How will the wise investor and entrepreneur approach 2024?
In the dynamic landscape of global business, 2024 holds real opportunities for the discerning investor and visionary entrepreneur. But what are the major global trends, and how do those look from a GCC perspective?
When we think about next year – or even the year after that – what we’re doing is trying to understand what the future may hold, based on what we know today. And that’s something startup founders and investors alike consider on a daily basis. As Alexander Limpert, CEO and co-founder of GuestReady, says: ‘An effective leader must envision the start-up’s future and articulate a captivating mission’.
So, let’s take a look at what 2024 might hold, starting with global business trends, then narrowing down to the GCC region, before examining the key opportunities for entrepreneurs and investors in the UAE next year.
Global business trends
Technological advances, geopolitical shifts, changing consumer behaviours. In 2024, the industries that will flourish will be those driving these changes, and the businesses becoming part of that change or adapting to it quickly.
Let’s break this down in more detail:
The GCC and UAE perspective
Let’s look at the 2024 economic outlook for the GCC region as a whole and the UAE in particular.
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According to the World Bank, the GCC region is projected to grow by 1% in 2023 before rising to 3.6% next year and 3.7 % in 2025. The non-oil sector is positioned to propel economic growth, due to expansion in tourism, government initiatives, and technological advancements. There is also an anticipated rise in the number of new job openings in the GCC during the fourth quarter of this year, with companies gearing up to further expand their teams for 2024.
When we look at the UAE specifically, the IMF has recently reported that the economy is sustaining its growth trajectory, due to domestic activity. Non-hydrocarbon GDP growth surpassed 4% this year, and it is likely to maintain a similar pace next year. In line with what we’re seeing in the GCC as a whole, this is propelled by the flourishing sectors of tourism, construction, and real estate. Entrepreneurs aspiring to launch their ventures in 2024 should consider these industries, aligning their plans with both global and local trends. Likewise, investors seeking profitable avenues should diversify their portfolios while keeping a watchful eye on the burgeoning sectors.
UAE opportunities 2024
The UAE has put together a number of key initiatives to foster economic diversification which are laying the groundwork for an even stronger future. The ‘We are the Emirates 2031’ programme and the Dubai Economic Agenda D33 are just two of the key initiatives aimed at driving growth, trade and foreign investment. Other programmes, such as the National Tourism Strategy, also help set the stage for increased diversification.
As an investment and business destination, measures such as visa programmes, granting 100% foreign ownership of companies, as well as further refining the ease-of-doing-business all play key roles. With the country very much back on track post-pandemic, visitor numbers are likely to increase as the country’s travel and tourism sectors grow.
So, with this in mind, let’s look at the specific areas entrepreneurs and investors in the UAE should be focusing on:
Conclusion
Next year presents multiple possibilities for the investor and entrepreneur. By understanding global business trends, aligning with the unique opportunities in the GCC region, and maintaining a forward-thinking approach, the evolving landscape can be navigated with confidence and success.