Globally, different areas experience varying types of urbanization and business growth. Statistically, around 87.3% of UAE residents belong to cities and urban areas in 2021, with advancements in different industries. The area also attracts a wide range of ex-pats due to the huge population and business prospects.
Since the country is viable for business development and prosperity, many entrepreneurs have decided to start their companies in this region. In areas like Dubai, the opportunities are immense, funding is high, and the competitive market is ever-evolving. Statistically, 80% of smaller businesses manage to survive in the first year since establishment. One of the key reasons is that they have a proper set plan in place.
Here are some of the best and most on-demand successful business ideas you can consider if you plan to develop a business in the UAE.
What is the market like in UAE for Businesses?
Before discussing the potential ideas for businesses, one question comes up commonly. Why is it useful to set up a startup in the cities within the UAE?
Note, the region has a growing economy and is one of the top industrial hubs worldwide. The location is suitable for connecting to different areas, and with proper business acumen, it is possible to earn high profits in the market.
Some emirates club together into UAE, each with strong business setup potential.
The city is the UAE’s financial capital and the epicenter of many different affluent industries, like financial services, tourism, trade, and real estate. So, bigger companies establish in the emirate for high profitability expectations. Plus, there are more than 30 Free Zones within this area with benefits related to property ownership and tax exemptions.
The UAE capital has a rich landscape and is suitable for growing in the real estate industry. Other major industries here are tourism and industrial development.
The emirate works well for smaller businesses just starting out since the operating costs are not overly high. Sharjah is still expanding, so establishing a base here early is beneficial.
It is near the Arabian Gulf, making it a good choice for entrepreneurs needing consistent import/export services. It is close to two international airports and four ports and has strong retail and manufacturing industries.
Umm Al Quwain
Umm Al Quwain is still developing, which works well for startups with minimum resources. Plus, it is close to major cities with international access points like airports.
This major city is a large emirate in the UAE, which is suitable for import/export services. This is because of the availability of an airport and seaport in Fujairah, with its position at the edge of the Arabian Gulf.
Ras Al Khaimah
Another top emirate business establishment in the UAE is Ras Al Khaimah. It has Free Zones that are close to other countries like India and China.
Top ideas for businesses in UAE
There are different types of industries or markets that are potentially profitable for new business owners. For additional growth opportunities, hire developers from a top mobile app development company in UAE to create a personalized application for your company. Statistically, 10.11% of the popular apps in the Apple App Store are business-based.
The following are some options for startup businesses you can establish in the UAE for improved profitability.
The residents and visitors in the UAE region typically have strong purchasing power and a lot of disposable income. Therefore, people dine in restaurants frequently, and you can get quicker growth rates with such a business.
Develop a restaurant or café, and even consider investing in mobile food trucks.
On-demand food delivery from home
One of the main problem areas for startups that can lead to failure is a lack of funding. Statistically, most new businesses need around USD 10,000-125,000 of just equipment for setting up, besides other costs.
One cost-effective idea here is to use the services of On-demand app development companies in the UAE to create a food delivery app. Instead of setting up a restaurant business, you can carry out your services from home. Using the app, customers can order home-cooked food that is healthy and affordable.
In the UAE, a considerably high portion of the population has a lot of money, and Free Zones are available with easier property ownership advancements. So, many people have disposable income to invest in real estate and need professional help with maintaining the property.
Establishing a property management company will bring rich clients like these.
E-commerce solutions and apps
One of the most useful ideas for establishing a business in the UAE market is focusing on e-commerce. Hire capable developers to handle your company’s best business app development work. These professionals can develop a user-friendly and appealing e-store, allowing you to create a bigger online audience.
The land of UAE has many emirates that attract a lot of tourism from global areas. Companies from other countries invest in the oil mining, trade, and business industries in the region. Since the places notice a high influx of business teams from other countries, the tourism industry also benefits.
Plus, in areas that do not have access to oil mining resources, the business owners entirely focus on travel and tourism as the main source. So, you will have good growth opportunities if you establish this type of business in the UAE since the demand is high.
The UAE records a higher life expectancy, increased birth rates, and more noncommunicable disease count from a healthcare perspective. Plus, the healthcare service workforce in the region is not strong either. The penetration rates for insurance are low as well.
So, companies invest in the health sector in the region, so new startups entering this sector can benefit well.
Since there is a noticeable growth in the number of companies establishing the UAE, businesses require consulting services. Many of these establishments are still in the incubation period and do not have high knowledge of the market. So, they require professional support for advice on resource and business management.
Since the companies outsource their strategization needs to external consultants, you can expect a wide client base in the UAE if you start a consulting service.
Beauty store or brand
The consumer base in the UAE is highly interested in the beauty industry and do invest in such products. Many emirates have establishments catering to highly affluent people and visitors for a luxurious experience. Thus, the beauty products in these marketplaces do get a lot of sales.
The jewelry industry in the UAE is also substantial, with companies catering to relatively wealthy clientele in the cities. In fact, the region is one of the biggest sources of jewelry products globally. Statistically, this market value of the jewelry and gems industry in the UAE is expected to have a 6.53% of CAGR by 2027.
Tourists spend money on jewelry from the emirates since the costs seem lesser in the region compared to other countries. Therefore, you can expect high profits if you open a jewelry business.
Childcare service company
Many of the residents in the UAE cities are both working and require personal assistance for their child’s care. So, opening a daycare service center will bring you a respectable number of clients.
New entrepreneurs can develop different business types to grow organically and prosperously in the UAE. Take the help of app development services to create an online brand presence as well. Therefore, you can expect a higher growth rate for your business.
Also Read: Types Of Mobility Aids Including Their Uses.