With oil a finite resource and prices plummeting, Dubai is turning its attention to other ways to grow its economy and support its place on the global stage.
Capitalising on the natural advantages offered by its climate, it has recently launched the largest concentrated solar power (CSP) project in the world and by 2020 it will be home to The Sustainable City, which aims to recover its costs in four years by harvesting 80 tonnes of dates annually from its 2,000 palm trees and supporting its own energy needs from solar panelled roofs. It’s a city with big ambitions, and it’s also the perfect place for the ambitious to relocate.
Economy going up, money coming in
Innovation and growth is the lifeblood of Dubai and it shows in its economic data. Last month, the Emirates NBD Dubai Economy Tracker Index rose to 55.9, its highest reading since July and it is expected that its GDP will grow by between 4-5% between 2017 and 2020.
It is also a magnet for foreign investment. In 2016 it ranked 8th in FDI magazine’s “global cities of the future” list, which ranked cities worldwide according to how much foreign investment they are attracting while the 2015 UNCTAD Global Investment report noted that Dubai was the second largest FDI recipient in the West Asia region.
It’s not just a growth city, it’s a growing city too. According to the Dubai Statistics Centre, in January 2016 Dubai’s population stood at 2.4 million, with a growth rate of 5%, and it is projected that by 2021 and 2030, there may be as many as 3.3 million and 5.2 million people living in the city respectively. And unlike competitors such as London, Dubai has the space to expand to support its burgeoning population.
It is a city primed for business and careful about ensuring it is choosing the right industries to make up its future economic ecosystem. Unsurprisingly, one area trained in its sights is tech, and in its $275 million Dubai Future Accelerators programme the city has issued a bold invitation. It wants the best, it wants the brightest and it wants to build its reputation as a place at the forefront of innovation. A number of tech start-ups such as Hyperloop One, Blockchain, and Machine Learning have already been enticed to set up their HQs in the city, bringing with them a requirement for new talent in areas such as digital, content, data/programmatics and AR/VR.
At the moment, there is a limited pool of good candidates in the region, meaning that employers are focussing their talent search internationally in order to find the calibre of candidates they require in order to push their businesses’ and indeed the city’s ambitions forward. An ability to speak different languages and experience working in other countries are major advantages – and they’re highly sought.
And this means that there are big opportunities – and big rewards – for international candidates willing to relocate to the Middle East. But the benefits are certainly not just fiscal; Dubai has a great deal to offer in terms of lifestyle too. Sandwiched between Europe, Asia and Africa, it’s a stepping stone to some of the world’s most amazing destinations, whether you fancy a safari in South Africa or unwinding on the beaches of Thailand. And it’s likely that working in Dubai, you’ll have the disposable income to enjoy these things, with tax-free income and great benefits packages with general annual leave allowances pretty much as standard.
How can Freemont Group help you
Freemont Group has been assisting international entrepreneurs with setting up companies in the UAE since 2006. We are the ideal partner to jump-start your business in the UAE. Our understanding of the procedures and excellent relationship with the free zone authorities ensures that your company is set up without delay. Our banking relations make opening a corporate bank account a breeze. In addition, we provide you with one point of contact during the entire incorporation process. Setting up a company has never been this easy.
if you want to discuss your project in person with one of our incorporation specialists.
The UAE has many different free zones. There are substantial differences in requirements, regulations and prices. This page summarizes the options Freemont Group usually recommends to its customers. And more importantly, why.
Find here a selection of articles we wrote that contain much more in-debt knowledge about the use of the type of companies
Six Things You Need To Understand BEFORE Setting Up A Business In Dubai
Join us in a virtual meeting. We will guide you through the process of selecting a free zone in the UAE for your business: Which Free Zone To Choose In The UAE
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? RAK Offshore companies are ideal to use as holding companies. But there are some things you need to take into consideration. Discover more.
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. There are a number of different UAE free zones that offer RAK Offshore companies. Here is an overview of them and which one we recommend you to use. And, of course, why.