Dubai, the global city, has established itself as a popular business hub for entrepreneurs to set up their base. It has evolved as the center for both regional and international trade and financial services, apart from being a tourism destination. Dubai, over the years, has witnessed such potential growth under the able leadership of Sheikh Mohammed Bin Rashid Al Maktoum whose vision and dream have spiralled into a reality. As one of the fastest-growing economies in the world, several MNCs and venture capitalists were quick to set up their base in Dubai. Nurturing innovators and entrepreneurs has always been at the forefront of the country’s growth strategy.
Dubai also enjoys the title of being one of the wealthiest of the seven Emirates that constitute the Federation of the United Arab Emirates. There’s no denying that this city is an absolute thriving hub for business owners. Most businesses narrow down on Dubai as their destination when exploring new opportunities to expand or accelerate their growth.
Strategic Reasons That Make Dubai a Golden Destination
There are several reasons why opening a business in Dubai in 2022 sounds like the right decision.
- Emerged as the Manufacturing and Trading Hub
Dubai was quick to set up a network of industrial areas, free zones, state-of-the-art infrastructure, making it conducive and attractive for businesses. The economy of Dubai has witnessed a paradigm shift from an oil and gas oasis to a manufacturing and financial services destination, apart from thriving on tourism.
A favoured destination for Cryptocurrency & Web3.0 Companies
Keeping up with the current market trends, Dubai has gone a step ahead in adopting its first crypto law providing a legal mandate for cryptocurrency trading and digital assets like NFTs in the Emirates. This move has been welcomed by the leading platforms in the crypto space who plan to set up their businesses to tap into the billion-dollar market.
- Focus on Growing Business Sectors
Sustainability and proactive measures to adopt new business sectors like fintech, start-ups, cloud kitchens and vertical farming has brought about a paradigm shift in Dubai’s business landscape.
- How they contained COVID
The most crucial factor new businesses are considering before moving their business internationally is how well the country was able to counteract the advanced onset of Covid-19 cases. When countries like Singapore, Canada, France, and the Netherlands struggled to contain their cases, the UAE was able to rebound faster.
- Haven of FTZs & Tax Incentive
Corporates are attracted to the tax holidays and the numerous Free Trade Zones in Dubai. In some cases, businesses can avail of Custom duty and VAT exemptions. All these benefits make it viable for businesses to set up their operations.
- Support to SMEs
When most businesses were shut down globally during the pandemic, Dubai’s leadership provided immense support to SMEs and start-ups and continues to do so even now. Accessibility, streamlined visa processing, reduced paperwork, business-friendly policies, and world-class infrastructure are some of the factors contributing to the growing number of businesses being set up in Dubai.
- A Diversified Workforce
Being located strategically inside a triangle made of Asia, Africa, and India, Dubai enjoys the cross-culture buffet of opportunities and advanced technologies. It is also called the “Gateway of the World.” This tactical location of Dubai on the world map undoubtedly presents a considerable buffer of the potent workforce that can be outsourced from either or both of the continents.
This Asia, Africa, and India triangle present the opportunity of getting a skilled yet affordable workforce. International businesses trying to establish their business in Dubai will already have a metaphorical cushion of the ideal workforce to fall back.
Dubai is home to people from over 200 nationalities, all of whom have been living and working in harmony with each other. They attract the world’s best talent making it an attractive hub for businesses to set up their global operations in Dubai.
- Favourable Destination for FDI
Despite the pandemic, Dubai attracted Dh12 billion in FDI through 190 projects in the first half of 2020. This proves that Dubai will emerge victorious no matter the odds. Strong capital inflows, surging revenue streams, friendly trade laws, and a tax haven make it the favoured destination for foreign investment.
- Future Prospects
Dubai has become a knowledge hub with a number of world-class universities and research and development centers being set up. These will eventually contribute to scientific and technological advancements. The country has been a forerunner in tapping green energy options. It has also set up a number of state-of-the-art medical facilities.
All these contributing factors make it the perfect destination for businesses to set up and avail of global exposure.
- Current Trends of Employment in Dubai
The Dubai Virtual Working Program, the Retire in Dubai Program, and the 10-year Golden Residency Visa are key strategies adopted to attract foreign professionals and encourage them to set up a business here. For businesses to succeed, it is vital to get the best resources on board to support and drive the objectives of the organisation. Organisations such as TASC Outsourcing, have the required expertise in meeting the manpower requirements across industries and sectors, like eCommerce, technology, power and energy, infrastructure, life sciences, oil & gas sectors, etc. Their strategic turnkey workforce solutions deliver the top talent required for the success of the organisation. In addition, TASC Outsourcing provides end-to-end assistance to businesses. Their expertise and array of services in business setup and corporate service make the entire process simple and quick. Companies can hire either full-time, part-time, or contractual employees in their normal business run. Businesses outsource employee services to function efficiently, achieve flexibility, reduce overheads, and focus on boosting revenue.
Companies require good PEO and PRO services to continue their business for the foreseeable future. PEOs offer a streamlined option for hiring employees as per the growing needs of the business. That’s where TASC Outsourcing comes in with its top-class PEO and PRO services, the healthy link between the government and the new businesses.
Over the years, Dubai has transformed itself into one of the biggest economic powerhouses globally. Its stance in the global market is just solidifying day by day, and no one can deny that. With a diverse economy, tax-free system, business-friendly policies, advanced infrastructure, strategic location, access to a vast pool of talent, and others, setting up a business in Dubai in 2022 is the right move. The government’s initiative in making the country the most favoured business hub has played a pivotal role in the sporadic growth of the various business sectors.