Dubai, the global city, has become a popular commercial location for entrepreneurs to set up shop. Apart from being a tourist destination, it has developed into a regional and international business and financial services center. Dubai has grown dramatically over the years thanks to the skillful leadership of Sheikh Mohammed Bin Rashid Al Maktoum, whose vision and goals have become a reality. Due to Dubai’s status as one of the world’s fastest-growing economies, large multinational firms and venture capitalists were eager to establish a presence there. The development of innovators and entrepreneurs has long been a priority in the country’s growth strategy.
Dubai is also one of the wealthiest of the seven Emirates that compose the United Arab Emirates Federation. There’s no denying that this city is a thriving hotspot for businesses. Most businesses chose Dubai as their site when seeking new opportunities to establish or accelerate their growth.
Dubai Is a Wonderful Location for Strategic Reasons
Developed as a Manufacturing and Trade Center
Dubai was quick to build a network of industrial parks, free zones, and cutting-edge infrastructure, making it attractive to businesses. Dubai’s economy has evolved from an oil and gas haven to a manufacturing and financial services hub that now thrives on tourism.
A popular location for Bitcoin and Web 3.0 companies.
In line with current market trends, Dubai has established its first crypto law, creating a legal framework in the UAE for cryptocurrency trading and digital assets such as NFTs. This step has been applauded by the major crypto platforms, which are looking to establish their operations in order to gain access to the billion-dollar market.
Concentrate on Expanding Business Sectors
Fintech, start-ups, cloud kitchens, and vertical farming have all resulted in a paradigm shift in Dubai’s corporate climate.
How they were kept in check COVID
The most important element that new firms assess before going abroad is how successfully the government handled the advanced epidemic of Covid-19 cases. When Singapore, Canada, France, and the Netherlands struggled to contain their cases, the UAE recovered faster.
FTZ and tax incentive haven
The tax benefits and different Free Trade Zones attract corporations to Dubai. Customs duty and VAT exemptions are available for companies in certain conditions. All of these benefits enable businesses to establish themselves.
Assistance to SMEs
When most businesses across the world were forced to close due to the pandemic, Dubai’s leadership provided great assistance to SMEs and start-ups and continues to do so now. Accessibility, accelerated visa processing, reduced bureaucracy, business-friendly laws, and world-class infrastructure are just a few of the factors impacting the growing number of businesses located in Dubai.
A Workforce That Is Diverse
Dubai benefits from a cross-cultural smorgasbord of possibilities and new technology due to its strategic placement within a triangle formed by Asia, Africa, and India. Dubai’s unique placement on the world map surely provides a significant buffer of strong people from either or both continents.
This Asia-Africa-India triangle has the potential to supply a skilled workforce at a moderate cost. Foreign companies looking to set up shop in Dubai will have a figurative cushion of good employees to fall back on.
Conclusion
Throughout the years, Dubai has grown to become one of the world’s major economic powerhouses. Nobody can deny that its position in the global market is steadily improving. Due to its diverse economy, tax-free system, business-friendly legislation, modern infrastructure, strategic position, access to a big pool of talent, and other advantages, establishing a business in Dubai in 2022 is the ideal alternative. The government’s goal of making the country the most desirable business center has played an important role in the erratic expansion of various economic sectors.
About the Author
Anshuman Mishra
Tenured administrative professional with extensive experience providing support to the Chief Executive Officer of a reputed organization. The analytical, detail-oriented leader is adept at multitasking within a fast-paced environment. In-depth knowledge of standard office procedures, proficient use of Microsoft office Suite, the internet and the database software.
Website: https://www.robbertmurray.com/
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