As an entrepreneur, one must always think and plan to expand his or her business and always be on the lookout for opportunities. These opportunities can be in your home country or the land the of wealthy, UAE. The lifestyle in the UAE is posh and lux since it is home to some of the wealthiest people in the world.
Trading or manufacturing quality goods or providing worthy service can take to new financial heights as people here are willing to spend money on quality goods and services. With a growing population, needs are increasing and so are the opportunities.
Top 10 Business Ideas to Start in UAE
- Construction Agency
- Real Estate Agency
- Business in Health Sector
- Consultancy Service
- Beauty Brand or Store
- E-commerce Solutions
- Fish Farming
- Recycling
- Security Service
- Jewellery Making
Top 10 Business Ideas to Start in UAE
If your wish to start your business in the UAE, below are some best business ideas that you can choose from.
Construction Agency
A Construction Agency in the UAE can be one of your best bets if wish to start a new business. Due to numerous foreign investors seeking residential opportunities in Dubai and booming real estate has led to increased opportunity in the construction sector. Your agency can build for residential as well as commercial projects. It is one of the most profitable ventures in the UAE.
Real Estate Agency
Real estate has one of the greatest business opportunities in Dubai. There is almost a race going on for skyscrapers. The main reasons for this include increasing rent moderation, supply, and changing demand for executive positions in the employment market. Therefore, it could be a great opportunity for real estate entrepreneurs to initiate a real estate business in the UAE, especially in Dubai
Business in Health Sector
The UAE has reported higher birth rates, increased life expectancy, a rapidly shifting epidemiology profile, and a rise in the incidence of noncommunicable diseases. All these factors, combined with a shortage of healthcare workers, and low insurance penetration rates, create bright opportunities for firms looking to enter the health care sector in the UAE.
Many big players in the health sector of UAE from the Gulf Capital itself and also London have seen splendid numbers in revenue. The investment bank Alpen Capital has estimated the healthcare spending in the UAE to expand by 13.1% annually in the next four years. This means that entrepreneurs looking to enter the healthcare sector in the UAE can have a healthy future.
Shubham Kumar
Consultancy Service
With the increasing number of businesses in the UAE, the need for consulting services is at an all-time high. Most of the companies in the UAE are new and at the incubation phase so they require advisory for efficient resource management.
These companies generally outsource their planning and strategy to skillful consultants for more accurate and achievable solutions. Therefore, starting a consultancy can be very profitable since there’s no scarcity of clients in the UAE marketplace.
Beauty Brand or Store
The UAE is the land of wealthy consumers that are very much interested in beauty products. It is one of the best marketplaces for luxury beauty brands to thrive and trader to generate amazing sales. People are willing to spend their money on expensive products if they're worth it.
The diverse market has many options to choose from. Skincare, Makeup, Haircare, and Fragrances back their seller with great profits. Fragrances constitute a major chunk of the revenue as it is widely used in UAE. If you manage to build a great collection, there's no limit to what you can achieve.
Souvik Dey
E-commerce Solutions
The Covid-19 pandemic proved to be a catalyst in the growth of the online business sector. It accelerated the growth of e-commerce to new heights. Just in the initial months of 2020, UAE saw a 300% increase in the demand for e-commerce among its customers. Thus, a company to provide easy ways out to such business owners are bound to make profits.
Since many established brands are tilting towards e-commerce, it inevitable that they're going to need expert solutions in the process which such companies are going to provide.
Fish Farming
The UAE primarily depends on imports to meet its food supply demands. To ensure food security, the government is encouraging foreign and local investments in aquaculture developments. They are willing to provide several incentives for the sector, along with fingerlings of local species, curating aquaculture frameworks, reducing institutional and investment constraints, and mapping out suitable sites for development.
These incentives are coupled with the gradual increase in fish prices have made aquaculture in the region an attractive investment and business proposition.
ATHUL C K
Recycling
Recycling is a relatively infamous yet profitable business. People have made millions in waste. Retail outlets in malls and high-end stores undergo a revamping procedure every two to three years as part of a clean image campaign. This creates opportunity and revenue for contractors.
UAE government is working towards supporting such businesses as they need to manage their overall waste generated each year. Recycling also has great potential in the construction sector as it accounts for 60-70% of the total waste generated.
Security Service
There are Security Companies in the UAE that protect the people, private properties, and government entities. It is a profitable business option as there will always be a demand for security guards in the UAE. But you need to decide on a free zone or mainland setup.
If you choose to establish your business in the mainland, you can freely trade with the local market. You can bid for government contracts that can be quite lucrative. On the other hand, is a free zone, you get 100% exemption from customs tax.
Jewellery Making
Home to numerous wealthiest individuals from the world, UAE is the perfect place to line up a jewellery company. The government has created specific rules and regulations to impose check-ups on those who bring gold or other valuable metals which are sold within the Dubai Souk.
The UAE jewellery market had grossed 12 billion dirhams by 2020. Dubai leads the UAE jewellery market as it has tourists who find it cheaper than their home countries and enjoy an outstanding range of exquisite jewellery.
Conclusion
These were some fields in which you can make great profits in the UAE. With supportive laws, some of these sectors can also be sustainable in the long run. Rising demands are creating a market for new businesses that generate great sales and build a strong customer base. You too can establish a successful business in the UAE if you play by the rules, understand the culture, and offer quality service.
FAQs
Which business is profitable in UAE?
Real estate, Business Consultancy and Healthcare are some of the profitable business ideas you can start in UAE.
Is UAE good for business?
Low tax rates, low import duties, free trade agreements, state of the art infrastructure, and a lot of other benefits makes the United Arab Emirates (UAE) a great place to start a new business.
Can a Foreigner start business in Dubai?
Yes, Any Foreigner can start a business in Dubai.
Source :- https://startuptalky.com/ Author :- Pooja Uniyal Date :- February 07, 2022 at 10:00PM