Business is not just profit and loss, it includes patience and deliverability. UAE is one of the most lucrative zones of business in the world currently. It is the hub of entrepreneurs, startup owners, MNCs, and whatnot.
Lookout for new ventures and scrap out an emirate of your choice. Next, get your business license and start running the extra mile. For better customer servicing, take the help of business setup services in Dubai, Abu Dhabi, Ajman, or any other emirate.
Top 8 Businesses to Start in 2023 in the UAE
1) Healthcare Sector
In the pre-pandemic era, taking care of health and being health conscious was very limited. Governments now have taken things seriously to build a resilient immune system. On average, WHO says 10% of GDP is spent on healthcare by countries.
With this in the picture, technology has powered the healthcare sector to more potent and faster solutions. Artificial Intelligence is set to top $20 million in 2023, and to put a cherry on the top, the United Arab Emirates has been expanding its technological forte rapidly.
For instance, Dubai-based health-tech startup ShopDoc is partnering with US-based CLEAR, a digital eye-care company to launch the first-ever metaverse eye test in the world. With Dubai being the startup hub of the middle east, healthcare is expanding like never before. Get your commercial license in Dubai, and provide service to a great range of markets.
2) Hospitality & Tourism Sector
Healthcare is not just promoting a single sector, it entices other additional and supporting ones as well. Hospitality and Tourism have been a mainstay in this process. Surprisingly yet an affirmative stats shows that Dubai recorded the highest spend per visitor globally (Master global destination Cities Index of 2018).
People have started to travel more and get more out of life after the pandemic. More often than not, traveling is not the sole purpose for the growth of this sector; government support, visa policies, and administrative ease of documentation dictate the numbers as well.
World-class airlines, advanced infrastructure, and UAE’s strategic location bring in several people to stop by and enjoy its beauty. Two-thirds of the world population lives within an 8-hour flight distance from the United Arab Emirates. If you want to venture into such a lucrative environment, start a business in Dubai in the hospitality arena.
3) Transportation Sector
The transportation sector is the thread that binds all other industries, the most important one being the Hospitality and Tourism Sectors. The UAE boasts a wide range of transportation facilities, from the latest metro facilities to world-class public transport networks.
According to the Ministry of Economy of the United Arab Emirates:
- Dubai Metro’s Red Line is the world’s longest driverless single metro line at 52.1 km
- UAE is ranked 6th globally in terms of satisfaction with the public transport index by the Legatum Institute’s Prosperity
- Global Competitiveness Report by WEF(2019) ranks UAE 7th globally in terms of road quality
- IMD’s World Competitiveness Yearbook(2020) places UAE in the 2nd position globally for the air transportation index.
But, the trending topic is Electric Vehicles in UAE, which will show a tremendous growth rate of 27.17% by 2027. Hop onto this trend and gain the most by taking the help of business consultancy services in Dubai.
4) Real Estate Sector
“Landlords grow rich in their sleep without working, risking or economizing” – John Stuart Mill, political economist. The real estate sector has been around for generations now, but with the addition of advanced technologies, this sector is considered the most beneficial of all.
The recently adopted golden residence scheme of the UAE has given a major boost to the real Estate sector. This has allowed golden residence holders to sponsor family members, while real estate investors now can obtain it while purchasing a property worth no less than 2 million dirhams ($544.500).
A projected growth rate of 5%, while being among the top-ranking nations in the middle east for facility management market value, makes the UAE a dream destination for real estate investors. Grab this opportunity and set up a company in the UAE to grow beyond leaps and bounds in the next 5 years.
5) E-Commerce Sector
Every person wants a website of their own, the reason being its effectiveness. And this led to the boosting of the e-commerce space and its subsidiaries. Even real estate grew because of the virtual presence of their e-commerce sites.
The top 5 markets for e-commerce in the UAE include:
- Electronics & Media
- Toys, Hobby & DIY
- Food & Personal Care
- Furniture & Appliances
Fashion constitutes almost 40% of aggregate e-commerce market valuation. Sustainability and digitisation have boosted this sector like never before. Unique traditional attires are coming to the forefront, boosting big and small businesses alike.
6) Retail Sector
Rising per capita income, a growing tourism industry, and a lively expatriate community in the UAE have been amplifying retail sector growth. The introduction of cutting-edge technologies like AI, ML, IoT, and Big Data Analytics has encouraged consumers to buy more and retailers to sell in large quantities.
Dubai, Abu Dhabi, and Ajman are expected to see the highest growth in this sector. While the offline market is lucrative, the online space with the introduction of digital marketing has enhanced even small retail businesses.
Shopping for daily household requirements has grown as it provides convenience and doorstep deliveries. Rising consumer spending with the rise of national GDP has increased demand manifold. And the fact that in the post-pandemic era, rigorous and impulsive buying is only on an upward trend.
7) Financial Sector
As consumer spending increases (which increased reportedly by 14% in the first quarter of 2022 itself), transactions increase. With the ease of online payment modes, financial institutions are on the path to upgrading and providing better financial services.
With more people getting visas, individuals are opting for low-cost business setups in UAE. This would entail more people requiring financial services such as accounting, bookkeeping & auditing services. Getting a hand in this sector is easier as you do not have to necessarily rent an office space or run around for local sponsors. Offshore is the perfect place to make your presence felt in the UAE financial market.
The UAE and its financial centers such as Dubai International Financial Center and Abu Dhabi Global Market have enabled the financial sector to see a new rise. Capital flow is increasing with each decade and investors are getting into those large-size FDIs, it’s not too late for an entrepreneur to start a deep dive into this financial market.
8) Cyber Security Sector
Data is here to stay, but how, where, and who uses it defines the growth of an economy. With the phenomenal rise of UAE as an entrepreneurial hub, startup hub, and growth hub, data breach and prevention is something one cannot neglect.
Consultants of cyber security analyze the risks, assess potential threats and determine routes for safe and smooth business operations. The policymakers have also introduced an initiative called ‘Cyber Pulse’, which aims to encourage the community in the UAE to play a part in the cyber security efforts.
Businesses that rely heavily on online transactions would be the most vulnerable to constant cyber-attacks. A business endeavor on this path can be the next big thing for your entrepreneurial journey.
Serve a Large Market with the Best Company Setup Consultants in Abu Dhabi
Among the many that stand out, the top 8 businesses mentioned above are expected to rise better and faster with each passing year. Every sector has its own pros and cons. There is a requirement for proper market analysis and trend prediction before you dwell in the full cycle.
We have prepared 5 templates that can help you analyze your preferred sector. Upon realization, A&A Associate is a step away from providing its 15+ years of experience to build the foundation of your new venture. Be it UAE free zones, the mainland, or offshore, we’ve served all kinds of clients for their company formation.
Be it business consultancy services in Dubai, Abu Dhabi, etc., or accounting & auditing services in Ajman, our panel of experts can help you fasten up your business activities after the initial approval from the department of economic development. Be future-ready for your dream commercial activities in every industry with A&A Associate.
5 Free Templates for Choosing The Best Business
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