The Middle East is regarded and recognized as a global center for all things business, and the United Arab Emirates is rated 13th on a global scale according to a new report. The report measures the ease of doing business, among other criteria, while ranking the financial centers of the world. Consequently, the report also pronounced that the UAE has placed the highest among the Middle Eastern countries and the North African countries. The UAE, apart from having the superior infrastructure and the best transport system in the globe, also has the most technologically advanced facilities known to man. The government of the UAE has aimed to curate such an investor-friendly environment that foreign investors, both big and small, find it an appealing destination for starting a business. And in recent times, more and more foreign entrepreneurs are investing in the development of its infrastructure. The projects such as KKR and the forty percent stake of black rock in the Abu Dhabi National Oil Company’s pipeline project confirm that foreigners still are very much interested and want to invest in the fertile soils of the business sphere of the UAE.
Many governmental reforms, such as state-led privatization across the country, have transformed the UAE into a desirable destination. And has made UAE into the place to invest for people in business and entrepreneurs all over the globe. Besides that, there are significant developments and advancements in the realm of sustainable and renewable energy. The afore-mentioned report says that there are numerous wind, hydel and solar projects in the works which will decrease the energy dependence of the country on the oil and natural gas division in the near future.
Top Spots for Foreigners to setup Business in the UAE
Due to the several benefits mentioned earlier, it is not at all unreasonable to set up a business in the United Arab Emirates. Rather it is deemed extremely feasible and profitable to venture into the world of entrepreneurship in the UAE. As the UAE gives incredible support to budding foreign entrepreneurs, the likes of which are unheard of. Here are some of the places in the United Arab Emirates, which are very suitable for a foreigner who wants to set up a business in the UAE.
1. City of Dubai
Dubai is the capital of the Emirate of the same name. It is the most populous city in the UAE. In the late 1980s, the modern Dubai was established with the revenues generated from the Oil and Gas sectors. Gradually the government of Dubai realized the advantages of diversification of the sources of income, and today less than five percent of the Emirate’s revenue comes from the oil and gas industry, and it only contributes eight percent to the entire GDP of Dubai. The strategic location of Dubai and the availability of the numerous free zones in Dubai make the city a hard to miss and a lucrative option for foreign investors and business owners.
2. City of Abu Dhabi
After Dubai, this is the most prominent and outstanding pick for a foreigner to start a business in UAE. Abu Dhabi is the capital of the UAE and is also the capital of the Emirate of the same name. Abu Dhabi is the richest and the most prosperous Emirate in the United Arab Emirates. When analyzed individually, it has one of the highest GDP per capita in the world. With more than a trillion dollars being invested in the city, it is an indispensable hotspot for foreign business owners, entrepreneurs, and investors who are exploring new horizons for setting up a new business.
Historically the district of Deira was the financial and commercial hub of Dubai. Still, with the new developments near the Sheikh Zayed Road, the city has been steadily losing its value and importance it so maintained. Nevertheless, in recent years, the town of Deira has been revived by the construction and extension of the metro, the creation of many shopping malls in the area, and the development of Port Saeed beside the Deira’s coast of Dubai creek.
4. Business Bay
The business bay, as the name implies, is a business district, and portions of this site are still under construction. Upon its completion, the Business Bay will boast of more than two hundred and fifty high rise buildings, which will be utilized both for residential as well as commercial purposes. The Business Bay will cover 4,370,000 m sq. of area, out of which 7,280,000 m sq. will be up for leasing and renting. The whole region will comprise of a Bay Square, twelve Executive Towers, and a Bay Avenue.
5. Al Karama
Al Karama is a suburban district of Dubai and was designed in a grid system. It constitutes of many low rising residential structures such as apartment buildings and houses, and even though the region of Al Karama is smaller than two square kilometers, it is still able to house more than fifty thousand people. Transportation to and from Al Karama is extensive and readily available, making it very comfortable for people to travel to and from the area. It is an excellent place for setting up restaurants and cafes, shopping malls, and other small stores such as beauty salons and pre-schools. The nearness of many hotels, as well as fast and accessible transportation, makes it a desirable destination, especially if an immigrant wants to start a business in the UAE.
Need a Hand?
Starting a business in the United Arab Emirates is a very profitable and lucrative venture, and the five places mentioned above are some of the most suitable destinations for setting up a business by a foreigner in the UAE. The spots stated proceed to draw people in business from all over the planet, and if you are one of them who are looking to set up a business in the UAE, then consider hiring business setup consultants who are well-versed in their jobs such as those working at KWS MIDDLE EAST. KWS MIDDLE EAST will take care of all the elements of your business so that your business faces no difficulties in the future.
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