For almost a decade, Dubai has been standing in the limelight and has now secured its place among the richest cities on Earth. Besides having places that are a vision for tourists’ sour eyes, including Burj Khalifa, desert safaris, and a long list of indoor and outdoor attractions, the city has also served as a destination to an excessive population explosion, increasing from a million people just 10 years ago to over 9 million, presently.
However, one of many fascinating features of Dubai is its position as an entrepreneurial Mecca, providing a number of different unique opportunities to potential business owners searching for getting a route to penetrate in the market for sponsoring a multitude of high-growth companies. The entrepreneurial approach among youth has also increased the demand of a reputable ecommerce website development company in UAE.
It is easy to notice the yields of this change; let’s say, Dubai was accommodating the rapidly-growing ridesharing service Careem (now available in a plethora of cities across the Middle East), as well as the widely used peer-to-peer mobile payment application, Bridg.
The city has made a clear impact on the global realm, and now it may offer another benefit to hold over its contending metropolitan zones; Dubai is expected to turn out as the globe’s next biggest startup hub.
Incubators and Accelerators
Somewhat due to the city’s high growth tendency, Dubai has turned into the go-to location for different startup accelerators and incubators, comprising of entities longing to help young entrepreneurs facilitate their ideas, and get the much-needed support to turn their business into a reality.
It is no secret that the UAE has been depending on an aspiring economic program powered by its government, and consequently, it now flaunts a GDP of over 45,000 dollars per capita. The region has been serving as an all-around tax haven. A majority of companies here is not paying taxes, neither the individuals nor even the expats. To entrepreneurs who crave to make money, UAE is no less than a dream location. Moreover, Dubai has been sponsoring a great number of incubator and accelerator programs and keeps on investing in the entrepreneurial activities.
Dubai and the UAE’s efforts to expand their economic reliance also have a fair share of the region’s economic strength.
While most Middle Eastern countries are being familiar with its dependence on their vast oil reserves to beef up the commodity-based economy, Dubai is contributing proactively in more trade avenues, service industries, and infrastructure. Consequently, it’s been sequestered from the percent decline in oil prices — which has nearly crushed the economy of many Middle Eastern regions.
Considering Dubai’s neighboring countries, the city is striving to extend its economy to a greater level thanks to the open stance on free trade by UAE government.
Poised for Growth
Being counted among the five fastest-growing metropolitan areas across the globe, Dubai is also blessed with a unique location. Within UAE, Dubai is a central hub, powerful enough to reach the Middle East, Asia and Africa with utmost convenience. Strong developing markets, as those in India, Pakistan, and northeastern Africa are all geared up for entrepreneurial opportunities — and Dubai is signified as a key point that can reach them all in one go.
The Service Industry
Around 28% of the complete GDP of the UAE is intertwined in trade and tourism. This, consequently, is making the service industry prosper. Hotels, restaurants, and special attractions everything are thriving in the region, facilitating tourists and locals in a similar fashion. This high-trade, high-service industry turns out as a golden ticket for emerging startups; as residents and tourists can freely invest their money, consumer-facing applications can most probably build up initial momentum, provided that their ideas are practical and attractive.
Venture Capitalists and Angel Investors
Dubai is eminently lodging some of the best-heeled people on Earth and is being attractive to billionaires searching for a fancy vacation spot and well-off business owners in quest of a spot to settle down. Obviously, a handful of hitches exists here. The expense of living in Dubai is a lot — however, not as overpriced as many believe — and the area is a place for a rigid class structure, which makes living in poverty almost unacceptable.
Yet, the occurrence of wealthy individuals is important to make the industry of investors and venture capitalists prosper. Investors don’t blindly invest their money, but for the right entrepreneur backed by a solid business plan and creative ideas, there’s a great deal of capital available to build the momentum.
Considering the blessed location, the government’s constant investment in infrastructure as well as business development, and greater public visibility, it is doubtful that Dubai is going to stop growing anytime soon. Presently serving as the globe’s biggest and highest-potential startup hubs, the city has just begun what the UAE city can promise.
Author Bio: Romana D. Brown is by passion and professionally a Creative Writer and a Content Promotion Strategist. She is associated with some of the big corporate names and has been the part of writing business since 5 years. Branding, mobile app development, digital marketing, e-commerce tips and tricks, Entrepreneurship, web development, designing and trending technology news are her forte of writing and her niches. Every day to night, she drinks coffee and write impeccable content. To connect with her use these links: Facebook | Twitter | LinkedIn