If you want to start a business in Dubai, you must first understand why this is such an important business decision. Dubai is the business hub of the Middle East, and as such, there is a great deal of revenue just waiting to be received from its beautiful landscape. Over the past four decades, Dubai transformed from a local trading community into one of the most exciting, opulent, and successful cities in the world. Today, tourists and businesses alike flock to it for opportunities.
With a population of just 170,000 indigenous people and well over 2 million expatriates, there are more than a few lifestyle appeals and investment incentives. In fact, the longer you wait to set up your business in Dubai, the greater the competition will grow in this rapidly expanding region.
Dubai’s strategic location allows access to more than 2.2 billion consumers, due to its unique centralized time zone. Dubai sits as a gateway between the West and East, making it the preferred hub for regional imports and exports. In fact, it is one of the most lucrative markets in the world today. To understand exactly why is it important to start a business here, you must delve deeper into the many reasons why Dubai is so great.
Dubai has been the most successful economy within the GCC region for diversifying away from oil. After the recession of 2009, the Dubai economy has come back stronger than ever to post impressive growth during the last several years. 60-percent of Dubai’s GDP in 2011 consisted of logistics, transportation, trade, and tourism. Its GDP grew in total by 4.6-percent in 2012 alone.
Official reports show that the average annual inflation stood at a very low 0.5-percent in 2011 compared to 2010. This was due in large part to the drop in prices of housing, water, electricity, gas, and other fuels. In the first quarter of 2012, the price of goods and services dropped again by 1.4-percent. This was due to the drops in housing, gas, and more. Business setup in Dubai has never looked as attractive as it does today.
Investment laws, regulations, and incentives are constantly improved to further encourage foreign investment. Recently, foreign ownership of land and stocks became legal, making Dubai the first emirate within the UAE to open its real estate market to foreign ownership. This means that you can not only start a business there but also own the land it sits on. With many countries in the region only permitting land and stock ownership only to naturalized residents, Dubai represents a big ploy for hungry investment professionals.
Due to the size and sophistication of its two ports, Dubai sits at the top of the cargo and re-export markets in the region. The massive Jebel Ali Port facility is one of the busiest and most modern ports in the world, featuring a whopping 63 berths. Port Rashid has 35 berths, making it one of the busiest ports in the world next to Jebel.
Dubai also had two major airline carriers that feature access to over 120 destinations. Emirates Airlines is the world’s largest airline, and it has a total of 160 aircraft as of 2012. Whether you wish to start a business now or in the future, you cannot go wrong with Dubai. To get your foot in the door, contact reputable business startup companies to help you learn what must be done. Contacting a vested professional who is familiar with the local rules and regulations will go a long way towards understanding your scope of potential investments.