Dubai has seen non-oil exports amounting to AED 339 billion in the first quarter of 2019, marking a 7% increase over the same period last year. One thing is clear – Dubai is a place where businesses can thrive.
Located at the crossroads of East and West, Dubai allows entrepreneurs the opportunity to easily trade with the wider world. This potential is well-supported by the government’s efforts to maintain excellent infrastructure, business stability and overall economic prosperity in the city. All together, these elements create a healthy environment where businesses can grow and expand.
Here’s a few tips on how your business can also achieve substantial growth in Dubai.
Open a branch in mainland Dubai
Many startups in the UAE has company setup in Dubai free zone due to the attractive and cost-effective incentives. While this helps in controlling expenditures in the initial phase of the business, ambitious entrepreneurs will eventually be frustrated by the limitations of a free zone license. Free zone company setup means you can only conduct businesses within certain areas or a set proximity radius and are also restricted in the type of industries with which they can engage.
Fortunately, when business owners are ready to expand their company’s local presence, they can opt to open a branch in mainland Dubai. This will give them unlimited freedom to trade throughout the emirates and find more customers.
Bid for government contracts
When businesses expand to mainland Dubai, they also become eligible to bid for profitable government tenders. The Dubai government is currently reserving 5% of all its capital projects, worth an estimated AED 400 million, for small- to medium-sized businesses. This can substantially increase a startup’s earnings, empowering it to elevate its business potential to the next level.
Diversify your product offering
By introducing products that complement its existing offerings, a startup can tap into new markets while maintaining its brand identity. This allows a business to develop multiple income streams and compensate for seasonal downswings.
Expand your clientele beyond Dubai
It would be amiss for young businesses not to capitalise on Dubai’s strategic location and sophisticated logistics industry. With the government heavily investing in aviation, seaports and road and rail networks, the local transport industry is extremely robust. This gives businesses in Dubai an edge over regional competitors.
Once a startup has successfully launched its products in the local market, it should look to export to other parts of the Middle East and Africa, as a means of expanding business.
Do you want to discuss your business plan with an expert? Our consultants at Decisive Zone can help plan your growth strategy.
Contact us now for more information.