Chinese English

Most promising fields of doing business in UAE in 2021

MEDIA / Articles / 2021 / Most promising fields of doing business in UAE in 2021
Most promising fields of doing business in UAE in 2021
 
Covid-19 has impacted economies round the world. But while the pandemic has brought challenges, it has also uncovered new opportunities.
Low tax rates, low import duties, free trade agreements, a competitive economy, strategic location, state of the art infrastructure, and a lot of other benefits make the United Arab Emirates (UAE) one among the simplest places within the world to do business.We would like to outline the most promising fields of doing business in the UAE in 2021. 
 
1. Energy
Even though we are moving to the era of renewable energy resources, traditional one will stay in the game as long as they exist. Nevertheless, in terms of technological breakthrough and long-term thinking, investment in renewables is considered wiser by financial institutions. Global consumption of renewable energy has increased over the last 10 years from 124.1 (million tonnes) in 2008 to 561.3 in 2018. UAE has huge potential in terms of solar and wind power energy generation and an area for tech start-ups (inter-governmental, public-private joint ventures, and private). The commitment of the UAE towards the transition to green energy has been developing over the years and among the most foremost representative projects, there are EU-GCC Clean Energy Technology Network and Masdar City.
 
2. Agriculture
A couple of months ago speaking of national food security would be considered a totally outdated anachronism by global system, yet the entire lockdown and consequent distortion in supply chains have brought it high on the agenda of national governments. It is an important objective of the government to make sure the country may sustain the lockdown crisis without counting on importing food supply. According to the worldwide Food Security Index 2019, the UAE was ranked 21st.
The UAE government has launched National Food Security Strategy 2051, which targets the development of sustainable local food production via the utilisation of modern technologies. During the time of complete global lockdown, UAE-based agro-tech start-up Pure Harvest Smart Farms, which is specializing in growing tomatoes during a controlled-environment farm secured $120 million commitment of investment (including $20.6 million of fresh funding).

3. E-Commerce, Automation and Digitalization
The current crisis has accelerated the megatrends like advanced robotics in multiple fields, from medicine and production to education and total automation and digitalization of production and services. The demand for e-commerce, automation and digitalization is now driven not solely from the perspective of business processes optimisation and quality perfection, but these are also considered inevitable in terms of COVID-19 and fears of a new emergency which may come anytime and disrupt production. Advanced technologies provide numerous solutions for remote business monitoring which is already widely utilized in production and logistics with the minimum human involvement.
Switching from the human workforce to robots in manufacturing lines and foundries is highly expensive and time-consuming, but the idea of securing production from an emergency like COVID-19, saving on human-related expenses (such as insurances, pensions, salaries), and outrunning competitors with flawless quality of machine perfection will earn its keep.
The UAE is executing its power consistently by making sound decisions and taking into account the interests of business while prioritizing the safety of citizens as well as expatriates. Crisis challenges all folks, but these challenges are often met and people companies who propose the solutions and foresee the market needs before time will win the market for the next years to come.
The app industry is one of several to thrive during the coronavirus lockdown. And now consumers know what is possible, they are highly unlikely to want to return to the old way of doing things. UAE residents have turned to apps to urge their fix of everything from food and grocery delivery, to e-learning, health and fitness, remote working, and even psychological state support. In response to a ‘new normal’, low code app development has also quickly risen in popularity in recent months. These apps, which can be designed with minimal coding knowledge, are here to stay and have lowered the barriers to entry for a new breed of developers.

If you are interested in pursuing one of the business opportunities in the UAE discussed above, FREEMONT ONEWORLD GROUP is here to help. We assist foreign companies with their expansions into the UAE and other regions by providing a one-stop solution, including assistance with visas, PRO services, Tax and Accounting Services.

Reach out to FREEMONT ONEWORLD GROUP, for a kind expert advice on business setup in the UAE.

Do you wish to stay informed?

Thank you for your interest in Freemont Group, the specialists in company formation, asset protection and legal and advisory . Feel free to contact us with any inquiry you might have. We will provide you with a free initial consultation, and a customized solution for your personal situation.