Every year, the world becomes a smaller place and more and more options open up for entrepreneurs aiming to make their mark in the business world. And, of all the locations in the world that offer the most exciting and lucrative opportunities, few can match UAE and Dubai in particular. There are many reasons for this and it appeals on multiple levels, both in business and lifestyle contexts, as well as in some very practical aspects too.
For a start, it’s a young, dynamic and growing country, whose economy has seen off some challenging times in recent years but is now set to grow and grow. The government is also committed to doing it all it can to foster this growth, for example, by investing millions of dollars in improving the infrastructure and in supporting free trade zones. These have the express purpose of attracting expatriate investors lured by the prospect of tax and duty concessions. There are over 30 of these zones in operation at the moment, covering everything from media to technology.
For entrepreneurs for whom investing is all, or just part, of their business plan, they also could not be better placed in Dubai. As well as having its own stock exchange in the Dubai Financial Market and a growing forex market, there are also many online opportunities relevant to the region such as CFD trading. The ability to leverage investment in markets like this could prove particularly useful for new start-ups, where liquidity could initially be limited. The digital infrastructure is also in place for 24/7 access to these services.
Of course, another key attraction for anyone thinking of setting up business in Dubai is the fact that all earnings are tax-free, which also acts as a great incentive if setting up that business also involves attracting staff from other countries too. With the prospect of keeping 100% of their salary instead of handing a sizeable proportion of it back to the government, moving to Dubai is an easy decision to make.
Easy living, great value property
Business may be important but having a good lifestyle too is equally important. Luckily, Dubai scores highly in this respect too, being ranked No.1 in the Middle East in the list of The Economist’s Intelligence Unit global survey of the best places to live in terms of safety, security and the level of services available.
Another key appeal is in the price of residential property. In their annual Wealth report for 2018, the international real estate firm Knight Frank found that, in New York, the price is $40,000 per sq. m. but, in Dubai, it’s just $7,250 so you can expect to get not just a little more for your money, but over 550% more space to live in. Then, there are all the fabulous restaurants and shopping opportunities to take into consideration, not to mention the summer-all-year-round climate.
But the clincher, for many, is Dubai’s geographical location midway between Europe and Asia with both a maximum of six hours away by air. So, it all adds up to a real sweet spot for entrepreneurs looking for great business opportunities in an even better location.