One of the best places to start a business or expand an existing one is without a doubt the United Arab Emirates (UAE). Rapid economic growth has sparked the active development of several industries across the board. Throughout the United Arab Emirates, each emirate has launched pro-business initiatives to help start-ups and entrepreneurs thrive in their endeavours. Business hub Dubai has existed for a long time, and Sharjah, which is directly connected to it, has a lot of potential, as well. Abu Dhabi's and Ras al Khaimah's opulent commercial grounds are presently expanding faster as a result of government efforts.
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Business Overview
In the United Arab Emirates, Abu Dhabi is gradually becoming the fastest-growing Emirate. The government's aim has always been to create a healthy economy that looks to the future, with each enterprise thriving in its own field.
During the previous few decades, Abu Dhabi has experienced rapid expansion, and it has established itself as a global industrial centre. Start your business in Abu Dhabi by exploring some of the most booming industries in Abu Dhabi that offer great opportunity and possible profits in the near future if done correctly. Understand the necessity of setting up a corporation in Abu Dhabi before you do anything else!
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Why should you start a business in Abu Dhabi instead of elsewhere?
Since oil accounts for 90% of UAE oil output, 10% of global oil investments and 5% of natural gas reserves, Abu Dhabi is the wealthiest Emirate in the world. Over the years, Abu Dhabi has been known as a significant foreign investment attraction due to its stable economy and riches as well as various other factors, which can be stated as follows:
· Diversification of the economy infrastructure based on the latest technologies
· Transportation system that uses multiple modes
· Exceptionally developed economic zones
· Free zones
· Low cost of labour
· Member of the WTO and the Gulf Cooperation Council
· Asia, Europe, and Africa are all within reach.
· Ownership by a third party
· Services financiers
· Profits are exempt from taxation.
· Investing more than US$136 billion in future projects by Abu Dhabi
· Stability in the economy, politics, and society.
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Abu Dhabi's Booming Business Sectors
In Abu Dhabi, a variety of industries are competing to be the best. Abu Dhabi's booming business industries are listed below.
1. Real estate and construction
Construction, is the cornerstone of the UAE's economic diversification policy, and Abu Dhabi has been a key factor in the country's success. Seven percent growth in the second quarter and seven percent growth in the third quarter of 2017 were the fastest rates since the financial crisis. UAE's building sector is estimated at $US805 billion, according to MEED Projects.
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2. Healthcare
Health care in the United Arab Emirates is provided by a government-funded system and a fast-developing private sector. Abu Dhabi's healthcare system is governed by both the federal government and the emirate. By providing incentives to established business startups in the Emirate, Abu Dhabi follows Dubai's lead in improving healthcare.
3. Textile
International trade in textiles contributes to economic prosperity in countries across the world. Because of the UAE's privileged geographic location, it has emerged as one of the world's most important re-export destinations for other GCC countries, attracting many investors from around the world. Its textile industry is one of the largest in the world, and it is only second to oil in terms of revenue and employment.
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4. Chemical Industry
The UAE chemical industry contributes 52 percent of manufacturing income, the most of any GCC country. Dubai in the United Arab Emirates New data from the Gulf Petrochemical and Chemicals Association (GPCA) has emphasised the importance of the chemical industry in diversifying the regional economy and boosting non-oil economic growth in the region.
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5. Food Manufacturing or Processing
The food processing industry already accounts for approximately 10% of the Emirate's industrial production. In 2016, local food consumption is predicted to surpass Dh35 billion, creating favourable conditions for industry expansion in the future.
As a result of recent investments in modern manufacturing technology, packaging and distribution capacities, food exports to regional and global markets have also expanded quickly, reaching more than Dh11 billion in 2017. More than 160 markets are now served by food vendors.
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