The UAE is packed full of opportunities for business development and growth.
For years now, the region has strengthened its position as a hub of innovation, inspiration, and opportunity. Entrepreneurship is the cornerstone of the UAE’s economic success, so it’s little wonder that the location continues to deliver new and better ways for innovators to thrive.
Unlike other locations, the United Arab Emirates has 22 free zones, and non-UAE nationals can own up to 100% of the shares of a company in these environments. This makes Dubai one of the most popular regions globally for pioneers in search of new opportunities and consistent growth.
Free trade zones allow for quick registration of new businesses, advanced logistical support, and excellent opportunities for rapid growth.
Let’s explore some of the things that make the UAE so attractive to new enterprises.
A Supportive Landscape for Entrepreneurs
One of the things that make the UAE so compelling as an entrepreneurial environment is the tax climate. There are no social security charges to worry about, no corporate taxation, personal income taxation, or value-added tax. The UAE is also home to free trade, with minimal import duties, free immigration for anyone willing to contribute to the economy, and a strong local currency.
You don’t have to be born here to build a profitable company. The UAE is one of the most diverse locations in the world.
Today, the United Arab Emirates is the leading US export market in the MEA region, and it’s been in that position for over 11 years. Over 1,500 American companies now use the UAE as a hub for business throughout the Middle East, South Asia, and Africa. Around 85% of the UAE’s 9.8 million residents are expatriates.
National and emirate-level government groups throughout the UAE constantly invest in economic growth and diversification. Because the location has around $1.3 trillion in wealth funds and oil reserves, there are plenty of resources to help companies thrive.
Numerous grants and funds are available for companies depending on their industry of choice and various other factors. What’s more, Dubai is home to many excellent learning opportunities, from amazing industry forums to great universities.
Innovation is the Heart of the UAE
The UAE is home to some of the most incredible trading events and exhibitions globally, from the Arab Health show to annual world conferences for Pharmaceutical and medical technology pioneers. What’s more, entire communities are built specifically for encouraging various kinds of innovation – particularly in the technology and health sectors.
Dubai Science Park, for instance, is home to over 350 companies, from SMEs to multinational corporations, all specialising in crucial industries like biotechnology, life sciences, pharmaceuticals, and medicine. The park is also the first free zone to serve the entire value chain in the science sector.
Elsewhere, the Dubai Chamber (a semi-government organisation) offers extensive support to anyone hoping to establish a business in any industry. The entrepreneur arm of the organisation, the Dubai Start-Up Hub, helped more than 2,000 entrepreneurs launch their companies in 2020 alone.
In the first quarter of 2021, Dubai’s economy issued more than 15,000 new licenses – a growth of around 19% compared to the same period in 2020.
The government in the UAE is constantly working on attracting investors and investing in infrastructure, which is why the region is one of the fastest-growing and more innovative in the world. Though the pandemic has caused some disturbance in the overall growth trajectory of the area, the UAE is still on track to become the world’s innovation capital.
Inclusivity for All Entrepreneurs
The growing UAE economy is a hub of support for all would-be business owners, no matter where they might come from. Unlike other regions worldwide, the location is one of the world’s most compelling picks for equality, inclusion, and diversity.
The UAE even supports greater gender quality than anywhere else in the space and offers a host of government resources to female-owned companies. Female owners of pharma and medical device companies can access a host of government initiatives, including female-only packages for setting up a business in one of the UAE’s many free zones. Women make up around 70% of the university graduates in the UAE and 44% of the workforce.
As a critical connection point between the West and East, Dubai offers fantastic access to the rest of the world, contributing to the city’s diverse population. Though formerly dependent on oil, the product now forms less than 1% of the GDP for the city, thanks to the continuing investment in start-ups and entrepreneurs.
Locations like Dubai in the UAE are committed not just to increasing the number of start-ups but also to nurturing and supporting those businesses with extensive funding and help.
Dubai represents a hub of financial, educational, and community-driven support for anyone interested in starting a business, particularly in the medical and pharmaceutical devices industry.
What Next?
If you are looking for your next health care role or want to build your talent pipeline and want our help, contact our team on +971 (0)4 442 0921 or via email here to find out more about how our expert team of recruiters can enhance your medical device business starting today.
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How Kinetic Can Help
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If you need help sourcing the best candidates for your pharmaceutical or medical device organisation who will help drive your business forward this year, contact us today.