The year 2019 is a great time to open a business in Dubai. The city continues to be an economic powerhouse in the UAE and the GCC region. Various industries have also experienced growth in the past years which is expected to continue this year and in the years to come.
In addition, the UAE government remains supportive of foreign investment. Because of this, expanding or setting up a new business here is easier, quicker, and truly cost-efficient.
But with the different types of businesses you can open in this city, a leading provider of business setup solutions in Dubai says that choosing the right one may prove to be a challenge. This is especially true if you won’t be opening a branch or introducing your business idea here.
If you have plans of entering Dubai’s exciting market this year but are unsure as to what type of venture to launch, below are seven options you can consider:
Since being health-conscious is a trend that has been happening all over the world, the Dubai healthcare industry has been booming as well.
There are various business types you can choose to specialize in this broad industry: polyclinics, dental and wellness centers, diet foods, medical equipment retail, etc. Additionally, spas and massage therapy centers are also worth looking into.
The pharmaceutical sector is thriving, too. The city has seen a boost in pharmaceutical industries engagement in recent years.
Because of this, opening a pharmacy or engaging in the import or export of pharmaceutical drugs and health supplements are great business ideas worth considering.
2. Food and beverage
The food and beverage market is one of the other flourishing industries in Dubai. Moreover, as one of the most popular tourist destinations in the world, the city is constantly working on improving and setting apart its food scene.
Aside from opening a restaurant, café, pub, and other types of dining and drinking establishments, there are other business ideas you can consider. These include catering, the import and export of various food products, and supplying cooking and food prep equipment.
Since Dubai receives millions of tourists and other types of travelers every year, people are always on the lookout for accommodation options that meet their requirements.
As such, foreign entrepreneurs operating in the hospitality and tourism sector directly or indirectly can look forward to profitable opportunities in the emirate.
A more affordable option you can look into is in investing in condo units or apartments and turning them into holiday rentals. You can then list your unit on rental platforms which will enable tourists to rent it short-term.
You can also consider setting up a travel agency and tour operations company as well.
4. Real estate
Real estate continues to be one of the most established industries in Dubai. This is mainly due to the influx of foreign workers and investors that are looking for either temporary or permanent housing.
And with numerous projects in the pipeline in preparation for the World Expo in 2020, the real estate sector is expected to flourish even further with more expats in need of accommodation. Because of this, you won’t go wrong with investing in real estate projects.
5. Transport services
Although Dubai has an impressive public transport system, many residents are looking for more diverse routes and services. Additionally, many commuters are starting to get fed up with constantly overbooked taxis and packed train and bus services that there is a clamor for alternative transport solutions.
Cost efficient or affordable car and limo rentals are, therefore, great options if you want to break into the transport service sector. Ride-sharing apps and services are worth considering as well.
6. Financial services
Banks and other financial institutions are key pillars in Dubai’s business growth.
Opening a bank, though, is not your only option if you are interested in this sector. Consider opening a lending agency or insurance company to provide financial assistance to individuals and businesses.
Additionally, you can look into opening a company that offers accounting, bookkeeping, auditing, and other financial services.
7. Childcare facilities or services
Many families in Dubai have two working parents. Most of the time, these parents have difficulty finding a babysitter they can trust to look after their kids.
Because of this, daycares, nurseries, play schools, and babysitting or nanny services are good projects worth considering. As long as you invest in a safe, complete facility and in skilled, trustworthy employees, this business idea will allow you to reap huge rewards.
The best business ideas to set up in Dubai, though, are not only limited to the ones included in this list. To ensure you successfully break into Dubai’s market with the right venture, plan, and strategy, talk to a local business setup consultant first.
Raj Herry is the Founder and Chairman of Flying Colour Business Setup Services. His extensive experience comes from more than 15 years in the field of company incorporation for Dubai Mainland, all Free Zones across the UAE and offshore companies worldwide. He also owns several business centres offering furnished and ready-to-move offices in Dubai.