The world around us is rapidly changing in the era of developing new technologies. For modern businesses to stay afloat, continually evolving and yielding high incomes, finding new ideas and investment options is essential. Moreover, it’s crucial to consider the market specifics where you plan to operate.
In recent years, the most appealing jurisdiction for foreign businessmen to open a company is considered to be the UAE. A substantial consumer demand, advantageous geographical location, and the opportunity to minimize business expenses are just a few of the advantages of Dubai and other emirates. What business should you start in Dubai and the UAE in 2024? This question concerns many of our clients. Therefore, we’ve decided to address it in our article.
Business Ideas in Dubai and Other Emirates of the UAE in 2024
Dynasty Business Adviser has been operating in the Emirates since 2015, assisting foreign investors in setting up businesses here. We are a licensed agent for onshore and offshore companies, and due to the nature of our work, we constantly monitor the market situation in the country. Based on our experience and analysis, we have reviewed popular and promising directions for company registration so you can decide what business to start in Dubai, Abu Dhabi, Ajman, or another emirate.
Opening a company in the United Arab Emirates that operates in the IT industry is one of the most profitable business ideas. Excellent prospects for building a successful business in this field are created by the following:
- Government support for the development of the IT sector.
- The presence of special free zones (Dubai Internet City and Dubai Media City) with world-class infrastructure and without taxes.
- Accessibility of grants and investments.
- Increased demand for IT company services associated with digitizing all business sectors.
The most promising business idea in Dubai in 2024 is establishing an IT company specializing in the following:
- Providing services in digital technologies for enterprises and firms operating in the hotel industry, trade, healthcare, insurance, banking, logistics, and other sectors.
- Developing software and solutions in cybersecurity and artificial intelligence.
- Selling equipment for IT systems.
- Digital marketing.
An emerging prospect of business in Dubai in 2024 lies within the healthcare sector:
- Supplying high-tech innovative medical equipment.
- Manufacturing pharmaceutical products. According to the Industrial Strategy adopted by the emirate’s government until 2030, this sector is among the six priority sub-sectors, receiving special attention for its development.
- Providing medical services.
- Health tourism.
Registering a company to work in the healthcare and pharmaceutical industry is possible in the special economic zone JAFZA in Dubai. The government of this zone has signed a relevant memorandum with the UAE Ministry of Health and Prevention.
In recent years, the real estate market in the United Arab Emirates has been experiencing steady growth. By 2026, this market is expected to grow by 12.3%. Profitable types of Real Estate business in the UAE in 2024 should include not only buying and selling various kinds of properties or leasing them but also registering companies engaged in the following:
- Construction of residential and commercial real estate.
- Real estate development activities.
- Designing the building and architectural aspects.
- Developing interior designs.
- Managing constructed properties.
The Dubai real estate market offers the most significant potential and best opportunities, with high demand for commercial and residential properties.
The logistics sector is currently one of the most developing in the economy of the United Arab Emirates. It shows a trend of annual growth, which allows, with the right approach, to create the most profitable business in Dubai in 2024 in this field. Registering a logistics company will be advantageous in any of the 7 emirates, considering the country’s location at the crossroads of transport routes connecting the UAE with European, Asian, and African countries. However, Dubai is the most promising for business in logistics, given its central location, economic diversity, and well-developed transport and logistics infrastructure.
You can choose any activity for your company:
- Chartering of vessels.
- International and domestic transportation, including dangerous goods.
- Customs clearance and cargo insurance.
- Operation of warehouses and logistics complexes, distribution of goods.
- Freight forwarding.
- Providing consulting services in the field of logistics.
The trading business in the Emirates will remain among the most profitable in 2024. This is supported by the high standard of living of UAE citizens and the increased number of well-off expatriates and tourists, leading to a steady consumer demand for various goods. There are also excellent opportunities for international trade due to the absence of customs barriers and free trade agreements made by the government with many countries worldwide.
Among the promising business ideas in Dubai and the UAE in 2024, one can also consider providing tourism services, conducting investment and financial activities, or manufacturing textile products, clothing, footwear, accessories, food, and beverages.
Our article is purely informational and should not be considered legal advice. If you seek guidance regarding opening a business in the UAE, please contact the professionals at Dynasty Business Adviser for expert assistance.