Dubai economy records strong growth amid the global slowdown
- 09 Nov 2022
Despite the waning global economic growth data, Dubai continues to attract worldwide investors with an annual growth rate of 6.2% in 2021. The UAE’s GDP also boost to 5.9% hitting ($27.8 billion) in 2022. According to H.H Sheikh Hamdan, the government’s corporate-friendly policies, appealing fiscal measures, and the country's investor-centric approaches helped to stimulate economic growth and development in Dubai and UAE. Investors across the world frequently relocate to the country for company registration in Dubai.
Supporting the UAE vision, Avyanco is one of the prestigious business setup advisories working actively to help local and foreign investors establish their companies in this immensely growing economy and generate higher annual yields.
Dubai is one of the highly emerging and dynamic market places accomplishing its vision of becoming the top diversified economy in the world. According to reports, the emirate has issued over 45 thousand new business licenses in just the first half of 2022. It was a record annual jump of almost 25% reflecting vigorous growth in the post-Covid times.
The UAE's non-oil industry looks to have been rather robust year to date despite the deteriorating global economic indicators. Tourism, transport, and warehousing activities led the country’s growth while the hospitality industry including restaurants and hotels also played a crucial role and add value to the economy.
“The surge may be attributed to the government's "strategic efforts and policy reforms," which have revivified Dubai's economy and stimulated a sizable infusion of domestic and foreign investment within the country. Additionally, the statistics reflect the success of policies and strategies implemented by the government to ensure sustainability and maintain business continuity along with giving full ownership to foreign investors working in the country.” Says the Jashvantkumar Prajapati, CEO of Avyanco Group.
“This will also encourage direct investment into crucial industries in UAE allowing various sectors to grow uninterruptedly.” He further added.
The tourism sector in the UAE is also projected to perform well and achieve the desired target through the end of this fiscal year. Factors like global tourism continuing to recover from the global pandemic will aid in the sector’s growth. In addition, the FIFA World Cup will also be held in Qatar, which ultimately results in more visitors visiting the country.
Additionally, Dubai’s Real Estate industry is also one of the highly emerging industries in the region, both concerning the value of transactions which eventually hit the target of more than 85%, and the number of transactions which are recorded at an approximate rate of 60% in the very first half of 2022.
“The country witnessed strong growth in the number of buyers from Russia, Europe, and India in 2022. What is most amazing about it is that investors accounted for around 70% of all the buyers, which is over 10% from the same period last fiscal year. It indicated that investors from different countries continue to relocate to Dubai to setup businesses in various sectors and industries. It will aid the overall economy of the country while maintaining its reputation as the leading economic hub in the region and worldwide.”Jashvantkumar Prajapati says.
The cost of opening a business in Dubai varies in accordance with the nature, size, type, and activity of your business. The jurisdiction where you want to open your company may also affect your cost. Nevertheless, consulting with the right business setup advisors ensures that the company setup process will not break your bank as they offer multiple packages tailored to your requirements. You can choose the package that best suits your budget and needs which ranges from AED15K to AED100K Approx. in Dubai.
Dubai will continue to remain on the top of the list when it comes to setting up businesses in various evolving industries. With the UAE government continuing to reform its policies in the best interest of local and foreign investors, overall economic growth is anticipated to remain in a good position for the balance of 2022 and 2023, averaging growth of more than 5% a year. A few other benefits that you will enjoy includes 100% ownership of the business, taxation policy, more than 20 free zones and other jurisdictions, ease of business setup, cost-effective business setup process, international-standard infrastructure, ideal geographical location, technological advancement, and more.
Avyanco is the leading business setup advisory helping investors around the world to relocate to Dubai whilst ensuring the easing of the procedure of company registration in Dubai. Team Avyanco helps investors choose the best jurisdictions and license types in accordance with their business activities, industry, business type, and size. Avyanco gives expert advice on the pre to post-company formation process in Dubai.