It’s no secret the UAE has established itself as a thriving hub for major global firms and startups alike. In fact, according to a report by Dubai SME, an agency of the Department of Economic Development, an astounding 95% of all businesses in Dubai are SMEs and startups.
With a total population of about 9.2 million, the UAE is a dense hub of innovation with enormous internal diversity and external reach to their neighboring Middle East region. Government support programs, a strategic geographical location, local enterprise resources, and policy reform are fusing to create the ideal environment for startups to thrive in the UAE.
Nestled between the East and the West, Dubai is the ideal choice for anyone interested in setting up a company. According to MAGNiTT’s MENA Venture Investment Report, investments in startups across the MENA (Middle East North Africa) region were up 66% in the first half of 2019.
In particular, Dubai has become the preferred destination for multinational corporations and startups wishing to expand to the Middle East region. Not only does the UAE feature some of the most impressive infrastructures in the world, but it’s also located in a strategic location.
In a move to diversify the economy away from oil and gas, governments, investors, and private enterprises in the Middle East are recognising the importance of supporting the startup community to foster the growth of the region’s economy. From incubators and accelerators that provide monetary support, mentorship, and business training to existing young startups to coding boot camps to train the next generation of tech entrepreneurs, programs in support of startups are launching across the UAE.
According to the Dubai Centre for Statistics, early-stage startups make up nearly 50% of companies registered in the city. Additionally, the UAE Ministry of Economy has reported that more than 94% of the companies operating in the UAE are SMEs, accounting for more than 86% of the total private-sector workforce.
The UAE government recognises startups and SMEs are the mainstays of any economy. As such, they have continued to support business-friendly initiatives and policies geared towards positioning the country as a level playing field for investors from around the world. Some of these initiatives include:
Looking to attract tech start-ups from around the world, the city is investing billions of dollars to transform Dubai into a hub of innovation. Support from government, coupled with the growth of accelerators and incubators, such as ImpactHub and Turn8, has led to a string of startup success stories. In fact, according to the Dubai Chamber of Commerce Dubai entrepreneurs launched over 16,800 businesses in 2016 (up 9% from 2015).
As Dubai Expo 2020 advances there will be a demand for businesses providing supportive services for ‘the greatest show on earth’. With an anticipated 25 million visitors, Expo 2020 will create a significant demand for local entrepreneurs. Essentially, Expo 2020 provides a ready-made market for a wide array of SMEs and startups, such as hospitality businesses, events companies, tech firms, and other firms offering supplies and services for the exhibition.
After researching online, you probably realised there are many different variables to consider to properly set up your business in the UAE. At Creation Business Consultants, we are here to help you set up your company in Dubai and the UAE the right way. Our team of experts will help you choose the right area for your business, considering many factors to include:
Thanks to a thriving economy combined with a unique mix of government incentives, technology, innovation, strategic location, and a dynamic business environment, Dubai and the UAE remain the ideal choice for entrepreneurs and investors. Contact a member of our team today to schedule your free consultation.
Creation ensures clients receive a seamless, cost effective and proficient entry to the GCC market. We provide clients with the foundations and best practices empowering them to build and control a successful business.
We continuously strive to exceed client’s expectations whilst making certain they are protected from undue risk at all times. Creation Business Consultants is the preferred and truly trusted business partners for the GCC.