When you think of opening a company in Dubai, it sounds lucrative and classy. But there can be many questions, which look into your face, for example: – What options do I have for a company formation in Dubai? But most importantly, which sectors are growing in the UAE?
Here is a run-down of the growth of some successful sectors:-
Pharma & Healthcare
Over the past months the Jebel Ali Free Zone Authority (JAFZA) has witnessed a 7 % growth of company setups, specifically in the Pharma & Healthcare sector.
Construction, Construction Material & Metals
Towards the end of Q3 in 2015, JAFZA also witnessed an 8 % growth in the metals and construction material sector.
During the Q4 in 2015, the building and construction sector saw a growth of an impressive 74 %.
Food & Beverages
The F & B sector too has seen substantial growth over the months with nearly 55 F&B companies setting up last year in JAFZA. It has also been forecasted that the growth rate will soar up to 7.7 % within the next three years.
Petrochemicals
The petrochemical sector is gearing up for a successful year ahead with statistics forecasting that plastics & rubber industry will grow by nearly 170%. The polyethylene production too is expected to jump up to 3.52 million tons per year. And the ethylene production capacity will boost up to 5 million tons per year.
ICT & Electronics
During the Q3 of 2015, the Dubai Airport Free Zone Authority (DAFZA) recorded a 17 % growth in the ICT and Electronic Sectors.
Property & Real Estate
Property & Real Estate remains as one of the key sectors, which drive the UAE economy. Considering the 8% increase during 2015 Experts predict that 2016 will witness further growth in this sector, especially with 100% expat ownership. Expat investment in property has become the new trend to acquire a UAE investor visa. This sector has a strong rental yield of up to 10% per year, with a capital growth of 15%, which has been supported by high demand for properties. Banks in the UAE offer lucrative mortgages for expat investors.
Hospitality
Being a centrally located business and tourist hub, the hospitality industry is witnessing an exponential growth. Experts point out that by 2016 the hotels are steadily growing and is expected to increase by 5.3 % this year.
The Government is already waiving off certain fees, such as change-of-use of land fee for hotel usage; 10% discount on Municipal fees for three and four star hotel setups. However, the permit for these projects should be granted before December 2017.
Other Sectors
Significant growth is expected in other sectors too such as general trading, maritime, logistics & supply chain, especially with the expansion of port expansion at Jebel Ali.
Experts also predict that the Manufacturing Sector too will witness a whopping 25 % contribution towards the GDP over the next nine years, specifically in the Dubai Free Zones.
Despite the challenging oil prices, The UAE government is taking cautious efforts to boost the economy with investment in infrastructure projects, and create golden opportunities for investing. And with the Expo 2020 coming up, more positive growth is expected to impact every sector.
But how does one go about setting up a company in Dubai? Talk to a professional consultant and get started wiu business setup in Dubai.
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