The UAE's strategic initiatives, visionary leadership, and supportive business environment make it a prime destination for investors and entrepreneurs worldwide.
With unparalleled opportunities across various sectors, the UAE continues to attract global talent and investment, solidifying its status as a premier business hub, said panelists at the discussion on "Paradigm for Prosperity: Why the UAE is an Investment Haven" at the Invest UAE seminar organised by Gulf News at the Taj Dubai, Business Bay.
Charbel Fadel, Partner at Galadari Advocates & Legal Consultants, highlighted the key factors that set the UAE apart as a prime destination for business and investment. "The UAE stands out due to its geographical location, outstanding infrastructure, and strong security and safety," said Fadel. He also noted the UAE's streamlined online processes and unique dual jurisdiction system, which offers both common and civil law options, as significant advantages. "Recent legislative advancements have elevated the UAE's global standing, making it highly attractive to investors and businesses," Fadel added.
Haya Daye, Business Development Manager at Shuraa Management & Consultancy, believes the UAE's strategic geopolitical location and extensive government support are critical in fostering a thriving business environment. "The UAE government offers investor-friendly rules and regulations, making it easy for entrepreneurs to set up their companies remotely," Daye said. She emphasises the importance of networking events, conferences, and programs in helping investors connect and build strong partnerships. "These events are crucial for understanding UAE's commercial laws and fostering business growth," she explained.
Hans Larsen, Manager at the Dubai Chamber of Digital Economy, outlined Dubai's ambitious strategy to double the digital economy's GDP contribution to 19.4 per cent over the next decade. "Our mandate is to grow Dubai's digital economy with a target of nearly 20 per cent," Larsen states. Given Dubai's limited oil and gas resources, the focus is on business and advanced technologies, he said.
"The D33 Economic Agenda lists numerous initiatives to double economic growth. We encourage local business growth, support high-tech companies, and ensure an excellent business ecosystem, including ease of doing business and collaboration with free zones," Larsen explained.
Rajesh Somani, Chairman of the Institute of Chartered Accountants of India in UAE (ICAI), attributed the UAE's investment appeal to its visionary leadership. "The main reason the UAE is an investment hub is because of the leadership of the country and their vision," Somani said. He points out that long-term visas and opportunities for entrepreneurs are key enablers, making the UAE the best in the world for business.
Micky Bhatia, Founder of Elevate Trips, offered advice to prospective entrepreneurs looking to set up a business in the UAE. "Do the necessary research and decide on the sector you want to operate in. It can be overwhelming as the UAE offers so many opportunities across various sectors," Bhatia says. He adds, "The UAE provides the biggest ROI compared to other countries in the region. So, the opportunities are everywhere."
Vinaya M George, Commercial & Business Development Manager at KEZAD, spoke about the significant economic impact of KEZAD’s 12 economic zones for Abu Dhabi's long-term growth. "Our zones contribute about Dh129 billion to GDP and create around 165,000 jobs," she notes.
KEZAD aims to be a global platform for various industries, including oil and gas, logistics, polymers, food, pharmaceuticals, and automotive.
"Each zone offers specific incentives, such as tax exemptions and utility tariff reductions, tailored to meet the needs of different sectors," George explains. "Our zones have evolved to address the unique requirements of each industry, turning challenges into opportunities," she adds.
