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Growth of new business in Dubai in 2023

business opportunities in Dubai

Dubai is a country in the United Arab Emirates of UAE that is seen as being successful. There are many prosperous business opportunities in Dubai which have resulted in the growth of new businesses here. It has been claimed that Dubai issued around 45,653 business licenses only in the first half of 2022. This is an annual jump of nearly 25%. It reflects strong business sentiment along with robust growth present in the post-Covid era.

Why business opportunities are growing in Dubai

The business setup in Dubai encourages the growth of new businesses. This growth is due to the government’s effective strategic approaches as well as policy amendments which have been able to revitalize the economy and encourage a major flow of local along with foreign investment.

The measures taken by the government to ensure business continuity and provide foreigners with full ownership have attracted foreign direct investment into important sectors in the country. Therefore it can be said that company formation in Dubai has become simpler.

The measures have even enhanced the country’s growth friendly along with a transparent investment environment. This is marked by the ease of pursuing business and also the high levels of security in the country. This type of environment is favored by any company setup in Dubai or in any other country.

Different sectors experiencing growth in 2022

It is not only the country’s oil sector that is growing. Dubai’s non-oil private sector economy even enhanced at a fast pace in three years. This was seen when new orders increased sharply despite the inflationary pressures present.

When looking at the new business licenses that were issued within the first half of the year, there were nearly 55% that were professional whilst the remaining were commercial.

The sole establishment companies were the ones that topped the list, then the civil companies and then the limited liability companies.

Even the amount of renewal transactions during the period increased showing a growth of 22% as compared with the beginning half of last year.

Many instant licenses also got issued within minutes via the Invest in Dubai digital business set-up platform.

This data shows Dubai’s dynamic entrepreneurial landscape and its globally competitive offerings present for businesses along with the confidence shown by local, regional as well as global investors in the country’s growth prospects.

It has been seen that Dubai is a highly emerging and even dynamic market place that has a diversified economy.

The country’s non-oil industry has been rather robust despite the deteriorating global economic indicators present. It has been observed that tourism, transport, along with warehousing activities are the ones that led the country’s growth whilst the hospitality industry such as restaurants and hotels even played an important role and also add value to the economy.

The tourism sector in the country is also projected to be successful. Global tourism is recovering after the global pandemic and this will help in the sector’s growth.

Dubai’s Real Estate industry is even seen as one of the highly emerging industries within the region.

Cost of opening business

The cost involved in opening a business in Dubai depends on the business’s nature, size, and type, along with the activity that it wants to pursue. The jurisdiction where one wishes to open the company may matter also. If you get help from a good business setup advisor, the process may not be very costly.

Starting a business in Dubai as a foreigner has now become easier. The country is encouraging policies to help its business sector grow.

About Medialinks:

If you are starting a business in Dubai, you will need it to be online as well so that it can compete effectively. You can get professional help from Medialinks that is a digital marketing agency in Dubai that has professionals who can aid your business in having a strong digital presence. To get to know about our detailed services, please connect with us at [email protected].

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