The United Arab Emirates is one of the top economies in the Middle East, with a GDP of $359 billion as of 2020. As oil exports account for 30 percent of its total GDP, the UAE is trying to diversify its economy. The country is the go-to destination for aspiring entrepreneurs and businessmen due to the welcoming business environment, thriving economy and the flexible free zones.
If you are planning to start your business setup in the UAE, the following are the top-performing industries in the country.
1. Construction
The UAE’s construction industry is popular worldwide, thanks to its majestic skyscrapers. The ambitious development projects by the government and the large pool of skilled workforce have also worked in favour of this sector. There is a wealth of investment opportunities in this sector.
2. Travel and tourism
The UAE is one of the top tourist destinations in the world, with a massive influx of tourists every year. Its strategic location, record-breaking wonders, and luxurious lifestyle lure tourists from across the globe. Expo 2020 was yet another factor that spurred tourism in the region. So, starting your business in the travel and tourism sector in the UAE is a fair bet by all means.
3. E-commerce
The E-commerce sector has revolutionized traditional retail businesses. After the COVID-19 pandemic, online shopping has become the new normal, and the UAE is not an exception. UAE’s e-commerce business is witnessing significant growth due to the change in consumer behaviour. Interestingly, Dubai is one of the most significant contributors to the E-commerce sector in the entire Middle East.
4. Real estate
With ongoing urbanization and infrastructure development, the real estate sector remains a cornerstone of the UAE’s economy. The country’s iconic buildings, residential projects, and commercial spaces attract global investors, making real estate one of the key contributors to the nation’s GDP. If you wish to start a business in this sector, you will require a real estate license.
5. Banking and finance
As a leading financial hub in the Middle East, the UAE’s banking and finance industry contributes a lion’s share to its economy. The country’s stable and well-regulated financial system attracts international banks, financial institutions, and investors. The sector plays a crucial role in facilitating trade, investment, and economic growth.
6. Automotive
UAE is known for its swanky cars, one of the main factors that make the automotive industry profitable. The automotive sector embraces technological advancements, including electric and autonomous vehicles, creating new opportunities for businesses and investors.
7. Food and beverage
UAE is a key player in the food and beverage market. With a population of more than 9 million, the country offers lucrative opportunities in the food and beverage sector. It provides many opportunities for businesses. For instance, you can import food and beverages worldwide and sell them to retailers, restaurants, hotels, and other businesses. Also, you can manufacture your own products in the UAE or export them to other countries.
8. Fintech
As the world’s central hub for technological and financial services, the fintech sector in the UAE has steady growth. The government’s support for fintech startups, regulatory reforms, and the increasing demand for digital financial services has led to the emergence of innovative payment solutions, digital banking, and investment platforms. Additionally, the increasing number of fintech startups in Dubai also indicates the huge potential for investment in this sector.
Benefits of setting up business in the UAE
There are several benefits to starting a business in the UAE. The country beckons aspiring entrepreneurs with a welcoming business environment and booming economy. The following are some of the perks that the country offers to the businessmen:
- Business-friendly policies
- Thriving economy
- 50+ free zones with flexible legal frameworks
- One of the safest countries in the world
- World-class infrastructure
Starting your business in the UAE is a decision that can take you to greater heights. If the process seems complicated for you, the easiest way is to approach a credible business consultancy in the region. They can guide you in the right direction and help you start your entrepreneurial journey quickly and easily.