The Top 5 Most Profitable Industries and Business Avenues in Dubai
Dubai is known as the investment capital of the Middle East with business ventures, opportunities and successful franchises frequently opening.If you are interested in which industries have proven to be the most successful in Dubai for potential business investment purposes, this post will prove to be helpful. Dubai is a relatively new city, founded from a scrap of the desert. It has become the most cosmopolitan city in the world - comprising 83% foreign residents - and revenues increasing yearly to a whopping $8.14bn by the end of 2016. There are some essential details to consider when you are planning to invest in Dubai. To have a successful business, understanding what markets and industries are thriving and booming are critical components to be considered. Also, understanding what market you will enter helps you to recognize what resources and talent you will need to scout for.
1. Real EstateAlthough the real estate market in Dubai has shown slow progress in the past few years, it is expected to see strong rebounds in 2017 and peaks by 2020. Since rates are at their lowest, investors ought to take advantage of that opportunity. The 15th edition of Cityscape Global demonstrated upcoming real estate developments in the region, with around 300 exhibitors and 40,000 interested attendees. Moreover, since the population in Dubai is increasing yearly, the real estate market is the perfect way to benefit and make high profits from low rate investments.
2. TradingWhile the Dubai government is very open to foreign investment, there are a few things you need to take into consideration. First off, companies based outside the United Arab Emirates need a local partner. Secondly, it is vital to gain insights and familiarize yourself with the region, as it can seem unfamiliar and different for foreigners. Understanding local customs and behaviours will ensure a more successful implementation strategy.
3. ServicesDubai is known to have a very well established and growing service sector. Industries such as finance and technology are ones to keep an eye out for, as they are currently growing and developing in Dubai.
4. Travel and TourismDubai is considered one of the leading go-to destination spots in the world. It is a diversified hub, and the travel and tourism industry is growing at an average 8-10% rate. This growth is the main reason why many investors are choosing Dubai as a location, and for tourism and travel as a business sector to enter.
5. HospitalityDue to Dubai acquiring a great social scene and serving as an optimal meeting point for families, business people and tourists, the country offers significant opportunities for hospitality companies. With a high market share and a huge demand, hotels and restaurants have an excellent opportunity to invest in this industry in Dubai. Europe Emirates Group offers a wide range of services to expats and provides specific details on starting a business in the UAE. We also deliver expert, tailored counselling on all aspects of this endeavour.
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