Dubai has certainly progressed over the last thirty years or so. It has developed from a sparsely populated city in the desert to a metropolis of skyscrapers and world-renowned companies.
This stunning city now attracts entrepreneurs from all over the world, and it is no wonder as the benefits of setting up a business in Dubai are limitless. If you want to grow your business in a wonderful new destination, here are nine of the reasons why Dubai is a fantastic place to start a business.
1. Great Geography
Dubai is a city located in the United Arab Emirates and borders Saudi Arabia and Oman. It is one of seven Emirates that make up the UAE. The other Emirates are Abu Dhabi, Ajman, Sharjah, Umm Al-Quwain, Fujairah, and Ras Al Khaimahand.
The city is 35km square in size and is constantly expanding. There are a number of man-made islands in various stages of completion being built in the desert. These projects are known as the Waterfront, Palm Jumeirah, Deira Islands, Palm Jebel Ali, The World Islands, and Bluewaters Island.
Dubai is pretty much centrally located on the world map. It is easily accessible from Africa, Asia, the Americas, Australasia, and Europe, making it an ideal location for a world-class business venture.
2. Excellent Economic Conditions
After Abu Dhabi, Dubai is the second wealthiest emirate in the United Arab Emirates.
It is presumed that most of Dubai’s revenue comes from the oil industry, but oil accounts for only one per cent of Dubai’s Gross Domestic Product or GDP. Tourism is one of the businesses that make money for the city and contributes 20 per cent to the GDP.
Dubai also has a thriving manufacturing industry and exports gold, food products, electronics, clothing, textiles, and aluminium to the rest of the world.
The economy is booming in Dubai because the political conditions are very stable, and the government encourages investment and new business. The stock market is strong, and other countries trust Dubai as a place to conduct business relationships.
Online information websites and established business start-up companies will tell you what to know to start a business in Dubai. It doesn’t matter if you are a large global company or a budding entrepreneur; Dubai is the place to launch your new venture.
3. Ideal Infrastructure For Starting a Business in Dubai
A flawless infrastructure is required to make a business run smoothly. Fortunately, Dubai has one of the best infrastructures in the world thanks to the United Arab Emirates government investing heavily in energy, transportation, telecommunications, and industry.
Dubai has everything a business needs to be successful, from reliable power supplies and utility systems to exceptional public transport systems and comfortable office suites. Transport is cheap in Dubai – taxi fares are low, and the low cost of petrol makes running a car very reasonable.
4. Fantastic Free Trade Zones
Before 2018 it was a federal requirement that a native of the United Arab Emirates held at least 51 per cent of the shares of a company.
The introduction of the Foreign Direct Investment Law banished this, and Free Zones were established. Setting up a business in the zones allowed foreign business owners to have one hundred per cent control of their companies. The purpose of this was to attract foreign business owners to the country, and it has paid off as global conglomerates such as Facebook and Google have branches in Dubai.
Businesses set up in free zones can enjoy benefits such as zero per cent corporate tax, zero per cent professional tax, and exemption from export and import tax. These are some of the benefits that can only be enjoyed when you start your business in Dubai.
5. Venues with Va Va Voom
Dubai is new and exciting and has some of the most dazzling high-rise buildings in the world, including the world’s tallest building, Burj Khalifa, which is 828 meters high.
If you are looking for premises for your business, you will be spoilt for choice as Dubai has thousands of offices and commercial properties for rent or sale. You will find them to be luxurious and furnished with state-of-the-art equipment.
This exciting city is a favourite location for companies to host global conferences as the facilities in some of the hotels and conference centres are second to none. The central location of Dubai in the world makes it easily accessible to business branches worldwide.
6. Luxurious Lifestyle
Living in Dubai is undoubtedly exciting. The city never sleeps and is full of businesspeople frantically running errands and attending meetings all over the city.
Expats make up 80 per cent of the population of Dubai, and English is spoken everywhere. Still, you will have the opportunity to meet visitors from all over the world and appreciate their cultures. Racism is heavily frowned upon in this city.
A common misconception is that moving to Dubai will instantly make you a millionaire. This is not true, and the cost of living is relatively high. If you have a successful business, however, you can enjoy the luxuries the city has to offer, such as enjoying a few nights at the 7 star Burj Al Arab hotel or shopping at one of the prestigious malls in the city like the Mall of the Emirates.
For those people who love designer clothes, Dubai offers an unparalleled shopping experience. People flock from all over the world just to spend their hard-earned bucks on a Michael Kors handbag or a Hugo Boss suit.
7. Dubai is Super Safe
Dubai is an attractive place for people to set up a business because it has low crime rates. In fact, in 2020, Abu Dhabi, Dubai, and Sharjah were all featured in the list of the top ten safest cities in the world.
The crime prevention laws in the United Arab Emirates are stringent. The convictions of criminals are well-publicized, and they are given strict punishments and lengthy prison sentences.
8. Prestigious Pursuits
If you enjoy spending your spare time doing something exciting, then you won’t be disappointed when you make Dubai your home.
If you have always wanted a ride in a supercar, then look no further. You can hire the car of your dreams, such as a Lamborghini Aventador or a Ferrari, and cruise around the city in style.
Thrill-seekers can get a bird’s eye view of the city when they fly through skyscrapers from a height of 558 ft to ground level at Dubai Marina Mall on the world’s longest zip line.
For people who prefer pursuits that a more relaxed, Dubai offers a plethora of high-class restaurants. The Burj Al Arab has a seafood restaurant called Al Mahara. It is run by Nathan Outlaw, a Michelin-starred chef, and features a 260,000-gallon floor-to-ceiling aquarium. The hotel building cost $1billion to build and is considered to be the most luxurious hotel in the world.
Dubai is a great city for single women because it is safe and across the city, one night per week is Ladies Night where women can enjoy free drinks and discounted meals in the city’s bars and eateries.
9. Perfect Ports
Dubai is located between Europe and the Far East horizontally and between Africa and the Americas if you draw an imaginary vertical line down the globe, giving it good links to the rest of the world for importing and exporting goods.
Over 120 waterways and 85 airlines connect the city to the rest of the world, making it a mecca for foreign trade. It is also a favourite stop-over destination for tourists travelling on long-haul flights to destinations such as Australia and New Zealand.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.