Starting a company in Dubai is no doubt an exciting opportunity, thanks to its openness to new entrepreneurs and trailblazing ideas that better its business landscape, alongside staunch government support. Of course it can also be daunting since success is never guaranteed, but there are certain sectors that are more profitable than others. What industries are these? Let’s have a look at five.
Dubai’s real estate sector is poised for a strong, 46% growth this year. That offers a multitude of possibilities for investors, from luxury homes to rental properties. In fact, data from the Dubai Land Department states that the city offers an annual return on investment of 5% up to 8.4%, securing high returns that compete with global markets like New York or Singapore. And as prices continue to rise, entering real estate could become even more lucrative. Consider starting a business there, investing in high-end properties or even holiday homes suited for Dubai’s many international tourists.
Healthcare
As a nation and city that already boasts leading healthcare services, more improvements are on the horizon with the healthcare sector being forecasted to rise at a 7.5% year-on-year growth rate up to 2025. That’ll bring the industry to a $10.7 billion valuation by then. Entrepreneurs would be smart to jump on this increase, especially because spending is also likely to rise to up to 4.6% of the GDP by 2026. Add that to the fact that many people have become more health-conscious due to the pandemic, which means that general health centers or even specialist clinics will likely see more patients.
Consultancy
Consultancies can cover a wide range of industries and services, because they’re dependent on the founders’ expertise. As long as you have enough knowledge in your field and have the capacity to provide strategic advice to clients, success in the consultancy space is likely. What’s even better is that Dubai happily accommodates new entries to the sector. Last year, almost 55% of issued licenses during the first six months were for professionals. Whether it’s finance, legal, management, nutrition, psychology, education, or anything else, the business of professionals offering their skills and advice to clients will always be in demand.
Dubai and the rest of the UAE are already known for being tech hubs that invest greatly in the newest innovations, and quickly adapt to the latest products. For instance, augmented and virtual reality is being projected to contribute $4.1 billion to the country’s GDP by 2030. The entire digital economy, which includes e-commerce, banking, and fintech, is also contributing largely to the local GDP and even up to 8% to the global GDP. Other segments like software development, blockchain, AI, and robotics are showing similar promise too. Going into any of these segments within the larger tech space will be a strong recipe for success.
Tourists from all over the globe flock to Dubai for them to experience its culture, infrastructure, and cuisine first hand. And with Qatar hosting last year’s World Cup, interest in the entire region grew even more. The Dubai Department of Economy and Tourism already reported 4.6 million international tourists between January to March of this year, which is 98% of pre-pandemic numbers. We can expect this recovery to continue throughout the year. As such, establishments and attractions to further nurture the tourist experience can potentially be very lucrative this year.
Get through 2023 on top with Creative Zone
Now that you have an idea of Dubai’s most profitable sectors for this year, it’s time to think of a specific business idea that falls within those industries. Once you have that, we’ll help you out with the rest. Creative Zone is the leading business consultancy and setup company that has helped over 50,000 entrepreneurs start companies in a large range of industries. Whatever your idea is, we’ll be your partners in getting that business license, securing visas, office leases, and more. Our team will even provide expert advice and services pertaining to HR, marketing, legal, or accounting. That’s just about everything you need to ride the path to success this 2023, so contact us for a free consultation today!
