Dubai is geographically and culturally at the crossroads of the East and the West. Dubai has transformed into a business giant that rivals the world’s top cities in just over two decades. From a dusty old town with a small trading community, Dubai is now a highly appealing commercial site for any corporation looking to get into the Middle East, Asia, and Africa’s fast developing markets.
Dubai is a city that inspires other cities and countries to strive for the same lofty heights that Dubai has attained. Dubai is geographically and culturally at the crossroads of the East and the West. Dubai has changed dramatically in just over two decades.
Why Dubai?
Dubai’s strategic geographic location makes it an ideal gateway between East and West, allowing businesses to reach out to a population of over 2 billion people. It is also the centre of the region’s import and export industry, which is one of the world’s most profitable markets.
Dubai presents a great climate for managing a profitable business because of its winning combination of rising foreign ownership, easier immigration formalities, outstanding communication and infrastructure networks, and relative ease of launching a firm.
Advantages
Let us now look at some of the important variables that contribute to Dubai’s attractiveness as a business destination.
- Leadership with a Vision
Dubai’s leaders’ incredible foresight and vision have resulted in the building of one of the world’s most prosperous and modern cities. Because of their faith in the future, an insignificant dusty trading outpost has been converted into a major global attraction.
- The Zones of Liberty
There are more than 20 free zones in Dubai, which include a variety of industrial and corporate clusters. Investors from other countries can enjoy total ownership of their investments, as well as profit and capital repatriation.
- A thriving and expanding economy
Dubai has been the most successful in terms of economic growth among the Emirates, and has been particularly effective in diversifying away from oil, rebounding from the recession of 2009. Trade, logistics, transportation, and tourism together contribute for about 60% of Dubai’s GDP.
- Governmental support and a favourable investment climate
The Department of Economic Development (DED) in Dubai is in charge of changing the city’s economic agenda. It aims to improve the economy and gives all necessary assistance to both domestic and foreign investors in order to create a favourable investment environment.
- Geographically strategic location
Dubai is geographically placed between Asia, Europe, and Africa, and its proximity to Asian superpowers China and India makes it a desirable destination.
- A tax system that is friendly to the taxpayer
All companies – whether joint partnerships registered on the mainland or companies incorporated in the FTZs – enjoy a tax-free haven in Dubai, as in all the other emirates. This is a fantastic incentive for individuals interested in investing in Dubai.
Therefore, Operating a new business setup in Dubai might be lucrative, but it comes with its own set of rules and regulations. A newcomer to the country may find it challenging to navigate the legal system and set up his business.
