Posted on 29-August-2019
The United Arab Emirates economy is going from strength to strength. More and more Western companies are expanding into the country; homegrown businesses are also popping up at remarkable rates. The UAE’s current economic growth creates the perfect environment for a startup business. It is particularly true in Dubai, where clients can come in the form of both Emiratis and Expats. But which are the best sectors for a startup business in Dubai? There are several business sectors which are performing highly at the moment, but we’re going to be focusing on the three-absolute best in this article.
Retail is perhaps the most popular sector for startup businesses the world over. It is undoubtedly proving to be quite fruitful in the UAE. Although it is doing well all over the country, startups are experiencing the most success in this sector are based in Dubai. It is mostly owing to the many wealthy tourists who travel to the city for shopping vacations. By creating an online store to complement your physical store, you can boost your sales tenfold. Not only will it allow you to reach customers outside the country but also serves as a groundwork for physical expansion into the Western world should you desire it.
The UAE is home to more immigrants than perhaps anywhere else in the world. In fact, only about 20% of the UAE’s current population was born in the country. Many of those who relocate to the UAE are quick to purchase homes or apartments. This makes it the ideal spot for an interior designer. Although it is not an industry which sees repeat customers, this is more than made up for by the number of new homeowners that crop up in the UAE on a regular basis. Additionally, interior design startups can expect business from hotels and other companies which operate in the UAE. These clients often come in high numbers during the winter months, when the decline in tourists allows them to focus on renovating their properties.
The UAE is not exactly synonymous with video games. However, that may not be the case a decade from now. The UAE’s video game industry is expanding at a rate far exceeding the global average. Many of the UAE companies operating in the industry focus on smartphone apps, which can be produced in a relatively short amount of time and for a relatively small amount of money. This, of course, makes them extremely appealing to startups.
Along with smartphone apps, virtual reality technology is being pioneered in the UAE. Major video game companies have contracts with UAE entities, tasking them with developing and testing virtual reality technology for gamers around the world. They have been generous enough to extend many of these contracts to startup companies, giving them the perfect foundation to build an empire in the industry.