The city of dreams and a global business powerhouse that is Dubai, renowned for attracting entrepreneurs and investors worldwide. From a 1960’s fishing village, Dubai has evolved into a modern-day metropolis.
The city’s strategic location, robust infrastructure, favourable business environment, and visionary leadership, has magnetised those looking for new business ventures. Here we explore how this thriving hub enables businesses to flourish and offers investors a gateway to the world.
With a strategic geographical location between the East and West, eighty percent of the world can be accessed within an eight-hour flight to Dubai. The city's world-class infrastructure, futuristic airports, and the Port of Jebel Ali, which is the Middle East’s busiest, facilitate seamless trade and offer connectivity to global markets.
Stable environment
Owing to its stable political and economic environment, low taxation, and regulatory framework, Dubai is considered to be a favourable place in which to do business.
Various progressive measures have been implemented by the government to include free trade zones, tax incentives, one hundred percent foreign ownership, and streamlined procedures for business setup.
Although the UAE recently rolled out a nine percent business tax, that followed the introduction of a five percent VAT in 2018, the country’s corporate tax remains one of the lowest in the world.
However, over thirty of the UAE's free zones, known to export billions of dollars of goods to nearby states, will benefit from a zero percent rate, helping to maintain Dubai’s status as an attractive business hub.
A supportive government
The government’s latest initiatives, such as the Dubai Department of Economic Development (DED) support businesses and investors.
The DED provides a simplified service enabling entrepreneurs to set up a new business quickly. Both the Dubai Future Accelerators and Dubai Investment Week attract entrepreneurs and investors with funding opportunities, workshops, meetings, mentorship, and the chance to network with industry experts.
Together, these initiatives propel Dubai's reputation as a dynamic place for business. It's also worth noting that the city is home to a talent pool of over two hundred nationalities. Investors benefit from these skilled professionals and a vibrant business landscape that thrives on diversity and inclusion.
The transformation from a fishing village to a global business hub has been extraordinary. The city’s strategic location, commitment to innovation and entrepreneurship, and focus on creating a thriving business environment continue to fuel its reputation as a global economic powerhouse.
As the city paves the way for a future-oriented economy, entrepreneurs and investors can confidently embark on new ventures, safe in the knowledge that Dubai provides a thriving business ecosystem for entrepreneurs and investors to prosper.
Wajdan Gul is the co-founder and CEO of Squatwolf
