Dubai is one of the World’s rapidly growing cities of the World. And it is on its way to host the most significant event in the history of the region- World Expo 2020, which will commence from October 2020 and will continue for six months until April 2021.
The purpose of the Expo 2020 is to develop and promote more business activities in the UAE. Currently, more than One Hundred and Ninety-two countries have confirmed their participation in Dubai. Consequently, the Expo 2020 is expected to bring forth multiple businesses as well as multinational partnerships.
The Expo 2020 has opened doors of different industries to set up business in Dubai. It is a golden opportunity for business investors to invest in or start a business in Dubai. Nevertheless, if you are a small business- owner or an entrepreneur or new-comer trying to break in the World of business by starting a business in Dubai, but is not sure how to achieve this lifelong dream as you are confused about the business domain to invest. This article is for you.
Related Article:The Ultimate Guide on How to Start Your Own Business in Dubai
Below is a list of most popular domains for starting a business in Dubai:
Tourism is an industry in UAE that since its advent has only seen a rise in its numbers, thus making it one of the most promising business domains in Dubai. The World Expo 2020 is said to attract over Twenty- Five million visitors in UAE, subsequently making it the industry that will be significantly affected with this downpour of visitors.
The good news here is travel and tourism are both the kind of businesses that can be quickly established. You need to obtain a Tourism licence, which is issued by the Dubai Tourism Authority, and you are all set to start your tourism business. To immediately turn their investment into a profit, many investors opt for the tourism industry. If you think that this is the business for you, then this is the time to start a business in Dubai.
Naturally, with the increase in the number of visitors, the need for hotel and guests rooms to rise, i.e. the hospitality market will be in high demand. This reflects that starting a hospitality business will turn out to be a feasible option, as there will be a high demand in the market. According to reports, 91,000 hotel rooms will be available by the end of 2019 to provide top-quality accommodation to over 25 million visitors. The Middle Eastern hospitality industry is set to experience a massive upward trend after Expo 2020, the likes of which has never been seen before. Investing in the hospitality sector will be a wise move on the part of any visionary entrepreneur.
3. Food and Beverage
The industry that will be hugely impacted by the World Expo 2020 is the food and beverage industry, as with the immense amount of people bound to visit UAE it is only natural that the demand for this business to increase. Because of this increase, many business owners are keen on investing in the food and beverage industry be it a whole in the wall cafe, a food truck or even a top tier restaurant everyone wants to profit off this fantastic opportunity that the World Expo has provided.
According to a report published in light of Expo 2020, the food and beverage industry is going to grow exponentially. With the World Expo site touted to feature over two hundred food and beverage outlets. These food and beverage stalls are predicted to serve an arena that is 30,000 sq. metre over 85,000 meals every hour. The statistics below will give you some understanding about the perks of starting a restaurant business in Dubai before the Expo 2020:
- Thirty-eight per cent of new brands are coming to the UAE because of the Expo.
- Forty-two per cent expansion is anticipated in the existing brand network.
- About thirty-eight per cent of new markets and regions are expected to be covered.
- Fifty per cent of improvement in operations.
- Fifty per cent improvement in the brand refresh.
The abovementioned numbers paint a clear picture, i.e. the World Expo 2020 is bringing fortune for the people in the food and beverage industry. So if you are thinking of launching a business in Dubai, then you should seriously consider a company involved in some facet of this industry.
Suggested Read: Food & catering industry in the UAE
Dubai’s entertainment industry is an industry that will be positively impacted by the World Expo 2020. So much so that industry Moguls and pundits are naming this as the significant paradigm shift of the entertainment industry.
Dubai, as well as the UAE, is going to attract over twenty-five million visitors because of the Expo 2020, this amount is massive as it is but the entertainment industry is said to attract a staggering Forty-five million visitors by 2021. And according to a recent report, the Dubai theme park industry alone will generate five billion dollars by the end of 2020 (3 months into expo 2020).
These numbers show nothing but good news for investors looking for an excellent opportunity to start a business in Dubai. If you are planning on forming a company involved in the amusement and leisure industry, then wait no more and immediately begin your operations as this is the prime time for business.
The cleaning industry is an industry that will have immense demand in the upcoming Expo 2020. By the end of 2020, the cleaning industry including waste management, recycling plants and hygiene products manufacturers is said to showcase a growth rate of AED 300 billion which is an impressive increase from previous AED 80 billion. These numbers suggest a 275% expansion of the cleaning industry.
Setting up a business in the cleaning industry requires cleaning license and a sizeable investment. Thus, making it an open ground for entrepreneurs and business investors who are keen on starting a business in Dubai.
6. Real Estate
The Real Estate industry is surprisingly showing tremendous prospects of proliferation. This indirect upsurge in real estate is directly proportional to the mushrooming businesses in various divisions. Currently, more than 59,800 commercial, residential and industrial properties are scheduled for delivery by late 2019. These properties will further help in the escalation of business in Dubai.
Hence, making real estate a viable option for investors in starting a business in Dubai.
7. Consultancy Firms
The multitudes of business mushrooming left and right in Dubai have caused quite an uplift for the consultancy business. As these business owners are newcomers both in the field as well as in the city. Thus, they are utterly clueless in the ways of doing business. To aid them in conducting business, consultancy firms are present.
In light of the current World Expo 2020 where the demand for consultancy firms is expected to increase tenfold, it is the best time to open a consultancy.
The World Expo 2020 is providing an international platform to business owners everywhere. This platform is providing an enormous opportunity to financiers and investors to come forward and start a business venture. An entrepreneur has an incredible chance to form a company either big or small, no matter the size Dubai provides the perfect arena to try your luck and carve a brighter future for yourself.
A word of caution, in the beginning, it is advised to hire a professional consultancy such as Business Setup Dubai that will guide you every step of the way as there is a ton of documentation involved that can easily confuse a person.
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