UAE And MENASA – The Growing Markets You Must Be A Part Of
With companies considering expansion opportunities and overseas ventures in the UAE and the MENASA (Middle East, North Africa, and South Asia) region, the Expo 2020 Dubai is promising to offer many avenues for growth. Read more to know-how.
World Bank data confirms that the GDP of the UAE has grown from US$104 billion in 2000 to US$421 by the end of 2019. It means UAE’s economy has grown four times during the past 20 years accounting for the world’s highest per capita income at US$43,470. Also, as per the World Bank report, the UAE ranks 16th among 190 countries for “Ease of Doing Business”, and continues to enjoy the highest rank in the Middle East and Arab region.
To fathom the abundance of trade opportunities, let’s try to understand Dubai’s rapidly emerging and expanding market, and the association with the MENASA market that undoubtedly gives it an edge over all else.
Dubai’s Market and Connection with MENASA
The most well-known of the seven emirates, Dubai’s reputation for entrepreneurial innovation has made it one of the top business destinations in the world. A large open market, its rapid expansion, and attractive tax incentives have cemented its place as an economic centre.
As per a STARTUP Overseas report, 88 per cent of UK investors chose Dubai over the other emirates in 2020, as British goods and services are held in high regard in Dubai. Despite the downturn due to the COVID-19 pandemic, many infrastructural opportunities are being explored.
The Expo 2020 is creating scope for manufacturing, construction, travel and tourism, and transportation and logistics sectors. The emirate is also keen on improving education, training, and consultancy.
In 2017, the UN (United Nations) selected Dubai as the data hub for the MENASA region. Ushering in an era of smart technology, it was an integrated initiative to mine and manage the city’s information across borders. The purposes included engaging business stakeholders, assessing local and regional portfolios, generating analytics, and accelerating progress.
Progress With Sustainability, Mobility, and Opportunity
The theme of Expo 2020 Dubai is Connecting Minds, Creating the Future. It stands on the three subthemes of Sustainability, Mobility, and Opportunity. These principles are the need of the hour, for a secure future for the generations to follow.
Sustainability will be achieved by respecting our resources and living in harmony with the earth we inhabit. Mobility will be realized by creating a dynamic society for physical and virtual movements alike. And, Opportunity will be attained by focusing on an individual’s and a company’s potential to shape the future.
Futuristics Goals of New Business Areas and Foreign Investment
As the UAE tries to decrease reliance on oil revenues, non-oil business sectors are becoming increasingly popular. Creative industries like new media and publishing are playing a major role as well. As a result, the demand for skill training and investment in the emirates has increased.
The IT sector is gaining ground with computing services, technical education, and British consultancy in demand. The financial services sector is also becoming popular. A promising financial market coupled with various tax relaxations presents itself as attractive facilities. Also, Dubai offers a 100 percent repatriation of capital and profits.
Under the strategic Vision 2021, the Government of UAE has passed a new Companies Law wherein it intends to favour Foreign Direct Investment (FDI). Foreign investors can hold 100 per cent of a company’s shares in free zones. The regulatory and legal framework of the governing body will support national investors as well.
Long-Term Solutions and Innovative Prospects
The themes of the country pavilions at Expo 2020 Dubai will revolve around building sustainable solutions that focus on development as well as ecological balance. The various initiatives will lend themselves to advancing innovation and technology without compromising on conserving the rich Gulf tradition, propagating the diverse Arab culture, preserving the heritage, and leaving a legacy behind.