The start of year 2017 has been great in so many aspects for the Middle East region. The oil prices which were fluctuating and affecting the economy are now sustainable. Various projects have been announced by the government of Dubai including hyper loop and retail developers project, which consists of malls in Abu Dhabi and Dubai worth the investment of $4 Billion. Now that the most awaited Expo 2020 is nearby, the project of hyper loop is establishing excitement among entrepreneurs and SMEs in the UAE.
The growth of non-oil sector has already hit 3.3 percent this year as compare to the previous consolidated fiscal. The investment due to Expo 2022 and stronger global trade has affected in a positive manner on lowering the price of natural resources.
The realities of new oil market have changed and it is high time to adjust with them. The well diversified economy and various financial buffers are paving the road for new investment. The GDP is expected to improve upto 2.4 percent due to firm market and in-line oil sector.
Recent fiscal will stabilized the budget overall.
How Starting a New Business in Dubai Will be a Good Idea
There are various people who are not willing to bind into corporate environment, doing 9 to 6 job. The requirements of being an entrepreneur are more than that and you have to spend more time than normal working hours. But you can choose your field of choice and it is extensive in Dubai to start a new business. The upcoming Expo, increased tourism and stable oil sector can boost the company better this year.
How Oil-Sector Stability is Benefiting New Business in Dubai
The UAE has put its focus on diversifying the whole economy and shift it from oil to business and industrial sector that can flourish its human capital. That is the reason why the government has created many flexible laws and fueling economic growth for the creation of new jobs. They are getting ready for the day when the last barrel of oil pump will be extracted from the land of Emirates. Providing unlimited opportunities in various sectors is the reason you should start a new business in Dubai. As the oil price fluctuate in the international market, the GDP of UAE affects more than any other country as they are still one of the major suppliers in this world. Now that the prices are getting stable and promoting the overall economy, you can think about setting our own company in this multi-cultural region.