When we talk about business in the Middle East, one of the first images that come to mind is certainly from the UAE, which has evolved over the past 49 years from a small deserted state dependent on pearls trade to become the region's most active and most vibrant business hub.
For years, the unification of the seven Arab Emirates that make up the UAE today has been boosted by both the strategic geographic location and the oil that enriches every inch of the territory, providing a solid basis for the strong economy.
Due to the small native population of the UAE, the country has utilized the numerous talents of its most skilled workers coming from all across the world, setting the foundation for a universally-open economy with promising prospects.
Even though the UAE had to rely almost entirely on the booming oil industry for decades until its economy was strong enough to expand into new industries, the country has proved that its slow pace of diversifying the economy was a sound decision to help each sector develop on its own.
In addition to attracting some of the best skills around the world, which in itself has been reviving the real estate industry as more people arrive in the UAE, innovation is definitely another key aspect that led to the UAE's major success in today's global economy, making the UAE one the region's leading countries when it comes to digital and civil infrastructure.
Thanks to the nature of its population, having only about 15%-20% citizens amongst the residents, the real estate sector is one of the most vital in the country. Business people have for decades taken the chance to invest in its market because they know it will never lose grounds, as soon as expats continue to arrive.
Even after the devastating economic damage of the pandemic throughout 2020, the real estate sector is already starting to show signs of recovery as economic activities are being carefully resumed.
For many business people around the world, it's not easy to find an inspiring spot for their projects as safe and rewarding as the UAE. Even more appealing than its security record are the country's tax laws, which grant investors many opportunities to grow with no limitations.
Phillip Liu, GM of Middle East & Africa at @alibaba_cloud Intelligence: #Dubai has established itself as the business hub of the Middle East & Africa, and #UAE’s National Innovation Strategy built the necessary ICT infrastructure to enable innovation across all sectors. pic.twitter.com/orhHkLYIH0— Dubai Media Office (@DXBMediaOffice) July 27, 2020
Today's the UAE is home to some of the world's most expensive and luxurious names from all around the world, inspiring residents and visitors alike to lead lavish lifestyles and enjoy splendid multi-cultural experiences that wouldn't be available anywhere else.
This has also boosted the tourism industry over the years, especially during winter months, where UAE temperatures maintain a warm springy feel missed in other parts of the globe. Only during 2018, the UAE hosted more than 20 million tourists.
Lately, the UAE has also relaxed a number of visa and social rules that have been regarded as social and legal reforms to help its growing expat population feel more at home in the UAE than ever, which is expected to increase talents' appetite to relocate to the country and start their businesses there.
What other factors are supporting the UAE's efforts to become the MENA's business hub? What sectors do you expect to witness the greatest successes in the coming years?
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