According to World Bank’s Ease of Doing Business 2020 report, UAE is one of the ideal places to start up a business. UAE is ranked 16th out of 190 countries in the world. Unlike many other countries in the Middle East, UAE does not rely solely on oil production instead, it provide a great entrepreneurial environment such as reduced fee for business incorporation, easier construction permit, improving minority investor protection, ease of paying taxes and easier cross border trading to enable businesses thrive. This article looks at several successful best businesses in UAE.
● Construction Business
The capital city of UAE, Dubai, is known for its many impressive skyscrapers and awesome architectural designs. As a result, construction businesses have grown to become very successful. Engineers, construction firms, and real estate developers all the opportunity to tap into the growing demands for new buildings and structures in Dubai. Setting up a construction firm that can provide materials needed for the construction of the kind of infrastructures will definitely be successful.
● Beauty and Hair Salon Business
One thing you cannot deny when in UAE is the attention many people pay to fashion and beauty because that is the country’s selling point. Behind the many flashy appearances and great design that you see, there are people who make so much money from it. From setting up and running a fashion line to creating a beauty salon, there is a lot you can do in the beauty and fashion sector. However, to thrive, you have to know and remain conversant with current fashion trends.
● Real Estate Management
More and more expats are making their way to the UAE and this has resulted in an increasing demand for the purchase, selling, and renting of all kinds of properties. To carry out these transactions, individuals demand the services of professional estate agents. All you are required to do if you work in the field of real estate management is to have an idea of the relevant laws that govern the sale, purchase, and transfer of properties from one person to another. It is also important that you get all the licensing required for your operation from the relevant authorities in the UAE.
● The Oil and Gas Industry
The oil and gas industry is a very prosperous one in many nations of the world, but in a place like Dubai, it constitutes as the most dominant sector of the economy. It has grown to become one of the most successful businesses in UAE because there is so much to make from its extraction, exploration, transportation, and everything in-between. To launch as a start-up and thrive in this sector, you will require a thorough analysis and understanding of the market.
● Travel and Tourism
Dubai and Abu Dhabi, the two leading cities in the UAE, have become two of the world’s leading travel and tourism destination in the world. Tourism in the UAE takes different forms from shopping, business, and sports to cultural and medical tourism. With an annual economic turnover of about $6.5 trillion, this sector is not only a successful business but also one with many opportunities for a lot of people.
While there are several businesses that you can engage in and make many profits from in the UAE, the few mentioned above are the leading business. They continue to grow and improve to create a good atmosphere for passionate and aspiring entrepreneurs, and investors within and outside the United Arab Emirates.