Dubai is steadily transforming into a global business city, opening up opportunities for entrepreneurs in domains like manufacturing, energy, retail, real estate, and finance. The huge market opportunity coupled with economic stability, world-class healthcare and education, culture, and excellent city infrastructure is luring budding entrepreneurs to reside and set up business in Dubai.
Apart from Dubai’s ideal business environment, disruptive technologies like smart home technology are making life comfortable for expat entrepreneurs who move here. This technology has been adopted in the most advanced real estate projects like Arabian Ranches Villas, thereby encouraging foreign entrepreneurs to reside in this city. Countless entrepreneurs are looking for budget-friendly properties like Arabian Ranches villas for sale or rent to settle in the city and manage their business.
A recent survey shared that with its moderate weather, first-rate infrastructure, luxurious housing projects, and exciting leisure and entertainment options, Dubai is a great place to live with high ratings in startups, business freedom, and safety.
The city is also one of the ten most popular tourist destinations in the world with ambitious development projects like man-made islands, top-notch luxury hotels, and some of the most extraordinarily modern shopping malls.
Reasons to Set up Business in Dubai
Here are a few reasons startup founders and entrepreneurs who are looking for a better lifestyle and exciting business opportunities are relocating to this booming city.
1. Promises Excellent Quality of Life
Fortunately, Dubai is a resource-rich city in more ways than one. Besides state-of-art infrastructure and connectivity, entrepreneurs need local support like well-educated support staff, luxurious living, healthcare and childcare facilities, education, transport, and leisure and entertainment opportunities for themselves and their families.
A recent survey reveals that Dubai is the most liveable city in the MENA (The Middle East and North Africa) region. It offers luxurious villas, exciting entertainment options, and good educational opportunities.
Dubai is known for its cultural diversity and has greatly reduced gender stereotyping in the society, making it an ideal destination for young men and women who desire to live a comfortable life and accomplish their professional goals. Thus, foreigners feel welcome in this city that is open to new ideas and innovative technologies and is equipped with facilities that will not make them miss their home country.
Since young entrepreneurs often have high expectations pertaining to the lifestyle, education, healthcare, entertainment opportunities, Dubai comes across as a city that promises an excellent lifestyle and is a destination of choice for startup founders.
2. Strong Commitment to Fostering Entrepreneurship
Startup hubs are places that offer the ideal conditions for aspiring entrepreneurs to scale their business. For instance, Silicon Valley in California is the biggest startup hub for tech-savvy entrepreneurs across the globe.
In the MENA (the Middle East and North Africa) region, Dubai is one of the first countries to embrace the startup-hub culture, thereby boosting UAE economy and the development of new products, services, and technologies.
Networking is at the heart of the city’s culture. Business events and international conferences hosted in the city allow entrepreneurs to meet like-minded professionals, venture capitalists, and startup accelerators and incubators.
The Dubai Expo 2020 is an enormous platform for startups, small and medium-sized enterprises (SMEs), large multinational companies, investors, and venture capitalists to collaborate and create business opportunities.
Furthermore, the city enjoys unprecedented governmental and regulatory support that is focussed on making Dubai startup-friendly. The private and the public sectors join hands to champion entrepreneurship and innovation in the city.
For instance, the Dubai Startup Hub was formed by the Dubai Chamber of Commerce in partnership with IBM to bridge the gap and facilitate business deals between startups, SMEs, and leading companies and government entities in the city.
The government of Dubai is reforming bankruptcy laws by making them easy and fair for both, entrepreneurs and investors. Dubai was also the first emirate to establish more than 30 Economic Free Zones in the city to attract foreign businesses. These zones offer corporate tax exemptions, repatriation of capital and profits, and import and export tax exemptions, encouraging startup founders to set up shop in the city.
The Dubai Silicon Oasis (DSO) Authority is a branch of the government that helps entrepreneurs set up businesses in high-tech fields. The DSO also offers mentorship programmes, advice on business planning, information about the market, access to various business incubation programmes, and IP support and protection to all aspiring entrepreneurs.
The EntrePass scheme is a special visa system that encourages budding entrepreneurs with a high commercial value to come and settle here with their families.
The city government’s commitment to welcoming fresh ideas is commendable, making it an ideal destination for startup founders.
Also Read: Dubai Working Visa Complete Guide
3. Hub of Technological Advancement
Dubai is one of the MENA countries that are vying to create a lucrative environment to foster entrepreneurship. As a result, the city is pouring money into disruptive technologies like fintech (financial technology), artificial intelligence, advanced robotics, cloud computing, and IoT-powered smart home technology.
Due to fintech, business transactions have become easier and cost-efficient and are devoid of red-tapism. Owing to the fintech revolution in Dubai, all the aspects of financial services, namely lending, equity financing, investment management, banking and payments, real-time, low-cost cross-border payments, pre-approved credit, and foreign exchange rates can be performed in the most technically-sound manner.
The Cloud Report 2017 developed by the Dubai Silicon Oasis Authority (DSOA) and IBM shares that nearly 70 percent of startups in Dubai are already using cloud computing for storage and web hosting, their core business services. Cloud computing helps entrepreneurs improve their operational efficiency and reduce costs.
Favorable government initiatives towards sustainability and adoption of IoT-powered technologies is encouraging the construction industry to build smart homes with energy-efficient smart lighting, HVAC, security and access control, entertainment, and other connected home devices. This technology is making life comfortable for busy entrepreneurs and startup founders.
4. It Is Home to Multinational Giants
Several globally-renowned companies like HP, Oracle, Nokia, Sony, HSBC, Microsoft, LG Electronics, Shell, Emirates Airlines, and BBC World have offices in Dubai.
Though multinationals are financially stable, they are risk-averse and slow to innovate. Conversely, entrepreneurs are adept at enduring change and come up with innovative strategies to scale their businesses. Collaborative partnerships between multinational companies and entrepreneurs encourage an exchange of knowledge and fresh ideas, benefiting both the parties in the process.
With the government investing millions of dollars in transforming the emirate into a comfortable and smart city, Dubai is all set to welcome entrepreneurs to settle and set up shop without trouble. Dubai has also embraced modernism and nurtured an open culture and cosmopolitan character, which has transformed it into a hotbed of entrepreneurs across the globe.
Nicola Reynor is a passionate blogger who loves to blog about fashion, beauty, property guide, home decor, wedding and lifestyle trends. When in leisure time, she prefers to spend time traveling with friends and family.