If you’re on the hunt for the right opportunity to set up your business in Dubai, this is the time for you to go ahead with the plan. With high disposable incomes, a taste for a high standard of living, technological integration of businesses, and recovering ease-of-doing-business score, Dubai is one place where your business can make a killing.
Setting up a business of any kind is a fairly simple affair A few bureaucratic approvals, a local partner, and the necessary fee payments, and you’re ready to pull up the shutters. Adding to the ease of doing business are the many benefits that the mushrooming Free Zones offer in Dubai.
Free Zones are designated business parks and plazas that are designed with the sole purpose of promoting business activity. An environment conducive to the flourishing of business and entrepreneurship is created by a policy framework that offers competitive benefits to business owners on account of ownership, profits, and taxation. Some of the benefits of setting up shop in one of Dubai’s free zones include –
- 100% foreign ownership
- 100% free transfer of funds
- Complete repatriation of profits and capital
- Exemption from export and import duties
- The relatively smaller gestation period for businesses
Business Opportunities In Dubai Free Zones
Free zones are scattered all over the geographical area of Dubai, and each has its own advantages and disadvantages. Those closer to ports and airstrips are suitable for business involving foreign trade, while those in the midst of a city might be better suited to the setting up of food services.
One way or another, Dubai free zones are a gold mine for any entrepreneur looking for opportunities to make it big. We have listed down some of the business areas which are rife with opportunities that any business person interested can look into.
Dubai is known for its huge, lush shopping complexes which are dripping with luxury and style. However, there has been identified a paradigmatic shift in consumer choices and tastes. The move towards online shopping has been felt all over the world, and the coronavirus pandemic only pushed the mania further. More and more people are logging on to buy stuff nowadays.
The e-commerce business in the Dubai region is not as developed as in other nations. There are considerable gaps in almost every aspect, and one can exploit the myriad opportunities which lie in this field. From web development to business promotion, online marketing to logistics services, the world is your oyster when it comes to e-commerce in Dubai free zones.
As a part of Dubai’s population ages, the need for affordable and efficient healthcare systems is dire. There is a dearth of quality healthcare service providers in Dubai. The most noticeable trend with respect to this industry has been the upward boom in healthcare spa businesses.
The government is looking to push for public-private partnerships in the sector. One area which shows tremendous promise is that of pharmaceuticals. Medicines are steeply-priced in Dubai, which creates a market for medicines that are more competitively priced.
Travel & Tourism
Dubai is perhaps most well known for its travel industry. There are a lot of players already existing in the market, but this does not mean that a better model cannot attract customers. With the coronavirus pandemic drying up the stream of hearty tourists who frequent Dubai during the year, the travel and tourism industry is hungry for action, and the iron’s hot if you’re thinking of striking it.
Housing & Construction
The post-pandemic period is one of revival for the housing and construction industry in Dubai. It was one of the laggards in economic terms on account of oil prices plummeting all over the world for the past couple of years. It recorded a slump of 4.8% in 2020 and it is forecasted to grow at a modest pace of 3.1% in 2021.
The government has tightened its purse strings to consolidate and minimise its fiscal debts, but private players are trying to reinvigorate the market with new projects involving the use of advanced technology like drones and virtual reality.
The new Dubai Building Code which is being mulled in corridors of power is supposedly going to be a game-changer with an emphasis on streamlining the production process and minimising costs.
It is no hidden knowledge that Dubai is home to some of the richest people in the world. Many multi-millionaires end up residing in Dubai and need someone to take care of their tangible property. Property management/ real estate business is a huge business in Dubai, wherein a manager is
given the responsibility to help the owner manage their tangible assets ranging from sprawling real estate to rare artifact collections.
Food & Beverages
The food industry is one of the horses pulling Dubai’s economy to great heights. The coronavirus pandemic was but a minor bump for the food and beverages industry, since most of the firms had already begun transitioning to food delivery services in 2018 to keep up with the rising demand for packaged and ordered food.
Business models have been overhauled by many an established name to cover the food delivery side of things from here on. Not only small eateries, premium gourmet restaurants too have adopted the model seeing the change in circumstances and demand shifting to what has been termed as “hometainment”.
Not only delivery, but opportunities also abound in other aspects as well. For instance, with mindful living and conscious consumption gradually becoming the norm of the day, many have shifted to plant-based diets, and those too made entirely out of organically produced inputs.
Entrepreneurs can readily work to devise a business plan which plugs the demand for organic food with the supply, and by optimizing on logistics and costs, provide food services at highly competitive prices.
With the development of various other sectors and industries and the setting up of new firms everywhere, the need for accountants, business consultants, and marketing experts is on the rise. These businesses face tough competition from the presence of multi-national firms, however, small but reliable businesses have an edge over big names in their respective localities.
The Dubai administration has its eyes set on growth. Free zones created all over the city are designed as gateways to this upward trajectory. Free zones, with their many benefits of connectivity, digital integration, world-class infrastructure, and loose tax laws offer tremendous business opportunities in Dubai. In the aftermath of the pandemic, the economy is in need of new business models which can keep up with the demands of the time.