UAE welcomed 2018 with the implementation of a new tax regime, which makes KSA and UAE the first countries to impose VAT among the GCC. This development has created a lot of fears and concerns among the small business owners since they’re used to operating in a minimal tax business environment.
It would not be wrong to say that Dubai has successfully emerged as the business center of Middle East and has proved itself as an excellent platform to start any business. Every year hundreds if not thousands of new businesses open in Dubai and the state has endless resources and a stable political atmosphere which makes it a perfect place to unlock the entrepreneurial spirit. This is why financial experts and business gurus predict that the taxes will not harm the opportunities of investment and there is a promising future for the business community and is not holding back.
As a part of my ongoing research, I contacted some of the business experts in Dubai and asked them what business sectors are best to invest in 2018. If you are looking to start a new business in Dubai, here are 5 business sectors these experts believe offer a high ROI.
Dubai is preparing itself for the 2020 expo and is striving hard to make this event one of the greatest gatherings of human beings in history. In the pursuit of achieving this dream, new buildings with modern architectures and designs are being erected in Dubai with each passing day. This has opened a new room of opportunities for engineers, construction firms, architects, real estate developers and several other professionals in this sector.
Moreover, the population of Dubai is multiplying insanely as millions of new expats are pouring into the city every year. So it’s a perfect time to invest in a manufacturing business or real estate development firm or simply sell materials used in construction.
- Handyman Services
With a huge population accommodated in apartments, Handyman services business in Dubai is on the peak. People here are always looking for skilled workers and trusted agencies. Owing to the dense population, Dubai and Sharjah are arguably good markets for Handyman business. You can even start it by providing individual services for people who don’t find time or lack the skills to do the work themselves.
To establish this business, it is good to start with a plan and do extensive research on your marketing and financial strategy. You are first required to register your business and get in contact business consultants to get all the necessary licenses you are required to have. So if you have a little money to spare and a couple of skilled labor with you, this is one of the best businesses to do.
- Automobile Spare Parts
People of Dubai are known for their love of automobiles and high-end cars. More and more local as well as forgiven entrepreneurs and investors are getting into the automobile sector because of the ideal conditions for business development in this industry. You will find almost all the prestigious car brand wandering on the roads of Dubai.
Where there are automobiles, spare parts are required. The rising demands of automobiles have given rise to an increased demand for associated goods such as lubricants and spare parts. The market for automobile spare parts, particularly online tyre sales and purchase has been an attractive sector for Dubai based enterprises. In fact, it is estimated as the total worth of Tyre Business worldwide is almost $32 billion. The pioneer of this industry is PitStopArabia, one of the best tyre shops in Sharjah, UAE.
- Travel and Tourism
Dubai is a dream place for backpackers. It is one of the hottest tourist attractions of the world. Khaleej times anticipate that Dubai is successfully on the course of achieving 20 million tourists by the year 2020. The travel industry in Dubai is though already developed, and several other businesses related to tourism like restaurants, food services, transportation, hotels, and photography are also growing at an incredible speed. However, before you get started, keep in mind that there is a severe competition in this sector.
- Web Development, Internet Marketing, Webpreneur
Website development, app development, and online business are the most trending sectors not only in Dubai but across the Middle East. Online buying and purchasing trend is emerging rapidly and is gaining immense popularity. UAE e-commerce industry is estimated to reach $10 billion (Dh36.7 billion) in value by 2018 (go-gulf). This emerging business trends will continue to provide more opportunities to Webpreneurs and thousands of tech enthusiasts are moving to Dubai to prove the mettle.
Despite of the new tax regime, the World Bank’s Ease of Doing Business 2018 report reveals that the UAE is ranked 21st globally and still on the top of Arab countries for the fifth year in a row. (Source: Gulf new) This indicates that UAE particularly Dubai will continue to inspire entrepreneurs and business owners from all over the world to come forward with new and innovative ideas and be the part of the world’s most sophisticated business community.