A decade ago, UAE was only famous as the oil hub in the eyes of the world. But now, circumstances have changed. Moving past these pandemic-stricken days, UAE is still a renowned spot for tourist attractions. It comes on as the fastest growing and developed city or community on the world map.
Irrespective of the ongoing situation and changes, UAE has strictly managed its spotlight for the tourist, and its facilities are no less than excellent. UAE’s drastic growth was only possible with the firm decision of the officials and other personnel’s investment in infrastructure, tourism, and business scopes. As such, it has now become a global business center with ample opportunities for many interested people.
UAE has already paved its way towards future growth through fantastic developments. As an ultra-modern city, the Dubai government has also been mandated to make billions of investments in the private and public sectors. This decision has immensely propelled up the growth opportunities regionally as well as nationally.
The development process for the future growth of the UAE is unspeakably always a step ahead of the rest of the developing nations. We all know that UAE has some very consistent and precise government laws that every Emirati is supposed to abide by. For instance, every car owner is responsible for getting car insurance and strictly follow the traffic rules. If you are seen driving a car with no insurance, you are bound to be penalized.
Another unique attribute of the UAE that indicates a bright future is that it cares about its citizens. There followed up a rule that every employer should give their employees’ health insurance policies limited to their salary amount. The UAE government and its communities openly welcome foreign people to explore their career scopes and start their businesses on UAE soil. If you start your business there, it is advised to incorporate suitable HRM software in UAE as you have to submit all your business and employee details to the respective government. The technology developments are also substantial, so you do not have to suffer much hassle.
Although the Covid 19 pandemic has brought a crisis to every industry and business sector worldwide, UAE has now gradually but firmly established its domain again. They managed to surpass the immediate Covid 19 impact and set up its business layout firmly by pulling in foreign businesses.
As per the National Economic Register, 2020, UAE has about 3.5% foreign companies operating in its region.
Now, you might wonder how even with the ongoing crisis, UAE has managed to attract such a number of foreign firms? Due to the UAE government’s mandate in November 2020, this outcome was possible that foreign commercial companies can now obtain their ownership for the business. To put it simply, UAE allowed the company’s foreign shareholders to take on full ownership of shares available. This decision is one of the most surprising business leaps regarding the stakeholders of foreign nationals. Because initially, ex-pats were not allowed to take on more than 50% of the company shares. Overall, this enabled the UAE government to take a massive step toward a bright future business sector.
The announcement mentioned above has enticed foreign companies to open their business in the UAE, which would lead to a rise in the number of foreign establishments in the coming years. Influential business leaders of the UAE also believe that investments by high net worth foreign individuals in the UAE companies will eventually relocate many outside companies.
In regards to the Covid 19 pandemic, UAE has also recorded the highest per-capita testing rate globally. It also stands second to the world per-capita vaccinations. So, you see, the UAE government has prepped up its path to come off strongly in the future.
Scopes in business development are all complemented by the other sectors, be it tourism, medical, or infrastructure. When one sector attains growth, other sectors automatically get a boost.
Another recent significant initiative of Dubai is the release of a virtual visa scheme. This scheme gives a virtual company license to the interested entrepreneurs to start their business in digital mode in the country. The launch of this scheme has tweaked many upcoming entrepreneurs to do digital business if they cannot open a physical firm in UAE for any reason. If this scheme is successful, you might be able to see a significant change in the financial business graph of the UAE. An additional retirement program is also launched for foreigners and ex-pats over 55 years of age.
UAE has shown that it did not cower or stop its planning process for future developments even after getting a big hit due to the pandemic. It has instead released new regulations and schemes that would successfully reward the region in the future.