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Best Businesses to Start in the UAE
In the dynamic and ever-evolving economic environment of the UAE, savvy entrepreneurs are always on the lookout for the best business to start in UAE. Identifying sectors with high growth potential is pivotal. In this article, Choose UAE delves into the best business to start in UAE, pinpointing the top three avenues currently demonstrating remarkable promise for new entrants. We will outline the specific business licenses required for each and back our selections with data from recent studies, ensuring a comprehensive view.
1. E-commerce Business
Why it is Thriving: According to a report by Dubai Economy and Visa, the e-commerce market in the UAE is expected to reach $27.1 billion by 2022. The pandemic has further accelerated the growth, encouraging a majority of the population to prefer online shopping. Starting an e-commerce business necessitates obtaining an e-commerce license, which enables entrepreneurs to run online trading activities legally. This license can be acquired from various economic departments and free zones across the UAE, including the Dubai Economic Department (DED).
2. Consultancy Business
Starting a consultancy business in the UAE is both strategic and timely, given the region’s rapid diversification and infrastructural development. Recent market research indicates a notable growth in the consultancy sector, outstripping many other areas. This surge is fueled by Dubai’s role as a global business nexus, attracting multinational corporations and subsequently heightening the demand for expert consultancy in diverse sectors. Concurrently, the UAE government’s aim to transition to a knowledge-based economy, coupled with initiatives promoting innovation and sustainability, underscores the thriving potential for consultancy endeavors in the region.
3. Information Technology Business
Starting an IT business in Dubai is a forward-thinking decision, given the city’s strategic push towards technological innovation and digitalization. Dubai’s position as a global tech hub is evident in its continuous investments in digital infrastructure, smart city initiatives, and its burgeoning tech ecosystem. According to the Dubai Chamber of Commerce, the IT sector in the UAE is projected to reach $6.8 billion by 2025. This growth is fueled by the Dubai government’s ambitious “Smart Dubai” initiative, aiming to make Dubai the smartest and happiest city on Earth. Venturing into the IT business in Dubai not only offers a favorable environment but also positions companies at the heart of a rapidly growing digital market.
How Can We Help
Embarking on a business venture in one of these booming industries is a step towards success. If you are planning to start a business in the UAE, align yourself with these flourishing sectors to build a venture that is both sustainable and rewarding. Remember, a well-thought-out business plan paired with the correct business license is your pathway to success in the vibrant UAE business landscape. Contact Choose UAE today!