The UAE economy has boomed recently, and part of the reason for this has been the efforts made to diversify the local economy away from a reliance on oil and gas. The government has incentivised businesses to set up here and has invested to ensure the infrastructure is second to none to ensure ease of doing business.
Now, the UAE economy is home to a huge range of businesses is an array of sectors, and this diversity means there are plenty of opportunities for entrepreneurs from across the globe to come to the UAE and establish their own company to take advantage of the myriad of opportunities that exist. Here are 10 booming sectors in the UAE:
- • Robotics
- • 3D printing
- • Transportation
- • Tourism and travel
- • Real estate
- • Health and hospitality
- • Hotel chains and restaurants
- • Cleaning services
- • Security services
- • FinTech
- • How Creative Zone can help.
While the world of robotics might seem the preserve of the multinational tech businesses, it isn’t necessarily so, and there are plenty of chances for entrepreneurs to set up businesses in this space. For instance, there will be a growing need for people to repair robots – anything from robot vacuum cleaners to drones – or to sell them or rent them to consumers.
With robotics and artificial intelligence set to become increasingly part of everyday life with applications in the home and garden, as well as in commercial settings such as farming or healthcare, this is a sector that is set to boom in the next decade.
The UAE is something of a hotbed for the robotics sector, receiving $21 billion in foreign direct investment in this sector in the years 2015-2018 – one of the highest sums in the world.
3D printing technology is another sector where the technology is developing rapidly and becoming more affordable, meaning it has the potential to be part of everyday life in homes and businesses.
Again, the UAE, and in particular Dubai, has been at the forefront of this technology, with the Dubai 3D Printing Strategy launched as far back as 2016 with the aim of making the emirate a world hub for 3D printing by 2030.
3D printing has many applications, not least in manufacturing, where the technology means businesses can create prototype products much faster than using traditional methods, speeding up the time it takes to get a product to market.
Offering 3D printing services to commercial businesses presents opportunities now, but these will only get more numerous as it becomes an integral part of many manufacturing R&D processes.
Transport is at the cusp of the biggest changes it will have seen in a century. Not only are manufacturers looking to low or zero emission vehicles using electric or hydrogen power, there are also moves towards autonomous transport, where a driver is not required.
Dubai’s government is strongly backing autonomous technology and wants 25% of its total transport to be autonomous by 2030. This move is hoped to bring billions into the economy – which means there are opportunities for entrepreneurs to provide taxi and delivery services using such vehicles.
Tourism and travel
The UAE is already a well-established holiday destination, with millions of people each year taking advantage of the hot weather at one of the many luxury resorts that have been established here.
Setting up a travel business that can arrange holidays could be a moneyspinner for an entrepreneur. Likewise, setting up a business in the tourism sector – such as offering trips or guides, or selling mementoes – could also be profitable. It may take some research into finding the right location and niche but could be well worth the time if you get it right.
With the UAE population continuing to grow as it attracts people from across the globe, it is no surprise that real estate is a booming sector, and this growth is predicted to continue for the next few years.
There are numerous opportunities in this sector for entrepreneurs, not only in residential and commercial real estate, but also in tourist accommodation. There is also no shortage of investors out there – not only in the UAE but also foreign – who can back a company or development.
Health and hospitality
The health and hospitality sector has recovered well since the pandemic, as more people are seeking to look after their body and mind and stay healthy. While there are certain licences required to establish a company in this sector, business setup specialists such as Creative Zone can help with the process.
With many people in the UAE having disposable income, they are more likely to spend it on looking and feeling good. With a wide range of health and wellbeing businesses that can be set up, and a market that isn’t approaching saturation, there is plenty of scope to establish a company and be profitable.
Cleaning is another sector where there is plenty of scope for an entrepreneur to set up a business. With the amount of companies and homes expanding throughout the UAE, cleaning services – be they domestic, commercial or industrial – are going to be in increasing demand in the coming years.
Not only this, but cleaning is a priority for many businesses post-pandemic that want to do everything to keep customers and employees safe. Setting up a business in this sector is relatively straightforward, and the setup costs do not have to be huge.
In the UAE there are many expensive properties and businesses dealing in luxury goods, so it stands to reason that the owners want to ensure they are protected. Many private homeowners and business owners employ external security services to provide that peace of mind that their home or business is safe. Again, this is a business where certain licences are required before trading can begin, but apart from that, setup costs can be relatively small and there is a large market to be targeted.
Fintech – a portmanteau of financial technology – has been a fast-growing sector for some years, especially in the UAE, which has developed into a global financial centre. FinTech businesses help to make financial transactions smoother, and ensure businesses are more efficient.
The UAE, especially Dubai, is attracting fintech businesses from across the globe, and has accelerators in place to help fintech and related startup businesses to develop the resources and connections they need to become thriving businesses.
How Creative Zone can help
If you are looking to set up a business in one of these sectors – or any other – then come to Creative Zone. Our team are experts in business setup in Dubai and can assist you on every step of the way.
Our business setup services are highly rated, and this is because we ensure the process is as smooth as possible for clients throughout the process.
Our customer-centric focus means all clients receive the same care and attention to detail whether you are starting up or an established business. We help clients from across the world – our team speak 22 languages – and our support goes way beyond the incorporation process.
Our fees are completely transparent, so clients always know what they will be paying. For more information and a bespoke quote, contact Creative Zone today: www.creativezone.ae/contact/