You want to get started as an entrepreneur, but you are not sure about what type of business to start then this would be a go-to guide for startups and investors that are keen on exploring the Dubai market. Dubai’s business environment is famous as well as an incredibly attractive tax regime-zero per cent on both personal and corporate incomes. Of course, such an environment is home to a wealth of great opportunities, in everything from trading to tourism. If you are looking to start a new business in Dubai, you can start to get your entrepreneur journey going with these top ten business ideas.
Construction Sector: Dubai is continuing the growth with the establishment of infrastructure facilities, skyscrapers, industrial units, and so on. If you are considering trying your hands in the construction sector, then Dubai offers excellent growth prospects if you have enough experience and expertise in the field. Alternatively, the firms offering construction material also have great scope and are among the best businesses to start in Dubai.
Travel and Tourism: Dubai is hoping to become a World Leader in the tourism business and Dubai has already been one of the top tourism destinations in the world. With an eye on increasing tourist footfalls, several additional attractions are being added frequently. Hence, it is advisable to try your hands in the travel and tourism sector if you wish. As per geography, there is huge potential for adventure tourism business globally. Adventure tourism generally takes place in strange, exotic locations where thrill-seeking travellers always expect unexpected happenings.
Food Business: Few industries are more vital than food. Tastes may change from person to person but one thing’s for certain, everyone needs to eat. The high volume of food lovers means there are a lot of potential customers. If you have decided to get into the food business as a first-time merchant, it’s a great choice. Dubai is a hub of business related to food and beverages. The demand for both large and small-related businesses is increasing with time due to the continuous influx of ex-pat population and tourists from all parts of the world. Dubai has become a hot spot for the food business.
Gold Trading: Dubai has an important share in the UAE gold business trade. The history of Dubai tells us that it has been a gold hub for traders for ages. A quarter of the gold trading transactions in the world happen in Dubai. This is the reason that Dubai has been called the centre of Gold. According to UAE authorities, the gold import was determined at Dh 142 billion. The export of gold accounted for Dh 76 billion yearly, Dubai is a hub of gold traders in the world, and it has a special share in UAE’s gold business, between 20 and 40 per cent of the global gold stocks pass through Dubai every year, bullion.
Cryptocurrency Business: Dubai is expecting to have more than 1000 cryptocurrency businesses by 2022. This growing number of institutional investors are planning to increase their exposure to crypto assets to boost their digital economy. Dubai is a leading state of UAE with the highest percentage of cryptocurrency business startups and blockchain investors. The number of financial transactions through blockchain is higher in Dubai as compared to private central banks’ business activities. Interest in cryptocurrencies and blockchain is growing especially in the UAE as consumers and investors flock to digital assets with online payment gaining space.
Diamond Trading: They say diamonds are a girl’s best friend, but could they be an investor? The Dubai Diamond Exchange (DDE) is a unique platform that offers access to a trusted framework for all aspects of the diamond trade. Dubai turned into the third-largest diamond centre in the world in 15 years, demonstrating massive growth. DDE is home to more than 1000 precious stone companies both Emirati and foreign. Dubai is strategically located and has provided direct access to some of the world’s most important diamond markets such as India, Israel, and Europe.
E-commerce: Dubai is essentially the fastest growing hub for online businesses, everything is now just a click away to be next to your doorstep. Amidst the pandemic and lockdown across the region, one thing that brought us a ray of hope was the E-commerce industry which saw an uptick in demand during these times. After the Covid-19 pandemic E-commerce saw worldwide acceleration due to lockdown measures. Online retail was the only viable solution to purchase essential items while adhering to stay-at-home orders. According to the Dubai Chamber Of Commerce UAE’s retail E-commerce market reached $3.9bn in 2020 and Dubai customs have quoted as saying that there is an expected rise in E-commerce sales in Dubai to US$27bn in 2022. The 53 per cent year on year increases over the period and government effort towards cashless drive everything has moved to the digital front.
Fashion Business: The demand for fashion is continually increasing, and over time the fashion industry has seen a tremendous spike at the international level. UAE is one of the top business investment destinations, the region has seen massive opportunities in the fashion segment. Business investors who are interested in expanding their fashion business can choose Dubai as an ultimate hub. Digitalisation in the UAE fashion industry has accelerated, despite the effects of the pandemic, the consumer market is returning to its previous state and residents here are spending more and mall retail sales increased by 10% year on year
Nightclubs & Bars: Nightclubs and bars is an emerging sector in Dubai, when it comes to nightlife in Dubai the city practically transforms itself from an ever-so efficient business hub to a buzzing network of bars and nightclubs as soon as the sun goes down. This nightlife of the city plays a key part in Dubai's economy. Since Dubai is one of the most in-demand places for tourists there is continuous growth and profit in this sector like karaoke lounges and nightclubs.
Event Management Business: Dubai is one of the essential emirates for the growth of the event industry in the Middle East. Over the decade, event management has been at a booming pace, as many events are held in this city. The World Trade Center alone is the major attraction and revenue collector for Dubai due to the number of events held every year. Emirates Event Industry is estimated to be worth more than AED165m which will only set to grow with the Expo-2021. With all the upcoming events in Dubai, it has attracted massive attention from entrepreneurs and investors across the world. For all the investors who wish to invest in an Event Management Company In Dubai, it is the most significant opportunity to set up your company.
So, you may have felt inspired to invest after reading this blog but regardless of how promising a certain business investment may sound, always do your due diligence. if you are ready for that, you are also ready to invest and get returns higher than the inflated rate. Well, there you have - a comprehensive list of businesses that you can start to get your entrepreneur journey going. You can use these business ideas as a quick way to make money that would generate most of your income. If you are a first-time investor or a budding entrepreneur need to understand major factors to invest in Dubai? Please visit this https://commercialspot.ae/blog/top-6-reasons-why-you-should-invest-in-dubai/
for better understanding.
What are the non-permitted business activities in Dubai?
Dubai is known for having strict regulations and laws designed to maintain peace and order. Only companies in the UAE that have the appropriate trade license can import products into the country. Import control exists for several products including alcoholic beverages, pork, and pork products, medicinal substances, printed matter such as magazines and videos, photographic material, firearms and fireworks.
Prohibited goods are any goods the import or export of which is prohibited under the provision of the Common Customs Law or any other regulation or law applicable in the State. Whereas restricted goods are those goods the import or export of which is restricted under the provision of the Common Customs Law or any other regulations or law applicable in the state.
Some Prohibited Items
• All kinds of Narcotic drugs ( taking into account the control of prohibited items in general and n narcotic substances in particular, where certain prohibited goods may be imported or exported subject to producing approvals of the competent authorities)
• Gambling tools, types of machinery, and devices of all kinds
• Nylon fishing nets
• Live swine.
• Used, reconditioned, and inlaid tires
• Radiation and nuclear fallout contaminated substances
• Items that contradict Islamic faith and public morals.
• Paan and betel leaves
• Any other goods or items the importation of which is prohibited under the Common Customs Law or any other law or regulation applicable in the UAE.
Gambling – organization of various betting shops, sweepstakes, lotteries, and casinos, including online projects.
So before you start with any activities take a good read to the guide of the things that are banned in UAE. If you are already a business owner and looking for commercial office space for rent or you want to start a business in Dubai and looking for a perfect office space please visit https://commercialspot.ae/rent/