 100% foreign investment now permitted
- No need for a UAE representative
- No need for UAE nationals on joint stock companies’ Board of Directors
Golden Visa Cards
Incorporating your company abroad can be a challenge due to the number of rules regarding residency, taxes, and more, but the UAE’s Golden Visa programme allows investors and business leaders to achieve almost complete permanent residency, which permits them to spend as much or as little time in the UAE as desired and enjoy free movement in and out of the country. Although the UAE has always been one of the most investor-friendly countries in the world, this specific programme helps to attract even more investors to the region and provide even more opportunities for growth.
If you’re ready to take advantage of what the UAE has to offer and the strong economic growth that is on the horizon, contact us today. We’re happy to help you start the exciting process of incorporating your business or investing in the UAE today.
CEO, Europe Emirates Group