In the GCC, the UAE has the most diverse economy. For generations, the country has been dependent on oil and gas; nevertheless, the government has recently begun to provide equal weight to all industries. The action has aided the government in boosting revenue and has resulted in significant growth in areas such as tourism, retail, and manufacturing.
This Article will be useful if you want to know which industries have proven to be the most successful in UAE for future business investment objectives. Dubai is a relatively recent metropolis that was built on a sliver of arid land. It has grown into the world's most cosmopolitan city, with 83 percent of its people being foreign, and annual earnings reaching $12.14 billion by the end of 2021.
Some of the top industries in the UAE that have made significant contributions to the country's economy include:
In the United Arab Emirates, particularly in Dubai, the retail industry has been booming. The retail business is predicted to thrive in the next years, thanks to the presence of major global retail companies in the country.
According to projections, retail sales in Dubai alone are predicted to reach $43.8 billion by 2022, with a growth rate of 5.6 percent expected from 2018 to 2022.
Dubai organizes some of the world's largest shopping festivals, which helps shops increase their local sales.
Another fast-growing sector in the UAE is hospitality, which has grown at a phenomenal rate over the last decade. With 15.93 million international overnight visitors in 2021, Dubai welcomes visitors from all over the world and is one of the most visited cities.
With a five-year CAGR of 8.5 percent, the UAE hospitality sector is predicted to reach $7.6 billion in three years. With a five-year CAGR of 4.3 percent, international tourist visitation will reach 25.5 million.
The United Arab Emirates has a well-developed healthcare system that aspires to be among the best in the world by 2022. The UAE government's multiple attempts to boost the sector, combined with the adoption of cutting-edge technologies, has aided the healthcare sector's rapid evolution.
Between 2016 and 2022, the healthcare industry is predicted to grow by 60%, with a total value of about AED 103 billion.
The industry's global prominence has been aided by highly specialized doctors and events such as the Arab Health Exhibition, which brings together healthcare firms, technology, and goods.
Manufacturing is the country's second-largest contributor to the economy. It accounts for 80% of non-oil trade in Dubai and 53% of the country's total non-oil exports. Processed food and drinks, plastics and rubber, electrical machinery and equipment, chemicals and chemical products, minerals and mineral products, publishing and printing, pearls, precious stones, and metals are some of the key sub-sectors of the industry.
Those planning to open a manufacturing plant in Dubai will be able to take advantage of a number of advantageous benefits.
The manufacturing industry has got different sections in its umbrella that covers the manufacturing of:
Real Estate &Construction
The construction industry is an inextricable aspect of the UAE economy, which has been growing at a rapid pace. The automation of many jobs at construction sites has been aided by the employment of robots, unmanned aerial vehicles (UAVs), and "intelligent" tools and equipment, which has contributed to the growing sector as well as helped the entrepreneurs to boost up their business strategy and help to set up a business in Dubai
Residential construction made for the largest construction market in the UAE from 2014 to 2022, and this trend is projected to continue in the coming years. Across the UAE, more than 15,000 projects worth $791 billion are in various phases of development.
Although above mentioned industries are booming in UAE and contributing to the UAE economy, we would suggest you to also keep an eye on below industries as they are already very well established.
The following are some of the fastest-growing business categories that attract tourists from all over the world.
The Arab Information Ministers Council just named Dubai as the Capital of Arab Media for 2020. Dubai is a hub for public relations businesses, advertising firms, print, production, and broadcast facilities.
"Media outlets are not just channels to report events and distribute information," says His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. The media has an important role in accomplishing development goals, determining their course, and determining their impact. It's a big job with a lot of responsibilities."
According to the UAE government, the country's oil reserves are estimated to be over 98.6 billion barrels, with the majority of them being in Abu Dhabi, which has around 92 billion barrels, Dubai, which has about 4 billion barrels, and Sharjah, which has 1.5 billion barrels. The Zakum oil field, which holds around 66 billion barrels of oil and is the third largest in the Middle East, contains the majority of the country's oil. The country now produces 2.9 billion barrels of oil per day on average, with plans to increase output to 5 million barrels per day by 2030. The state-owned Abu Dhabi National Oil Firm (ADNOC) is the world's 12th largest company and produces the majority of the UAE's oil. The company has 16 subsidiaries, all of which are active in various stages of oil production and work in various offshore and onshore oil and gas areas. ADNOC also owns and operates two big oil refineries in Umm Al Nar and Ruwais.
When you're thinking about forming a corporation in UAE, there are a few things to keep in mind. Understanding what sectors and industries are prospering and booming are key components to consider when running a successful business. Also, knowing what industry you'll be entering can help you figure out what resources and talent you'll need to find. Dhanguard provides a wide range of services to expats and residents, including information on how to start a business in the UAE. In addition, we provide experienced, specialized advice on all facets of this endeavor.
Dhanguard provides the business setup and company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free company setup in Mainland and Freezone in UAE.
Dhanguard provides the company formation services in Dubai, UAE with the guidance of our professional team of consultants. Faster and hassle-free offshore company formation services and company formation services in Mainland and Freezone in UAE.
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