In the 2023/2024 Global Entrepreneurship Monitor report, the UAE ranked first globally with a 7.7 score. It also topped 223 global indicators, was among the top five countries in 444 indicators, and was listed in the top 10 globally across 661 indicators. In H1 2024, the UAE’s GDP reached AED879.6 billion, with non-oil sectors accounting for 75%. These successes are boosted by smart economic reforms, advanced infrastructure, and policies that attract global entrepreneurs and investors.
Dubai’s exceptional economic performance furthers the progression of the UAE’s success, which is renowned for its strategic initiatives and world-class events. This displays the city’s rise as a capital for entrepreneurs seeking reliable ways to do business in Dubai and establish a stronghold in the larger MENA region.
This article explores the emirate’s profitable business environment by highlighting insights from Seed Group, a Dubai-based company of The Private Office of Sheikh Saeed bin Ahmed Al Maktoum. It outlines the diverse developments, business incentives, and strategic partnerships available for homegrown and multinational firms.
Key developments stimulating Dubai’s business environment
Dubai’s economic progress in 2024 stresses its growing standing as a capital for businesses internationally. During Q1 and Q2, GDP growth reached 3.2% and 3.3% YoY, totalling AED231 billion for H1 alone. Non-oil sectors like trade, tourism, real estate, and technology contributed greatly to this uptrend. Notably, these results are in line with the Dubai Economic Agenda 2033 (D33), which plans to double the emirate’s economy to AED32 trillion.
In line with this, government-approved projects like the ‘Dubai International Growth Initiative’ and ‘Dubai Research, Development, and Innovation (RDI) Grant Initiative’, display the city’s commitment to investing and providing vital resources in pro-innovation business ventures and projects. Along with this, Global exhibitions such as Gulfood, Arabian Health, and GITEX Global have promoted tourism, attracted global talent, and stimulated business collaborations. Integrated innovation platforms like Dubai Future Accelerators also provide vital support through funding, mentorship, and global networking opportunities.
These initiatives have contributed to Dubai’s impressive ranking of eighth in the 2024 Global Power City Index (GPCI), positioning it at the top in the MENA region. Published by the Mori Memorial Foundation’s Institute for Urban Strategies in Japan, the GPCI evaluates major cities worldwide based on six key criteria: research and development, environment, cultural interaction, liveability, accessibility, and economy.
Overall, these achievements highlight Dubai’s leadership in attracting talent eager to engage with its innovation-driven culture, thereby enhancing the way of doing business in Dubai.
How Seed Group empowers global firms to thrive in MENA
Entrepreneurs looking to set up businesses in Dubai can tap into a range of programs and incentives. However, establishing a strong brand presence in a competitive and culturally diverse market like the MENA region, particularly Dubai, can take considerable time — sometimes years. For businesses aiming to navigate the complexities of a foreign market, partnering with a well-established local business institution is a strategic advantage.
Many corporate organisations in Dubai have proven influential in simplifying intricate processes and enhancing the market presence for international firms that may be unfamiliar with the local field. Established Dubai-based companies like Seed Group have been successful in streamlining market entry for global businesses of various sizes, industries, and origins for over two decades. The company strategically provides valuable insights into the region’s corporate and cultural nuances while facilitating connections within the local business network.
The partnership between Seed Group and DKK Partners exemplifies the impact of such alliances. After receiving initial approval from Dubai’s Virtual Assets Regulatory Authority for digital asset broker-dealer services, DKK has successfully increased its business offerings and market standing. Remarkably, they recently obtained the In-Principle Approval from VARA as a VASP, allowing them to further develop and distribute cutting-edge digital asset products in the market. This notable development puts a spotlight on Seed Group’s authority in strenghtening a firm’s stronghold in the region.
As global firms consider how to start a business in Dubai, such partnerships are invaluable in accelerating market entry and driving growth.
The bottom line
With its modern infrastructure, pro-business regulations, and the strategic function of prominent corporate institutions such as Seed Group, Dubai provides a metaphorical springboard for companies of all types worldwide. As a result, this attracts innovative ventures and stimulates development for both SMEs and MNEs.
About the Author
For over 20 years, Seed Group has established strategic partnerships with multinational companies across innovative sectors to empower their sustainable expansion into the MENA region. These businesses have increased their market positioning by utilising essential resources and the vast network of local connections forged by Seed Group.
