It's a Good Time to Start a Business in Dubai
Dubai is proud of its heritage and is conscious that its success story is hard to imitate around the world.
Perhaps the secret to the fortunes of our economy is the way it has embraced businessmen from overseas and welcomed them within its unique culture.
The GDP, for instance, has been growing even in recent years when the majority of Western countries have been struggling to say the least.
The country’s economy is now reaping the benefits of a number of targeted projects from the government, which is sure to bring in the much awaited public investments into the Northern Emirates, and mainly through two new industrial clusters and landmark projects.
Helped by a strong level of core capital, Dubai-based banks are certainly thriving and, in the words of the Central Bank Governor, are also enjoying a “significant level of comfort”.
This surge also means that opportunities for businessmen that are thinking of moving to the country are now much easier to seize. A number of bank accounts from various international and a selection of local banks can now be opened by foreigners with a minimum balance required of as little as 3,000 Dirhams, which is just above £500.
Even the bureaucratic conditions only require a limited number of documents such as a passport, a residence visa, and proof of a UAE residence and trade license for self-employed customers and a labour card for female applicants on their father or husband’s sponsorship.
But the good reasons to start business in Dubai are not just about banking: for a start, the Emirates is fast becoming one of the main global hubs for international trade.
Even more impressively, the Emirates’ great moment can understood just by having a look at the performance in the World Economic Forum’s Global Competitiveness Report, establishing itself as the only Arab country driven by innovation.
This positioning is a result of the great quality of life and a fantastic business environment: the income per capita here is very high and the economy is diversified. The productive processes are also smooth, well-managed and deliver hi-quality results from the design to the commercialization stage.
The words of the CEO of the Dubai International Financial Centre (DIFC), Dubai’s Federal Financial Free Zone, well represent the way everyone feels and the perception we have of UAE’s role as a country. This is how the CEO commented the Competitiveness results:
“This report highlights UAE’s strength as a global centre of finance and business. We are confident that DIFC will continue to be a catalyst of growth for UAE and the region, by providing a platform of world-class infrastructure for financial services organisations to extend their reach and access the vast economies of our region.”
The CEO also added: “UAE’s strategic location, in conjunction with DIFC’s common law framework and independent regulations makes the DIFC an attractive global financial hub.”
But Dubai is not only enjoying positive external influence but is also noting other positive trends internally: Dubai’s bid for the World Expo 2020 is also very inspiring for everyone who is working in Dubai, trying to give its best to make it happen.
The bright future ahead also means that some prejudices should finally be just a thing of the past: if traditionally UAE has been considered as a country depending on oil, it is now successfully moving towards a more varied market. HSBC’s UAE Purchasing Managers Index (PMI), which calculates the performance of the non-oil private sector, has showed that this part of the Emirates economy has been widening month on month.
All the data and results mentioned in this article is very inspiring for the UAE and Dubai, and gives you more than a reason to think about starting a business in Dubai or elsewhere in the UAE.
If Dubai continues to be so successful in keeping a fast pace when the world economy is slowing down, its performance will be even more impressive when the times get better around the world.
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