After experiencing an oil and real-estate boom, Dubai is now recognized as the financial capital of the United Arab Emirates (UAE). It is one of the emerging countries, at the forefront as one of the new “lands of opportunities”, and in the present world, which is globalized and multicultural, Dubai is perfectly suited to succeed.

As a result of its colossal achievements including the tallest building in the world, the largest man-made archipelago in the world among many other monumental achievements, Dubai is now seen as the most cosmopolitan city in the world with 90% of its residents being foreign.

Dubai’s economy has expanded at a rapid pace, thanks to Expo 2020, and is expected to expand even faster in 2022.

Transformation into a Metropolis

The favourable business environment created by one of the world’s fastest-growing economies combined with the government’s decades-long market-friendly policies has helped to establish Dubai as the business, finance, and commercial center of the region.

According to Dubai Chambers, the economy is expected to see sustained economic growth of 4.2% in 2022, accelerating from last year’s 2.1% growth, based both on a positive outlook for tourism and retail activity in the coming years.

The non-oil real gross domestic product (GDP) is expected to increase by 3.9% in the next few years. This is being attributed to an increase in public spending, a strong economy, higher employment, and a better business climate due to EXPO 2020.

Since the costs related to doing business are relatively low in Dubai as a result of its strategic location, it serves as the biggest re-exporting hub in the Middle East. Those businesses seeking new ways to accelerate their growth will be able to get a benefit from the assistance of Dubai in setting up and scaling up their operations.