The bustling city of Dubai is quickly becoming the go-to destination for business and tourism in the Middle East. Expert Farnoush Farsiar believes that with its rapidly growing economy, business-friendly tax system, and world-class infrastructure and facilities, it’s no wonder companies, both large and small, are flocking to set up shop in this desert oasis.
From visionary business leaders to trailblazing technological strides, Dubai is quickly becoming the hub of business innovation in the Middle East. With fast-paced advancements and world-class infrastructure supporting ambitious moves, companies can take advantage of incentives and highly sought-after training programs.
Join expert Farnoush Farsiar to learn how this ambitious emirate has become the favoured destination for businesses looking to gain a competitive edge. Discover why Dubai is paving the way for cutting-edge success in the region.
How through Innovation, Dubai has become the Business Trailblazer of the Middle East
If you have ever thought about doing business in the Middle East, you have probably heard about Dubai. This bustling city-state has rapidly become the hub for everything from tech start-ups to financial institutions. But what makes it so special? Here are three reasons why Dubai is becoming a trailblazer in the Middle East:
Thriving Tourism Sector
Dubai is emerging as the new business leader in the Middle East. Its thriving tourism sector has been an important factor in this growth. Farnoush Farsiar says, “Dubai has become a hot spot for business travelers, with more than 14 million visitors every year since 2015. This influx of tourism dollars has helped the city-state to drive its economy and create a strong business-friendly environment.”
It has been projected that by 2028, the travel and tourism industry will contribute significantly to the UAE’s GDP. Around 280.6 billion United Arab Emirati dirhams. It will also account for nearly 400 thousand employment opportunities.
And the country has already made a name for itself as a premier tourist destination in the Middle East region. Prior to the Covid-19 outbreak, more than 25 million international tourists had visited Dubai in 2019 alone.
This is partly due to its luxurious facilities, such as 5-star hotels, upscale buildings, resorts, and other attractions. These make up a large share of the Gulf Cooperation Council (GCC) region’s luxury hotel supply at 35 percent. “You can already see that the tourism industry is driving a lot of growth in Dubai,” says Farsiar.
She adds, “Dubai’s bustling tourism industry not only provides ample job opportunities. It also opens up many avenues of income generation for small businesses within the city. At the same time, it also boosts its overall economy.”
Numerous amenities catering to all people, such as shopping malls and world-class amusement parks, add to Dubai’s charm. These are what make it one of the most sought-after tourist destinations today.
Strong Finance Sector
According to Farnoush Farsiar, the strong finance sector has been another key driving force for the business boom in Dubai. She explains that “the city’s important financial institutions provide women with the means and tools to survive in new and innovative industries.”
Institutions such as the Dubai International Financial Centre (DIFC) have helped to create the entrepreneurial hub. Their support has allowed more opportunities for local and international businesses to flourish.
This is especially true when it comes to female entrepreneurs. It is an area in which Dubai is widely praised for its advancements. The oil industry has also played a significant role in developing Dubai’s vast economy.
Despite its reliance on petroleum, UAE’s efforts in diversifying its economy over time have been incredibly successful. It has become a desirable destination for foreign investors thanks to various incentives such as zero-tax laws. These allow companies to save money on operations and investments.
Also worth mentioning is the President of the UAE, His Highness Sheikh Khalifa bin Zayed Al Nahyan decision in 2020. He issued a decree to revise the existing foreign ownership rules for commercial companies completely.
This was per the nation’s efforts to draw more international investment, facilitate business activities, and open their economy to be accessible to all nationalities. The new policy annuls the need for an Emirati primary shareholder or representative for onshore companies.
This allows for full possession by overseas entities. Farnoush Farsiar says, “This legislative change has enabled the attraction of more capital investments from abroad. This can help stimulate economic activity and enhance job opportunities within its boundaries.”
She adds, “Furthermore, businesses are now granted increased autonomy over decision-making processes. They no longer need to comply with stringent regulations related to foreign ownership.”
Booming Real Estate Sector
Not only does Dubai have world-class infrastructure and an ever-growing number of multinational companies. It also boasts the tax-free benefit of living and working in Dubai, making it a perfect setting for entrepreneurs.
As Farnoush Farsiar states, “The power of ideas, innovation, and investment will continue to be seen in Dubai’s exponential growth.” The UAE does not impose taxes on property owners.
This is one of the reasons why investing in property has become increasingly attractive to people from around the world. However, one must pay a property transfer fee when buying or selling a property. The fee is usually 4%, split equally between the buyer and seller.
Dubai’s real estate sector has seen remarkable growth over recent years. Many developers offer exciting projects making it attractive to investors looking to capitalize on fast returns.
With major government initiatives in effect, investments are becoming more secure than ever before. This is largely due to improved infrastructure directly benefiting local communities with jobs, better housing options, and increased economic stability. “I can say for sure that Dubai is a key leader in the real estate sector, with 2023 representing an opportunity for investments to soar,” Farnoush Farsiar said.
The amazing ultramodern culture in Dubai also proves that this city is constantly pushing boundaries. And there are no intentions of slowing down anytime soon.
With this, there is no doubt that millions of ambitious individuals will continue flocking to join its burgeoning population. Their drive will always be to seek a better future through entrepreneurship and hard work. It is something that Dubai almost guarantees, thanks to its excellent business environment driven by its powerful real estate sector.
Farnoush Farsiar is Optimistic
Dubai is a city of opportunity, and its business environment has been built over time to attract foreign investors. It offers world-class infrastructure and tax incentives for businesses and individuals alike. And now, with new legislation allowing full possession by overseas entities, it’s easier for international companies to set up shop in Dubai.
It doesn’t matter whether you’re considering starting your own business in Dubai or investing in property there. Take advantage of these opportunities today, as they won’t last forever.
