Dubai Tourism Initiatives
Dubai is launching a new strategy to increase tourism in the UAE by nearly 40 million guests by 2031. This strategy aims to establish the UAE as one of the world's top ten tourist destinations.
As Sheikh Mohammed Bin Rashid Al Maktoum revealed, the new tourism plan will emphasize the importance and value of the tourism industry in Dubai. Made up of 25 different initiatives, these objectives hope to draw in foreign businesses, direct investments and jumpstart hospitality and aviation in the process.
So, if you're an investor looking to take advantage of an expanding tourism industry by investing in the tourism business in Dubai, you're on the right track! Below, we'll explore this new initiative in further detail, including essential things you'll need to keep in mind when forming tourism companies in UAE.
The Plan for Boosting Dubai Travel and Tourism
UAE authorities have forged a new national plan that will introduce 25 initiatives to improve and promote the tourism industry in the region. After all, tourism is a critical part of adding diversity to the national economy.
Currently, the number of tourists visiting the UAE has increased to nearly 12 million in the last year, thanks to several large events such as the 2020 Expo Dubai and even the World Cup in Qatar.
However, the new tourism initiatives plan to increase this number by over 50% by 2025. This increase is expected to trickle down to other industries, such as retail, hospitality, and more.
The Strategy for Increasing Tourism Numbers
The strategy behind this push for increased tourism activity is broken down into over 25 initiatives that range from increased collaboration with tourism businesses such as hotels, travel sites, and airlines. These 25 initiatives are further collected into four key directions:
- Develop and diversify tourism products and services
- Strength the national tourism industry
- Built tourism capabilities by encouraging the contribution of national cadres in the tourism industry
- Increase investments in all sectors of the tourism industry
Important Things to Keep in Mind When Forming a Tourism Business in Dubai
If you're an investor keen on taking advantage of a profitable market and business-friendly regulations, there's no place on Earth like Dubai. However, it might be difficult for foreign investors to understand how business is conducted in the UAE. Many savvy entrepreneurs will hire third-party consultant experts to handle the day-to-day operations. But if you're forming a company alone, here are some things you'll want to know.
1. Recognize the Needs of Your Customers
Your customer will be the most critical aspect of your business’s success. After all, they will keep you in business throughout the years. As such, it's important to take note of their wants, desires, and patterns when it comes to business.
2. Obtain a Business License
To conduct business legally in the UAE, you'll need to secure the proper trade license. A tourism license grants you the authority to undertake hospitality and service-based business activities such as restaurants and hotels.
3. Analyze the Competition
Another vital part of developing a successful business strategy is analyzing your competition. How do they operate? Where do they locate their business? What is the forecast surrounding their products? Having a complete comprehension of this can help you get ahead and stay ahead.
4. Create a Spending Plan
Every business needs a carefully crafted budget. This budget will allow you to understand your financial capabilities while also providing you with the monetary leeway to handle any unforeseen expenses that may arise when entering the tourism industry in Dubai.
5. Develop Your Online Presence with Online Marketing
These days, a business's online presence means everything. Even brick-and-mortar establishments' livelihoods hinge on developing a clever and noticeable online presence. Luckily, online marketing is often much cheaper than print ads, so you'll be able to carefully craft your brand identity without breaking the bank in the process.
6. Utilize Professional-Grade Accounting Tools
Running a successful business will require you to keep close track of all cash flow in your company. It doesn't matter whether it's sales, losses, or standard expenses; you'll need to use the right accounting tools to ensure that your business is always functioning correctly.
Frequently Asked Questions About Dubai Tourism
When starting any business, you're bound to develop a few questions during the process. That can be doubly so if you're a foreign national with little business operations experience in the UAE. But that's okay! Below, we'll try to help by answering some of the most frequently asked questions on the subject.
1. What is the estimated tourism GDP contribution for Dubai by 2027
The UAE tourism industry is expected to contribute 12.4% by the end of 2027.
2. How much are hotel occupancy rates expected to rise in Dubai and Abu Dhabi for FIFA 2022?
Dubai and Abu Dhabi expect occupancy to increase from between 80 and 100% during the FIFA World Cup.
3. How much did foreign visitors increase in Dubai?
Foreign visitors to Dubai has increased by over 182% in the last year.
4. How much has tourism revenue increased in Dubai during the first half of 2022?
Revenue in Dubai increased to $5.2 billion in the first half of 2022.
5. What will be done to bring foreign business to Dubai?
To draw in additional foreign business, the UAE plans to invest in tourism, aviation, transportation, travel, and hotel industries.
Start a Business in Dubai with the Help of MSZ Consultancy!
Whether you're seeking a Dubai tourist visa or planning to obtain your tourism license in Dubai, MSZ Consultancy can help. We have years of experience assisting new investors and entrepreneurs in handling day-to-day business operations in Dubai, Abu Dhabi, and throughout the UAE.
If you're unfamiliar with the territory of business and legal activities in the UAE, you can trust the experts that do. It doesn't matter whether you're a single investor or part of a large corporation; we have the skills to deliver lasting results.
Are you seeking the help of PRO services? Do you need assistance organizing your business’ legal structure? We have you covered.
So, if you’re ready to take control of your investments and find success in the UAE, give MSZ Consultancy a call at +971 50 487 2208. Our specialists will be happy to provide you with a free quote and a strategy on how we can maximize your investment potential!
