KEY TAKEAWAYS
- Special economic zones will be designed to attract specific types of foreign investment, such as technology, manufacturing, and financial services
- More investment likely in real estate, e-commerce, logistics and transportation, hospitality, and tourism sectors
- Business-friendly policies, a stable economy, favorable tax policies, and strategic location are some of the key factors that attract global investors to the UAE
- The new policies and regulations will make it even easier for foreign companies to set up and operate in the country
- The UAE remains an attractive destination for foreign investment in the years to come
Dubai (January 24, 2023) The UAE looks set to attract more foreign investment this year as the government has introduced various measures for ease of doing business to facilitate global investors to relocate their businesses into the country.
Rising inquiries about new visa options offered by the government to set up a business in the UAE indicate that the emirate will attract more high net worth individuals and millionaires this year, according to a business consultancy.
Business Link, a UAE-based business consultancy with operations in the KSA, said they received many inquiries and clarification about golden visa, silver visa, investor visa and freelance visa as foreign investors are keen to be part of UAE’s success story by relocating their business to the emirate.
In addition, business-friendly policies, stable economy, favourable tax policies and strategic location are some of the key factors that attract global investors to the UAE.
Hatem ElSafty, Founder and CEO of Business Link, stated: “The UAE’s business-friendly policies and forward-thinking approach have made it a hub for foreign investment, and we are confident that 2023 will see an even greater influx of international companies looking to tap into the opportunities that the country has to offer.”
New regulations, visa reforms
Business Link said the UAE will take things to the next level with a series of new policies to make the country even more attractive to foreign investors.
Elaborating, the business consultancy said new regulations and visa reforms have already been introduced to facilitate foreign companies to set up their base in the UAE. This will include simplifying the process for obtaining licenses and permits and reducing the time required to complete various bureaucratic procedures.
Another new policy that is set to be introduced in 2023 is the establishment of special economic zones. These zones will be designed to attract specific types of foreign investment, such as technology, manufacturing, and financial services.
New business set up
Referring to the UAE Ministry of Economy, Business Link said the number of new business setups in the country has registered a steady trend despite the challenges posed by the Covid-19 pandemic. This indicates the UAE business environment’s strong resilience and ability to adapt to changing economic conditions.
The government has also implemented various initiatives to support the growth of the country’s small and medium-sized enterprises (SMEs). For example, the Emirates Development Bank provides funding and other support to SMEs. Simultaneously, the Dubai SME initiative offers various services, including mentoring and networking opportunities, to help SMEs grow and succeed.
Attractive sectors
In the next few years, it is expected that the trend of new business setups in the UAE will continue to grow. The government’s ongoing efforts to promote and support entrepreneurship and innovation and the country’s favourable business environment will likely attract more investment in real estate, e-commerce, logistics and transportation, hospitality and tourism sectors.
“The focus on technology and sustainability would be more prominent in driving new business growth in coming years,” according to Business Link.
Overall, the UAE’s business-friendly policies and strategic location, stable economy, and favourable tax policies are set to attract more foreign investment in 2023. The new policies and regulations will make it even easier for foreign companies to set up and operate in the country.
At the same time, the special economic zones will provide specific incentives to attract specific types of foreign investment. These factors, combined with the country’s growing population, will ensure that the UAE remains an attractive destination for foreign investment in the years to come.