UAE's Soaring Economic Momentum: A Global Hub in Action

For Western business owners considering expanding their horizons, the United Arab Emirates (UAE), particularly Dubai, presents an irresistible proposition. Abdullah bin Touq Al Marri, Minister of Economy, is quick to highlight the compelling reasons for business owners to relocate their operations to Dubai.

Speaking on the closing day of GITEX Global 2023, Bin Touq underlined Dubai's status as a global economic hub and its appeal for entrepreneurs seeking tax benefits and other advantages.

GITEX Global: Unveiling Dubai's Potential

In its 43rd edition, GITEX brought together over 6,000 exhibitors and 180,000 tech executives from 180 nations, along with more than 800 government entities from the Middle East, Africa, and South Asia, spanning over 2.7 million square feet.

For over 43 years, GITEX Global has provided a platform for technology companies and decision-makers to showcase innovations across pivotal economic sectors. It fosters public-private partnerships in technology, the digital economy, and artificial intelligence, creating an ecosystem that appeals to forward-thinking business owners.

Bin Touq emphasised the pivotal role played by such international gatherings in the UAE, highlighting how they provide an ideal environment for business owners to network, explore opportunities, and showcase their products and services.

Dubai's Economic Strength and Tax Benefits

Bin Touq went on to explain that preliminary estimates for the UAE's GDP in 2022 reaffirm its robust economic performance, surpassing growth rate expectations. The UAE's GDP reached AED1.62 trillion at constant prices in 2022, reflecting a positive growth of 7.9 percent. At current prices, it totalled AED1.86 trillion, marking an impressive increase of over AED337 billion compared to 2021, a growth of 22.1 percent.

For business owners, one of the most compelling aspects is Dubai's tax-friendly environment. In terms of foreign direct investment (FDI), the UAE achieved its highest-ever FDI inflow in 2022, reaching AED84 billion ($23 billion), a 10 percent increase from 2021. This achievement propelled the UAE to 16th place in global FDI rankings, climbing six spots from the previous year. Notably, the UAE ranked first regionally in attracting FDI inflows.

Bin Touq added, “The United Arab Emirates has nurtured an economic, legislative, and social environment conducive to business and investment. This is evident in the thriving economy, increased business opportunities, and the strong performance of the private sector. The UAE has cemented its status as an ideal destination for business owners seeking tax advantages and a favourable business environment."

Global Business Events in Dubai

The UAE hosts a plethora of prestigious global events, each playing a significant role in bolstering the country's reputation as a business hub. Business owners relocating to Dubai can benefit from these events. They include:

UNCTAD Forum Abu Dhabi: Abu Dhabi hosts the UNCTAD World Investment Forum, bringing together over 7,000 investment stakeholders from 160 countries. The 8th edition drew more than 9,000 government officials, decision-makers, business leaders, and investors, providing an ideal platform for business owners to explore investment opportunities.

Dubai Airshow: Featuring over 1,400 exhibitors from 95 countries, the Dubai Airshow serves as a global platform for industry leaders and innovators to discuss future trends and opportunities. Business owners can engage with aviation stakeholders, identify partnerships, and witness the pivotal role of startups in the sector.

Investopia: Abu Dhabi hosted the second edition of Investopia, a global investment platform launched by the UAE Government in 2021. The event brought together over 2,000 investors, government officials, thought leaders, and entrepreneurs from over 40 countries. Business owners can attend sessions and roundtables to gain insights into investment strategies.

COP28: The UAE will host COP28 from November 30 to December 12, in Expo Dubai, welcoming over 140 heads of state, senior government leaders, 80,000 participants, and more than 5,000 media professionals. Business owners can participate in discussions on sustainability and global challenges, aligning their operations with these crucial themes.

Future Vision for Business Owners

For business owners considering relocating their operations to Dubai, the UAE's future-oriented approach, comprehensive economic strategies, and tax-friendly environment present a compelling vision. Dubai stands as an attractive investment and trade hub, fostering international trade relations and demonstrating robust competitiveness at regional and global levels.

Business owners from the West looking to benefit from tax advantages and a dynamic business ecosystem will find Dubai a welcoming destination, offering opportunities to expand and thrive in a vibrant global business landscape.

If you're planning or thinking about moving your operations to Dubai, get in touch and let's talk about how to make that happen.

gareth@dubaistartbusiness.com