Facts About Doing Business In Dubai (UAE)

Many people have different thoughts when it comes to Dubai. Some think of Dubai as a destination for an international shopping spree. Others remember the adventures; riding on camels, or desert safari.

The ones who have been lucky or wealthy enough to visit the Burj Khalifa will remember its magnificence. Looking down from any of the over 160 stories, the panoramic view is to kill for.

All of this information affirms the fact that there is something for everyone in the city of Dubai. And the reason why people with different interests can visit one city and feel satisfied is because of its economy.

Here are a few facts and numbers about doing business in Dubai or the United Arab Emirates as a whole

Read: Five Advantages of Running your Business from a Free Trade Zone

1.    UAE’s economy used to be reliant on revenue from Crude Oil

As of 2016, the United Arab Emirates held about 5.9% of the total oil reserve in the world. It was 7th on the list of countries with the largest oil reserves with over 97 billion oil barrels. It was estimated that following the country’s oil consumption, it would take about 299 years to exhaust its oil reserve. Mind-Blowing!

These figures are very impressive. Surprisingly, the UAE no longer relies on crude oil as a major source of revenue. For many years, the economy blossomed through income generated from oil and gas. Now, oil contributes less than 5% to the country’s Gross Domestic Product (GDP). The tourism industry which is on the rise at the moment contributes about 20% to the GDP.

2.    Dubai’s location favors international trade

By serendipity, Dubai is strategically situated in a place that makes it easy to do business with foreigners. It is no news that international trade will promote the economy of any country and make the currency stronger. Dubai is located between Europe and East Asia. The city lies between Southern America, Northern America, and Africa.

It connects with five of the seven continents with air and water routes. This ease of transport encourages foreign investors to plant their monies in the economy.

3.    Dubai’s economy supports businesses

There are a lot of myths about starting a business in Dubai to dissuade investors. Everything about the UAE is structured to give businesses, both small and large, a strong support system. Everything you need to begin a business – infrastructure, power, telecommunication, and transport system, etc – are all available in Dubai.

There are no stringent laws, quotas, or exchange control to suffocate your business and extort your profits. Also, the country has a stable government so political conditions do not affect the economy.

4.    Dubai has Manpower for Businesses

There are a lot of ready-to-start workers in Dubai. So, if you want to start a business or open a branch office in Dubai, getting staff would be hitch-free. This is one of the reasons why a lot of skilled professionals are migrating into the country. So if you station your business in the Emirati megacity, you do not have to worry about getting good hands to work with you.

5.    Dubai is a Hub for Tourism

Dubai attracts visitors and businessmen worldwide for its amazing landmarks. One of these is the Burj Khalifa, the tallest building man has ever seen. It is also home to the world’s only seven-star hotel, the Burj Al Arab. There are so many side attractions for tourists and they troop in by the minute to enjoy the sights of the UAE. In 2020, despite the pandemic that hit global economies, Dubai recorded over 5.6 million visitors from countries across the globe.