The UAE is the world’s 4th largest economy in the Middle East. It has a GDP of 1.83 trillion dirhams and $415 billion.
So, what is the reason behind this lucrative growth in the UAE market? YES! You guessed it right. It’s because they have diversified their economy rather than relying on one niche of oil and gas.
It also means there are lots of diversified opportunities to look for. The good news is they all are not saturated and have enough opportunity to grow a business.
It is also expected that the UAE economy will grow up to 5.7% in 2024.
Do you also want to avail this opportunity and grow your business in UAE but are confused about what could be the ideal niche to get a start? Buckle up your sleeves as in today’s guide we will share the 10+ booming industries to look at in the UAE.
Robotics
The UAE is a world leader in robotics. Mohammed bin Rashid Space Centre spearheaded an ambitious space program. Dubai also wants to be a global hub for robotics by 2030. This initiative will add AED10 billion in the country’s economy and provide opportunities for both local and international robotics firms.
The robotics sector in UAE is said to have received investments of up $15 billion. This is the largest sum anywhere in the world.
You will benefit from anything that has to do with Robotics. You can use robots for cleaning, selling or renting them.
Education and Research
UAE Vision is centered on education and research. Its government has also made significant investments in the educational infrastructure. For example, the Mohammed bin Rashid University of Medicine and Health Sciences and Abu Dhabi University are the forefront of the educational revolution in UAE.
Nowadays, STEM (Sciences, Technology, Engineering and Mathematics) education in the UAE is also a key component to prepare next generation to be innovators. This ecosystem is crucial for nurturing talent and producing breakthrough research.
3D Printing
3D Printing is another industry that has experienced rapid growth in the UAE. It could become a necessity for every person.
The government also has some ambitious goals. One of them is the Dubai 3D Printing Strategy, which aims to make Dubai a global hub for 3D printing before 2030. In addition, the strategy includes plans to 3D print 25% of new buildings in Dubai by 2030. The UAE is committed to integrating 3D technology into various sectors, including construction, manufacturing and healthcare.
Tourism
It is no surprise that the UAE has become a tourism hub. With over 11,5% of the GDP, it is a major contributor to economy.
Every year, millions of tourists flock to the UAE. It has wide range of attractions including Burj Khalifa and the Louvre Abu Dhabi. The UAE is also popular tourist destination because of its excellent connectivity and strategic position.
Mega events such as the Dubai Expo played a major role in making the UAE an attractive holiday destination.
Real Estate and Construction
UAE is home to some stunning buildings and an excellent infrastructure. It is no surprise that the UAE real estate market attracts many foreign investors. The real estate and construction industry of UAE is expected to continue growing in the upcoming years.
This sector has grown at a rate of 5.5% per year between 2021 and 2025.
A significant economic growth is also been witnessed recently. All thanks to mega-projects like the Dubai Creek Tower and the Expo 2020 site.
Management Consultancy
UAE has a bit complex business setup process that demands a thorough understanding of UAE laws, rules and regulations. This complex climate has created a huge a demand for the management and consulting services businesses. Whether someone have a marketing agency, real estate business, e-commerce or is related to tourism – all need valid licensing to legally operate in the UAE.
The annual expected growth rate is 6% for the consulting industry. It reflects that the UAE has a complex business setup process that needs expert assistance.
Hospitality
Supporting its hospitality industry is the UAE’s reputation as a global tourism hub. Expo 2020, and the UAE’s commitment to providing exceptional experiences for guests are driving growth. The growth of tourism and the increasing number of business conferences has also led to an increase in demand for quality services.
This category has a very important business setup process. Our UAE business setup specialist can assist you in obtaining the necessary licenses without hassle.
Cleaning Business
The UAE’s service industry is a big one, but cleaning is often forgotten. Investors can still set up mainland or free zones businesses under this category. This is a necessity for every office, home, and business.
The market for cleaning services will grow at a compound annual rate of 5% over the next five years. This industry offers a low-cost business model that doesn’t require a lot of investment.
How amazing is it!
E-commerce
A sudden growth in ecommerce has been observed after the Covid-19 outbreak. The e-commerce market is expected to grow $27 billion by 2022 due to the high internet penetration rate and tech-savvy population. Amazon and Noon.com dominate the market. They provide a wide range of products and services to meet the ever-changing needs of consumers.
What Can We Do To Help You?
The UAE offers a wide range of exciting opportunities in a variety of industries. This includes robotics, education e-commerce and hospitality.
It is the perfect time for entrepreneurs who want to establish their businesses in this dynamic industry. We are business consultants in the UAE and we can guide you every step of the way, regardless of whether you want to start a business on the mainland or a free zone. We ensure that your business is launched with ease.
