Researching a Lucrative Business in Dubai? Here’s 5 Ideas
Dubai is the investment capital of the Middle East. With its strong economic outlook, business-friendly climate and world-class facilities and infrastructure, the UAE makes a compelling case for starting a business. Pair this with a luxurious and cosmopolitan lifestyle, dreamy beaches, beautiful weather all year round and the idea becomes a no-brainer. The only question that remains is which industry to operate in.
Ahead of making any investments, successful entrepreneurs undertake thorough research to identify the most lucrative industries where there is room for an innovative idea. In this post, we’re going to help you get started by listing the most lucrative businesses in Dubai. Armed with this information, you can do what you do best: come up with a business idea and make it a commercial success.
1. Real estate in Dubai
The accessibility of financing and steady population growth makes the real estate industry a lucrative business in Dubai. The UAE has been relatively well insulated from the global rise in interest rates thanks to its political stability and government regulations. Real estate offers entrepreneurs the opportunity to diversify their investment portfolio in an industry that is constantly growing, and whose upward trend is set to continue in 2024.
2. The trade industry
The UAE government has created a set of company advantages to promote foreign investment in the nation. Entrepreneurs can choose to set up their business in a free zone, offshore or on the mainland. As of March 2021, foreign investors no longer require a local partner and can now own 100% of onshore companies. Trading in Dubai differs from markets around the world: it is therefore advised you familiarise yourself with the region to ensure business success going forward.
3. The services industry
Dubai is renowned for its 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 the UAE.
4. The travel and tourism industry
Fully recovered from the pandemic, Dubai travel and tourism is booming. In 2023, traveller numbers matched the 2019 peak and the industry is poised for robust growth. Tourism is at the centre of the Emirate’s growth ambitions and is set to be a major contributor to the Dubai Economic Agenda D33, making it a great and lucrative business to invest in.
5. The hospitality industry
Hospitality in Dubai is thriving. The incredible cultural and social scene combined with the destination being a popular choice for families, tourists and entrepreneurs makes the industry a profitable one for hospitality entrepreneurs.
Set up a lucrative business in Dubai
If you’re considering benefitting from the UAE’s many profitable industries and markets, Europe Emirates Group is here to help. Our friendly, expert team can assist you with everything from company incorporation and bank account applications through to residence visas (which you can get for free, for life, with our promotion), virtual offices and much more. Contact us today and we’ll get the ball rolling.