We’ve recently opened a new office in Dubai. We believe that our new position gives us and our clients access to one of the fastest-growing economies in the world. In addition to the United Arab Emirates (UAE), other countries in the Gulf Cooperation Council (GCC) are currently skyrocketing.
Neighbouring countries, Saudi Arabia and Qatar, are expected to grow by 7.6% and 4.9% respectively in 2022. This has been made possible by economic diversification and policies aimed at boosting tourism in both nations.
The United Arab Emirates consists of a federation of seven emirates – Dubai, Abu Dhabi, Sharjah, Fujairah, Ras Al-Khaimah, Umm Al-Quwain and Ajman. Each emirate has its own features and provides certain economic aspects for business. The nation is situated at the nexus of trade routes into Asia and from the West to the East.
Due to its excellent position, the UAE has emerged as a significant worldwide hub for trade, banking, manufacturing, modern transportation, healthcare and other industries.
Leverage Experts anticipates continued expansion in the years to come and is looking forward to the opportunities that the wonderful city of Dubai will present.
Why Dubai is attractive for business and investment
Besides the high quality of life the city provides, Dubai has many economic incentives for businesses and investors alike. These include:
- Up to 100 % foreign ownership and tax exemption in free zones
- Full foreign ownership in 122 economic activities across 13 sectors
- 100% profit repatriation
- An effective visa system allowing for a renewable 10-year residence
- Competitive financing costs, high levels of liquidity and a strong banking system
- No foreign exchange controls
- Strong appreciation and fully convertible currency
- Low inflation
- Low customs tariffs (between 0-5% for almost all goods)
Since Jafza, the first free zone in Dubai was established in 1985, Dubai has grown its potential to be a global economic powerhouse. This is because free zones offer custom duty benefits, tax breaks and exemptions for foreigners. Dubai currently has 20 free zones, each with its own laws and regulations.
As a result, more international businesses were drawn in. A significant portion of these businesses’ accounts for 20% of Dubai’s foreign investment. Additionally, roughly 140,000 workers are responsible for $80 billion in non-oil revenue. That means 21% of the city’s GDP comes from the business sector. This is a substantial increase from before Dubai invested in infrastructure and commerce.
100% foreign ownership is also an extremely attractive incentive for companies who want to enter the UAE market. Industries that offer 100% foreign ownership include:
- Renewable Energy
- Transport and Storage
- Arts and Entertainment
With large growth and transformation expected in each of the above-mentioned industries in the coming years, many international businesses are moving their operations to Dubai to gain more market share and benefit from the numerous commercial benefits.
However, entering the UAE market is not as straightforward as many think. Indeed, there are a number of considerations for business owners and executives.
Leverage Experts is here to assist you in navigating all the uncertainties of conducting business in Dubai.
Download our Market Entry Challenges UAE report to learn more about the business culture and customs of one of the world’s most rapidly expanding economies.
From a personal to an organisational level, we are aware that change can be challenging for many. In light of this, we’d like to offer a succinct overview of our services to assist you in making the most of these times of change.
Our team of experts collaborates at eye level and has experience navigating environments characterised by rapid change, transformation, restructuring, turnaround management and new market entry.
Our services include:
- Transformation, Turnaround and Distress – We provide holistic solutions for difficult and complex challenges for your company.
- Strategy and Leadership – We work with your team to develop successful strategies for future growth.
- Financial Health – We know what healthy finances look like and how to take the first step to profitability.
- Change and Transformation – We form effective governance and create leadership teams that execute consistently.
- Executive Mentoring – We build on the strengths and weaknesses of executives to develop high-level leadership skills for your firm.
We also support you in your search for new markets and business prospects. We are here to broaden your horizons and reach new customers, whether your business is headquartered in Europe or the Middle East.
Our decision to open a new office in Dubai is an important strategic move that will serve as a bridge between the economies of Europe and the Middle East. Here, we want to help your company reach a wider audience for increased market share and profitable growth.
The potential for growth in Dubai is limitless. Get in touch with us for more information on taking your first step into the most dynamic market in the world.