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Emerging Industries for New Businesses in the UAE Market in 2024

With its dynamic economy and strategic location, the UAE market serves as a lucrative hub for innovators and entrepreneurs worldwide.


The UAE market has traditionally been synonymous with its dominant oil and gas industry. However, in recent years, there has been a notable pivot towards diversification. The UAE government has embarked on a proactive strategy to cultivate emerging industries, aiming to diminish reliance on the oil sector and stimulate broader economic expansion. Let's explore some of the sectors poised to flourish in the UAE market throughout 2024.


Hospitality


With the spotlight shining brightly on the hospitality sector as a hot new industry, the city is now attracting several Michelin Star restaurants. The number of international visitors is continuously increasing, and the government has been actively investing in infrastructure to support this sector's growth.


Over the last year, we at Open Hub have successfully inaugurated the growth of multiple Michelin-star restaurants in prime locations across Dubai. Nathan Gatland, Managing Director, emphasises, "Dubai's allure for these businesses lies in its dynamic and thriving market. The city serves as a global crossroads, offering a unique blend of diverse cultures and a luxury cosmopolitan lifestyle. Its strategic location, coupled with a burgeoning economy, makes Dubai an enticing destination for brands seeking international prominence."


This sentiment aligns with the recent revelation by His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, who disclosed that 6,478 new Food and Beverage (F&B) companies joined the Dubai Chamber of Commerce in 2023, representing year-over-year growth of 19.4%


E-commerce


eCommerce in Dubai and the UAE has seen significant growth recently. This growth is driven by the region's booming digital economy and a young, tech-savvy population. The UAE's e-commerce revenue is projected to grow at an annual rate of 8.6% from 2023 to 2027, outpacing many European countries.


With the rising global popularity of e-commerce, increasing technical capabilities, and strong government support in the UAE, e-commerce ventures are set to flourish in the region. This presents a golden opportunity for aspiring entrepreneurs looking to launch their own e-commerce businesses in the UAE. 


Green Energy


With a growing emphasis on sustainability and environmental stewardship, the demand for green energy companies is poised for substantial expansion in Dubai and the UAE. Notably, the region boasts a roster of established renewable energy enterprises, including industry leaders like Masdar and Adenium Energy Capital. Moreover, there's a palpable momentum toward augmenting the adoption of clean energy solutions.


This shift towards sustainability is further reflected in the choice of office locations for where businesses are choosing to setup, where many Grade A buildings now mandate LEED certification and sustainable practices. The Dubai Clean Energy Strategy 2050 stands as a pivotal initiative aimed at positioning Dubai as a global epicenter for clean energy and sustainable technologies. This ambitious strategy not only underscores the commitment to environmental preservation but also presents a number of opportunities for businesses specialising in solar, wind, and other renewable energy sources to thrive and contribute to the region's sustainable future.


Tourism


Dubai is renowned as a top tourist destination, celebrated for its luxurious shopping experiences, world-class attractions, and vibrant cultural offerings. In 2023, the city experienced a significant surge in tourism, welcoming 17.15 million overnight visitors from January to December, representing a remarkable 19% increase over the previous year.


This upward trajectory is anticipated to persist, buoyed by the UAE government's substantial investments in tourism infrastructure and initiatives. Additionally, Dubai's strategic geographical location as a pivotal hub between East and West, complemented by its modern transportation facilities like Dubai International Airport, further enhances its allure to global travelers.


Healthcare


Dubai's healthcare industry has seen significant growth in recent years, with the government investing in top-quality facilities and establishing itself as a leading medical tourism destination. The city is home to world-renowned hospitals, and offers advanced treatments in various fields, including cardiology, oncology, and neurology. As the region continues attracting a diverse population of expats, the demand for quality healthcare services will only grow.


Artificial Intelligence


The UAE has been at the forefront of embracing emerging technologies such as artificial intelligence (AI). As per the UAE National AI Strategy for 2031, the goal is to increase the digital economy's contribution to the non-oil GDP from 11.7% to more than 20% in the next decade. The UAE's National Artificial Intelligence Strategy 2031 targets establishing the UAE as a world leader in AI by 2031. It aims to create a cohesive AI system for key sectors in the country. With significant investments in AI research and development, the UAE is set to become a global hub for innovation and technology.


As published online by Gulf Business.



Open Hub Dubai Office


Contact Open Hub for Business Setup in UAE


Open Hub, operating under the prestigious umbrella of the BetterHomes Group, offers complete support for entrepreneurs and SMEs aiming to establish or expand their businesses within Dubai and beyond. We are a highly reputable and professional consultancy, dedicated to guiding both local and international entrepreneurs through the intricate process of company formation in the UAE.


With years of accumulated experience and an unmatched market understanding, Open Hub provides comprehensive A-Z solutions for company formation. Our commitment doesn't end with the initial setup; we continue to support our client's growth by offering a wide range of corporate services, reflecting our dedication to fostering a vibrant and thriving business ecosystem in the region. For further details, please contact us at:


Phone: +971 4 409 0994

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