The Entrepreneurial Nation Project
In November, the UAE unveiled an initiative to bring at least 20 multi-billion dollar startups to the region by 2031. These startup companies, also known as ‘unicorns’ due to their rarity, are being drawn to the UAE due to comprehensive business reforms put in place by government authorities.
After economic setbacks caused by the pandemic, the UAE planned several vital reforms for their visa and business programs, hoping to reduce the cost of operating a business and offer generous funding, equity, loan guarantees, and more for potential investors.
This program offers support via public-private partnerships, giving entrepreneurs the space and funding to establish their brands within the UAE, foster their business, and increase online sales. Additionally, the UAE intends to set up a 272 million private equity fund for small to medium-sized enterprises (SMEs).
This comprehensive plan is set to lay the groundwork for drawing in investors, experts, and skilled workers that will play separate but essential parts in reinvigorating the UAE economy. The Entrepreneurial Nation Initiative also includes partnerships with huge globally-recognized firms like Facebook, Google, Cisco, LinkedIn, UPS, and more.
Everything You’ll Need to Know about the Entrepreneurial Nation Initiative Project
The Entrepreneurial Nation Project is set to solidify the UAE’s position as a global business hub. Other nations, like Saudi Arabia, are pushing foreign firms to invest in their economy. Still, Dubai and the UAE at large are planning to head that off with their own initiatives. These initiatives include:
• Reducing Startup Fees
By reducing startup fees, potential investors can form and grow their businesses without being buried under a ton of debt. This plan aims to develop the investor pool by increasing the ease of doing business.
• Visa Reforms
Another aspect of Dubai’s plan is reforming its visa program. Already one of the most relaxed immigration policies in the world, this plan hopes to make it even easier and less prohibitive for investors moving to the region.
• Increased Funding
The UAE authorities plan to offer funding in several formats like direct lending, equity, loan guarantee, and more.
• Boost Startups
New businesses that take advantage of these reforms will see a significant boost to their efficiency and profitability.
• Global Partnerships
The UAE intends to bolster its economic position by partnering with huge companies like Google, Facebook, and Cisco, bringing investments, jobs, and business opportunities to the region at an enormous scale.
Business Ideas for Potential Entrepreneurs Entering the Area
Dubai has a long history of fostering a welcoming environment for potential investors, unique skillsets, and talented entrepreneurs, offering a wide variety of incentives to assist startups in their early stages. As a result, the UAE regularly ranks as one of the top ten countries for doing business.
For new investors, it can be challenging to decide what business market is the right fit. If you haven’t made a concrete decision on what activity is best for you and your company, we’ve compiled a list of some exciting and potentially profitable ideas for entrepreneurs:
Restaurants are a line of business that will almost always be in demand. Even in the worst stages of the Covid-19 pandemic, when world economies ground to a halt, some restaurants were able to survive.
2. Events Companies
Much like restaurants, important events will always be a part of society. Weddings, graduations, and birthdays are events that will always draw crowds and business opportunities.
If you haven’t noticed, construction companies continue to maintain their foothold as an enormous business sector. As long as buildings and infrastructural elements need to be built, there will be a market for construction companies.
4. Health and Wellbeing
An interesting aspect of the pandemic has been the increased focus on overall health and wellbeing. As a result, the health and wellness market will continue to flourish as long as individuals seek healthier lifestyles.
5. Travel and Tourism
Another considerable part of the UAE economy is found in tourism. Tourism is a huge aspect that has only been exponentially grown due to multi-month events like the Dubai Expo 2020. These events draw in owners, investors, and talented artists to the area to network and start their new businesses.
6. Consultancy Services
For any business, new or old, it’s beneficial to have business experts and consultants on hand to help navigate the intricacies of the UAE market. These skilled consultants are adept in business setup in UAE, visa applications, PRO services in Dubai, and more.
7. Real Estate
The UAE also sees a large influx of real estate transactions, with foreign investors traveling to the region to purchase properties. In fact, the real estate market is expected to continue its growth at a rate of over 6% in the next year.
Interested in Business Setup in Dubai? MSZ Consultancy Can Help!
Dubai is set to make a leap in entrepreneurship, with a massive, multi-faceted approach to reducing startup fees, removing tax responsibilities, and bringing in potential investors.
No matter what market you aim to enter, MSZ Consultancy aims to be your all-in-one business solution. From company formation in Dubai to visa applications, our team of expert consultants has the experience and skill to help you successfully navigate the UAE business world. With the help of MSZ Consultancy, you can renew important licenses, interface with necessary government authorities, take advantage of Free Zone jurisdictions, and more.
Our services are aimed at both new investors and established corporations. No matter how large or small your business, we can help you cut through the red tape to minimize losses and maximize profits. With over 32,000 happy customers, we have served construction companies, healthcare firms, media corporations, and real estate industries find success in their chosen fields. Business setup in Dubai? We can help! Securing PRO services? We do that too! Give us a call today at +971 52 544 1248 for a free consultation!