Dubai is a Gateway for Business in the Middle East and Africa: IMC GroupPTI | Chennai | Updated: 04-11-2019 15:20 IST | Created: 04-11-2019 14:57 IST
Over a period, Dubai has become the most rapidly growing business hub in the world. With the incredible potential, the country has turned itself from a desert city to a world-class city. The country offers high-quality facilities to businesses along with a favourable environment. With an intent to grow further, the government of Dubai has brought a number of economic reforms and administrative policies to attract capital and business houses from across the globe.
Top reasons to set up a business in Dubai
There are many reasons that make Dubai a favorable place to set business. One of the major reasons is that it is a gateway for entering the Middle East and African markets. Dubai has an untapped potential to double its exports to the African countries. The top products that provide the opportunity to export in Africa are sugar, plastics, and rubber which have the estimated potential of $291.7 million, $867.9 million and $457.9 million respectively. The data has been arrived on the basis of demand and supply analysis by the International Trade Centre (ITC) along with other trade indicators to determine the export potential of a country.
In recent years, the growth of the U.A.E. in terms of export to African countries has been strong. The decade saw a good jump in exports due to better trade links between both the countries. Dubai is now enhancing its position to become a gateway to the African and Middle East markets. It is continuously trying to improve the economic condition across the whole African continent and Middle East countries.
Mr. Johnson K Rajan, Partner of IMC Group, says, "Apart from sugar, plastics, and rubber, there are other items that have the potential to contribute to the U.A.E.'s export to Africa. Many businesses can set base in the country and deliver products like electronic devices, vehicles, and machinery to Africa and the Middle East. Other products that add significant growth to the exports to the Middle East and Africa include jewelry, precious metals, perfumes, and beauty products."
Moreover, U.A.E. has introduced four new reforms in the last 12 months making it the best country in the MENA region to do business for yet another year.
Among the four new reforms are:
U.A.E. is promoting entrepreneurs to set up a business in the region by reducing the overall cost of setting up a business. Efforts have been made towards reducing the fee for business incorporation.
U.A.E. made it easier to deal with construction permits by implementing a risk-based approach in order to reduce the number of inspections. U.A.E. made efforts to protect minority investors by providing for the qualification of directors in case of prejudicial conflicts of interest.
U.A.E. made it easier to conduct cross-border trading by reducing the overall time to export products by way of completely digitizing certificates of origin and reducing the cost of import by way of issuing certificates of conformity that cover multiple shipments.
The above-mentioned reforms helped many countries in U.A.E. to secure better rankings in terms of doing business. For instance, Saudi Arabia jumped to 62 positions from 92 while Bahrain jumped to 43 position from 62 and Kuwait jumped to 83 positions from 97.
Dubai has always been the most favorable place for setting up a business. The reasons that make Dubai an ideal place for business in the Middle East and Africa are as follows:
Dubai is known as the hub for investment because of its favorable policies for setting up businesses. In fact, the government provides various facilities to foreign investors who want to set up business in the country. Dubai has a large coastline and it is a hub for global aviation. The strategically good location of the country provides better opportunities to trade and people can also move easily across countries.
Dubai attracts a large population of the skilled workforce because of its global reputation and higher income. In addition, the government makes constant efforts to improve the efficiency and competency of the existing workforce. This helps businesses in saving a large part of the money in training the employees. With the constant rise in the growth of the country, it is a wise decision to set up a business in Dubai. Being a global leader of business hubs, Dubai is an ideal place to grow business by exporting products to untapped markets like the Middle East and Africa.
Dubai is ranked the number one place when it comes to setting up a business. Dubai is considered the best place to expand the business internationally because of the strategical development of the country considering the east and west economies.
Dubai is without a doubt the best place to set up a business and penetrate into the Middle East and African markets. If one wants to set up a company in Dubai, they can seek assistance from the IMC Group. The company extends support to start-ups and entrepreneurs to efficiently and smoothly set up their business in the country. They ensure that the compliances are timely fulfilled and business meets its objectives successfully.
About IMC (Intuit Management Consultancy):
IMC (part of CPAAI Network), focusing on AMEA (Asia, Middle East and Africa) markets, offers various market entry solutions such as corporate advisory services, mergers and acquisitions, international tax, global mobility services, corporate finance, investment consultation, and support in business operations and outsourcing solutions.
For more information, visit: https://intuitconsultancy.com/ae/