Top Five Reasons Why Dubai is Considered a Business Powerhouse
Over the years, Dubai has successfully fostered a hospitable environment in the realm of business. During this pandemic time, the majority of economies are struggling to remain afloat or restore stability, Dubai is well on its way to returning to its daily chores. The UAE government has quickly adjusted its products and resources to meet the evolving demands of Dubai companies in this tumultuous period.
Let’s look at the top five reasons why investors and entrepreneurs believe Dubai to be a global business powerhouse.
- Ease of doing business
Dubai is an ideal location since it is situated at the heart of the global commercial spectrum. Dubai’s strategic position encourages open trade ties that not only assist in company creation, but also provide a variety of services that businesses demand once they are on track. With its top notch infrastructure, sophisticated network connectivity, cost-effective measures and hassle free documentation, it draws several investors to do their business in this stress free ecosystem, in contrast to other cities across the world
2. Future-looking city
The UAE was named the world’s second safest country by the Global Finance report earlier this year. The emirate of Dubai promotes an ecosystem for innovation and future-proofed business models because of its forward-thinking strategies. A robust community of start-up incubators and accelerators exists in the city. Dubai is creating an environment that encourages firms from all industries to innovate. It has emphasized this ambition by announcing a slew of long-term plans in Artificial Intelligence, block chain, 3D printing, and the Internet of Things (IoT).
3. Expo 2020
Dubai is the first city in the Middle East, Africa, and South Asia (MEASA) area to host a World Expo, which is projected to open up a wealth of opportunities and create more than 270,000 new jobs in the UAE. Featuring 191 pavilions, the Dubai government expects that this massive event will lay the groundwork for important economic, developmental, and cultural trends and innovations in the post-COVID-19 future. With the arrival of Expo 2020, the emirate is expected to offer a valuable platform for global entrepreneurs to seek commercial possibilities, networks, and collaborations.
4. 100% foreign ownership
This amendment removes the need for a foreign business owner to be associated with an Emirati sponsor who owns 51 percent of the company’s shares. As a result, hundreds of foreign investors in Dubai have been able to create and wholly own onshore firms. With the groundbreaking decision, the UAE government set up the field for global businesses to flourish.
Due to its tax-free structure, the emirate of Dubai is well-known for attracting shopaholics, visitors, and companies. The government of the United Arab Emirates does not levy income taxes on enterprises or people who live in the nation. While various kinds of taxes may be faced, the UAE remains a very tax-efficient nation. This, along with recent business-friendly relaxations, has secured the region’s position as a desirable location for residents across the world.
On a conclusive note, in today’s challenging times for the global economy, if there is anywhere to develop and flourish, Dubai is turning out to be a whiff of fresh air for the business communities around us as well as for the pandemic weary travelers too.