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Growing Industries to Start a Business in UAE in 2024

The UAE market is one of the fastest-growing markets to lead any business in 2024. It is predicted that the economy of the United Arab Emirates will see a growth rate of 4% in 2024. The diverse business ideas in various fields have immensely contributed to the economic growth and rapid expansion of the country. Global investors are looking to start a business in UAE. The supportive policies by the government for entrepreneurs, advanced technology, tourism, and new business ideas are some of the factors that lead to its growth.  

In this article, you will read about various leading industries that are embarking on a remarkable journey of growth and expansion with a good amount of profits in Dubai.

List of the Growing Industries to Start a Business in UAE

Based on locations and other supportive factors, it is a good strategy to setup company in Dubai. Dubai tends to ease of doing business due to its lenience in providing visas to work and live in the UAE. From retail to healthcare to construction, let’s explore some of the fastest-growing industries in Dubai. 

Tourism 

Growing Industries to Start a Business in UAE in 2024

The tourism sector is a powerful pillar of UAE’s economic growth. This sector in 2024 is one of the major reasons for the increment in UAE’s GDP.  The tourism industry of Dubai not only contributes to UAE’s GDP but can also generate 1 lakh plus new employment opportunities in the coming 10 years. The infrastructure, cuisines from all over the world, hospitality, and other amazing experiences attract global visitors across the world. Tourists get attracted by the stability of business and ease of visa which leads them to open company in Dubai.  Progress and expansion in this industry are neverending. 

Healthcare 

The UAE authorities are making statements by providing high-quality healthcare hospitality to its citizens. This country’s healthcare system stands as the best in the world due to its better infrastructure and technology-driven services. By reducing dependency on imports, the government in Dubai is also introducing pharmaceuticals locally. Keeping in mind the 11.1 million population, this sector has unlimited potential keeping in mind the population of the country. 

Real Estate 

Growing Industries to Start a Business in UAE in 2024

The real estate sector in the UAE  has seen remarkable growth in recent years. The most crucial step taken by the government of UAE is to encourage investor-friendly policies where foreign nationals can invest without any hassle and earn more profits at low tax rates. Global visitors are eager to invest and setup company in Dubai in the land of Dubai in order to secure long-term profits. The government is not only encouraging work but also looking after providing residential properties to global citizens. The increasing number of businesspeople in the UAE has led to expansion in growth in both the residential and commercial real estate markets. 

Retail

The spending capacity of consumers has increased after they realized that quality is more important than price. The approximate size of the retail market in Dubai was around AED 306 billion two years back and now it’s been increasing on an average growth rate of 5% by 2027. Therefore, the retail industry owns its presence in the competitive field of industries.

Construction 

Growing Industries to Start a Business in UAE in 2024

From the year 2024 to 2027, the expected rate of growth in the construction market is expected to be 3.9%. The construction industry of UAE has the support of investments in various fields such as oil and gas, tourism projects, better infrastructure initiatives by the government, and much more. The liberal trade policies are also the reason for the boost in the construction economy. 

Logistics and Transportation

Growing Industries to Start a Business in UAE in 2024

The logistics and transportation industry of UAE is also one of the leading industries with the utmost secured profits. This industry is backed by new infrastructure facilities such as airports, metros, and road networks. Entrepreneurs across the world, are fascinated by the ease of getting a business license to work in Dubai. This industry contributes at least 14% of the United Arab Emirates’ overall GDP. In the world of digitalization, rapid growth in the e-commerce industry has been witnessed by Dubai, and rising international trade has contributed to the immense market expansion of the UAE.

Oil and Gas

With the capacity to produce, four million barrels of oil a day, UAE is one the largest crude oil producers in the world. 30% GDP of the company comes from the oil and gas industry. The country has seen an abundance of growth in this field across the globe. In today’s time, Qatar exports natural gas to the UAE but it is aiming to achieve self-sufficiency in gas supply by the year 2030 so that it relies less on the other parts of the world.

E-Commerce 

With the change in people’s preferences, many technological advancements have been made. A wide economic shift has been made from online stores to e-commerce platforms. Introduction to smartphones and easy internet access are also the main reasons behind market growth in this sector. Due to this change, Dubai has seen immense growth in its customer shopping behavior. The approximate growth of the e-commerce industry is predicted to grow by 11.12% by 2027. 

Growing Industries to Start a Business in UAE in 2024

Above are some of the leading industries where the UAE has seen widespread growth and generated optimized profits in different industries.  

To make Dubai the financial hub and play a significant role in the economic growth of the United Arab Emirates, the government has also launched Dubai’s 10-year economic plan. This plan will aim to provide double benefits, more profits, and large expansion in terms of economic growth among all the competitors in the world. The strategically designed programs and ease of providing visas attract more customers to setup company in Dubai.

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