Starting in January 2022, a new four-and-a-half day working week was adopted by the UAE to help businesses align with global markets. In addition to its tax-free policies and central location, it represents another reason why Dubai remains one of the best places in the world to conduct business. To give you an idea of the sort of opportunities that could be available, here are the top 5 business sectors in Dubai.
In general, the UAE property market is set for a strong rebound in 2022, thanks to government initiatives that have been enacted to encourage longevity of residency. From visa for retirees to the expansion of the 10-year gold visa scheme, government measures are helping people remain in the country and invest in property. In the first 8 months of 2021, there were 37,537 sales transactions in Dubai worth Dh88.12 billion ($23.99bn), which is an increase of 22.61% against the whole of 2020. During the same period, residential prices in Dubai rose by 4.4% on average, which is the highest growth rate seen since February 2015.
Dubai’s e-commerce sector is set to become the faster growing in the MENA region, with the market value estimated to be worth Dh12 billion by 2023. As with many other sectors, this growth has been driven by several government initiatives, with more trust now placed in digital payments, better security and improved logistics all playing their part. E-commerce businesses also have no shortage of customers to target, with over 16 million tourists visiting Dubai every year. Even with a minimal amount of investment, it’s a sector that offers a wealth of opportunity for established brands and entrepreneurs.
With projects such as Mohamed Bin Rashid City (worth $21 billion) and the Dubai South Mixed Use Development ($4.5 billion) underway, the construction sector in Dubai continues to grow. $118 billion of new contractor awards are expected across the Gulf region over the next 12 months, with the regional market worth $3.2 trillion. Expo 2020 has contributed heavily to the increase in new project announcements, as the UAE continues to develop the best infrastructure in the Middle East.
The UAE economy is expected to grow 3.4% in 2022, as oil prices recover, domestic demand returns to previous levels and global demand for goods and services rebound. A recent survey carried out by TripAdvisor saw Dubai positioned as the number one destination for holidaymakers in 2022. The city and country have high vaccination rates, and between January and October 2021, 9.4 million room nights were booked, with 4.88 million people visiting the country in those 10 months. During the same period in 2019, 7 million room nights were booked, demonstrating Dubai’s timeless appeal.
The healthcare sector in Dubai is expected to generate $10.7 billion by 2025 and has been targeted as one of the priority sectors for the city. Due to the strong COVID safety measures in place, medical tourism is set to return to pre-pandemic levels. The DHA’s Dubai Health Strategy 2021 has placed a big emphasis on automation and cutting-edge technology that will drive innovation, and healthcare expansion will become increasingly commonplace as local investors involve themselves in projects designed to support growing demands.