Dubai has become one of the most sought-after places for doing business. With tax-friendly policies, top-quality social and economic infrastructure, and a central location, it comes as no surprise that so many entrepreneurs have chosen to set up their business in Dubai.
If you’re an aspiring entrepreneur who wants to start your own business in Dubai, here is a round-up of the top 5 emerging business opportunities in Dubai for 2021.
What are the top 5 industries for new businesses in Dubai?
1. Import & Export
Import and export business in Dubai is such a lucrative sector and is, of course, #1 on our list. Given Dubai’s central location and economic diversity, starting an international trading business in Dubai can be rewarding in terms of expansion opportunities and profitability. Setting up your business in a free zone like DMCC can facilitate your business’s success by enjoying 0% import and re-export duties and advanced logistics and transportation infrastructure.
2. Healthcare
While COVID-19 has brought numerous challenges, it has also uncovered new opportunities within Dubai’s health-tech sector. The UAE healthcare sector is anticipated to generate AED 39.4 billion by 2025, and according to the Dubai Industrial Strategy 2030, ‘Pharmaceuticals and Medical Equipment is listed as one of the six priority sub-sectors for the city.
There are three main areas where healthcare investors can potentially consider when entering the Dubai market:
- Health-Tech Innovation – A large section of DHA’s Dubai Health Strategy 2021 focuses on innovation, emphasizing cutting-edge technology and automation.
- Health Tourism – While the COVID-19 travel bans dented growth in the medical tourism sector, there are early examples of how the medical tourism segment might position itself for a rebound in 2021.
- Growing Local Demand – Local investors are expected to help healthcare providers to expand in Dubai in the next six years as demand grows with the population.
3. Real Estate
Known as one of the top expat hubs worldwide, 70% of Dubai’s population is made up of foreigners. With over 16 million tourists last year, Dubai retains its ranking as the fourth most visited city in the world for the fourth straight year, making the property market in Dubai so lucrative. The real estate market in Dubai has a huge scope of opportunities, including real estate development, property management, and brokerage.
In addition to the large market, Dubai’s real estate sector is currently transforming by promoting one of the most advanced technologies in real estate – PropTech. Proptech increases the business efficiency of the industry while enhancing the clients’ real estate experiences. This is set to be a big game-changer within the real estate industry and offers additional opportunities for new players to come into the mix.
4. Information Technology
Dubai has become a magnet for international tech-based businesses as the Dubai government continues to roll out policies and initiatives to drive tech innovation and attract tech entrepreneurs in an effort to become the world’s smartest city by 2021.
Over the years, Dubai’s free zones have attracted many tech start-ups. In fact, the Middle East’s first Google for Entrepreneurs Global Tech Hub, AstroLabs, found DMCC to be the ideal location for start-ups to scale their ventures in new markets.
5. E-commerce
Dubai’s e-commerce market is set to reach Dh12 billion of local GDP by 2023 making it the fastest-growing e-commerce market in the MENA region.
While the e-commerce sector is booming all over the world, why has Dubai seen exceptional growth?
For one, Dubai’s adoption of ‘smart government’ initiatives and programs has played a pivotal role in the growth of the city’s e-commerce sector. Improved logistics, trust in digital payments, and increased security are all contributing factors that have helped drive the development of the e-commerce industry in Dubai. And the best part is that there are loads of shoppers to target! It’s even possible to establish your e-commerce business in Dubai and then run it from another location remotely while benefiting from low taxation laws.
Final thoughts
Interested in a potential business opportunity in the one of industries listed above? Setting up your own business in Dubai will only take a matter of weeks when done right.
