Are you ready to take the leap and start a small business? How do you get over the fear of starting a business? Making that decision might feel risky, but it’s a good thing. If you have set attainable goals, a good start-up plan, let’s give you ideas to take advantage of the UAE’s thriving economy and supportive business environment.
The United Arab Emirates has progressed tremendously in the field of tourism, technology and innovation that has created many investment opportunities for both natives and foreigners. Read: Automotive Business Latest Opportunities.
Dubai, the United Arab Emirates holds the record of the tallest building in the world, the Burj Khalifa of Dubai.
What does Dubai mean to you? A place to live in or the workplace for young entrepreneurs who want to work on the innovative ideas while sitting in one of the world’s most beautiful places. Let’s start the detailed analysis of business opportunities in the UAE.
Business Ideas in the UAE
The economy of the UAE has been dependent on the following sectors since oils discovery:
- Natural gas and crude oil production
- Construction and Real Estate
- Logistics and Transportation
- International Trade
- Travel Industry
- Financial Services
But things are changing now. They have quoted, Johann Wolfgang von Goethe. “Knowing is not enough; we must apply. Willing is not enough; we must do.”
These are some of the future business ideas in the UAE:
- Real estate Investments
- Renewable Energy Sources
- Technology and Innovation
- Tourism and Travel
- Restaurants and Luxury Places
- Financial & Insurance
- IT and Communication
According to the PWC report, the state ranks 1st for the lowest corporate tax rate globally, finishes 10th in the cost of living index.
According to the world bank’s ease of doing business 2020 report , setting up a business in the UAE is easier than the rest of the Middle East and the nation ranks 16 worldwide. (fmeextensions.ae)
Low Cost Business Ideas in Dubai, UAE
So you have multiple low cost business ideas that can work great in the United Arab Emirates, but bear in mind that the success and the profitability depends on how well you do it.
Pet Sitting Business
An increasing number of UAE residents now own pets. And with a nation made up largely of expat workers, those pets need looking after while their humans are at work. As a professional pet sitter, you simply travel to the home of the owner to care for the pet while they are away — because they are at work, on holiday, or on a business trip.
Tutoring in the UAE
If you already have a skill that someone else might want to learn, you are likely sitting on a great low-cost business idea. You could teach anything — an instrument, a language, martial arts, illustration, crafts, or an academic subject such as Mathematics, English, or Science.
Cleaning Services in the UAE
Residential house cleaning is no longer a service only available to the wealthy. In the modern age, the busy UAE expat is time-poor and often cash rich — so why spend time cleaning your home when you can pay for someone else to do it?
Start Web Development
All the business ideas on this list have one thing in common — each will need a website to show off their services. That presents a golden opportunity to any entrepreneur with the skill to build websites — particularly in Dubai where approximately 20,000 new business licenses are issued every year.
There are very few businesses left in existence that do not have a social media presence. This is understandable as it is often the first place a consumer will go to research a new business or service that they hear of. However, many small businesses simply don’t have the time or resources — and often the skills — to run a successful social media feed. This has led to a rise in freelance social media experts who, for a fee, manage social media accounts on behalf of businesses.
Start up costs here, outside licensing, are practically zero. You need a laptop and an internet connection — something most people in the UAE already have.
Start an E-commerce Store
E-commerce is a huge market — and it’s still growing. In their 2015 review of the GCC retail market, Alpen Capital reported that online retailing accounted for just 1% of total retail sales. That’s an enormous, potentially untapped market. And it’s easy to tap into. Setting up with an e-commerce license in the UAE is both easy and affordable. It’s even possible to run your business from outside the Emirates if you wish.
The healthcare industry is demanding particularly more skilled and professional doctors and paramedical staff. Hence, the government itself encourages new investors and entrepreneurs to invest in the said industry as further improvement in a patient coming to the state from neighboring countries for better medical facilities. Health startups add value to Dubai business opportunities.
The overall health expenses are relatively more affordable than in European countries. The government has set a separate sector for the healthcare located in Dubai.
Job Recruitment Agencies
The recruitment agency is yet another great option to consider before investing in Dubai, UAE. With accelerated and rapid-changing economy consistently demands numerous workforce.
Professionals with more experience are always in-demand. On the other hand, people of Central Asia are looking for jobs in the UAE. Consequently, these job-seeker perpetually reach job recruitment agencies. This is undoubtedly a great business when you talk about Dubai business opportunities.
Construction and Housing Industry
The establishing of skyscrapers, hotels and resorts are becoming common these days in the UAE. The majority of people are aware of the plans of Expo Dubai in 2020. Thus, directly developing thousands of opportunities for many professionals like engineers.
The increased foreign labor needs more buildings for living purposes. There are countless chances to double your investment by putting your capital in the construction and the housing sector. Currently, the contribution of the SME sector to the UAE’s GDP is estimated at 53 per cent and plans are afoot to increase this to 60 per cent by 2021.