One of the most multicultural, beautiful, and prosperous cities in the world, Dubai boasts stunning historical sights, futuristic architecture, state-of-the-art infrastructure, cultural diversity, a fast-growing economy, and an incomparable vision. That is why thousands of local and international investors believe it is a golden opportunity to invest in Dubai. Below are some key facts about Dubai you should know:
Although the real estate market in Dubai, like much of the world, has seen slow progress in the early months of the COVID-19 pandemic, it is rebounding strongly in 2021. This may be due to the release of a vaccine and renewed investor interest in real estate in the Middle East. Since the population in Dubai is increasing on a yearly basis, the Dubai real estate sector is the perfect way to maximize your profits from low-rate investments.
Dubai is one of the most preferred tourist destinations in the world. As a diversified hub, Dubai is showing a growth rate of about 8% to 10% in the travel and tourism industry. The fast growth in this sector is the reason so many foreign investors are selecting Dubai as a place to do business, as well as a place to make a home.
Since Dubai has an amazing and diversified social scene, it is a great hub for travel enthusiasts, families, and businessmen, and hence offers wonderful opportunities for hospitality companies. With the ever-increasing demand and high market share, hotels and restaurants are a great place to invest in Dubai. DAMAC offers a wide range of hotels for Dubai investment opportunities and provides specific details on how to start a business in the UAE.
Dubai is one of the best places in the world for real estate investment. The city offers a plethora of real estate opportunities for investors, ranging from residential properties like high-end apartments and villas to luxurious commercial properties situated within skyscrapers. To maximize the return on your investments, you need to find the right location to invest in. Below are some of the best places to invest in Dubai:
Dubai Marina is a flourishing coastal business center that boasts breath-taking skyscrapers and towers.
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In the heart of Dubai lies the Jumeirah Village Circle, a beautiful gated community in a rustic village setting.
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Dubailand is one of the fastest-growing areas in Dubai and offers world-class residential communities
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Known formerly as TECOM, Barsha Heights is a vibrant and elegant urban community
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The fantastic location of Business Bay is situated right next to Downtown Dubai
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Jumeirah Lake Towers is one of the ideal property and freehold locations in Dubai
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The Government of the United Arab Emirates has started several initiatives to make it easier for people to invest in the city. Last year, the Dubai Land Department (DLD) introduced one of the best investment plans in UAE called “Invest in Dubai” to encourage foreign direct investment interest and attract investments in the sector. Here are some of the benefits it offers:
The platform allows you to get an Instant License from Dubai’s Department of Economic Development, without any pre-approval. This can help investors start their business in the city with no requirements for a bank account or a tenancy contract. This license is available for four types of establishments: Sole Proprietorship, One Person LLC, Limited Liability Company, and Civil Company. As a licensee, you will also get an establishment card from the GDRFA-Dubai, along with three work permits for employees. You will also be able to see the payable fee if you want to apply for a license.
The “Invest in Dubai” platform provides business support and recommendations. You can use it to find out the cost of an Instant License as well as a regular license. As an entrepreneur, you can also find out your company types, if you know your business idea, activity, and number of partners. Investors will also be able to choose between free zone and mainland businesses. The platform is very intuitive and allows you to form your own account and log on to start the process of setting up your own business. Investors can also make use of the UAE Pass to log in to the platform. With the help of a personalized dashboard, investors can manage their business and see an overview of partners, licenses, KPIs, and other options.
Another thing that an investor needs to determine is to find out where you want to base your business — in a free zone or mainland. The main advantage of investing in a free zone business is that as an expatriate, you can have 100% ownership of the business. The “Invest in Dubai” platforms offer a heat map of active businesses in the region as well as major activities in the area, business age range, top sub-areas, and more. Depending on what you want to see, you can filter the results. If you are not sure of which freezone to select, the platform also has a feature that can help you find the most suitable one for your investment. All in all, the platform has a total of 19 free zones available, based on industry, sector, facilities, amenities, and license type.
When it comes to selecting the name of your business, Dubai has a few requirements. Some of these include not choosing a name that is offensive, has reference to Allah or any religion. In addition, if you are naming a company after a person’s name, that person should either be the owner or the partner in your company.
When you are applying for a company name and activity, you will also need to provide copies of the shareholders’ passports. Some free zones also require you to submit a NOC from your sponsor, which will confirm you are allowed to start a business in Dubai. Since different free zones have different requirements, it is important you check their individual website for details.
When it comes to the best investment in UAE, investors need to know what kind of options they have. Dubai offers two main types of properties for investment: freehold and leasehold. Freehold property can be owned outright by the investor while leasehold property involves setting a lease of a property for 99 years or less. If you want to invest in a leasehold property, it may be less expensive than freehold property, but you will also need to factor in costs like ground rent, maintenance charges, and service fees.
The Dubai Expo 2020 is slated to start in October 2021. This will provide investors a golden opportunity to make investments in areas near Al Maktoum International Airport and Dubai Investment Park. Investors will also have the option of investing in the hospitality sector, which is expected to boom again or resell their property with profit. Apartment prices in prime locations in Dubai are low because of the pandemic; however, they are expected to rise as the Expo approaches, making it the best investment option to make money.
Investors looking to outright buy properties so that they can lease them out need to consider several factors like return yields and the ROI. Investing in neighbourhoods that offer a mix of apartments and villas like the Jumeirah Village Circle, Jumeirah Lake Towers, and Barsha Heights is a good choice in terms of rental income and is one of the best investment plans for monthly income
Once you have received approval to set up a business, you should open a business bank account for your company. Dubai offers a wide range of the most profitable global brands including the Emirates NBD, Citibank, HSBC, and Abu Dhabi Commercial Bank. You can choose any that meets your preference.
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The “Invest in Dubai” platform helps investors understand the requirements of getting a residency or a visa through investment. Last year, the UAE announced citizenships for foreign investors, innovators, doctors, and other professionals. These residents are also eligible to apply for a Golden Visa, which will grant immediate citizenship to investors who have applied for the Citizen by Investment Programme.
Besides this, both the regular and Instant Licenses, based on the type of company and activity, will provide investors residency options for their families as well. More details on the residency and citizenship requirements can be found on the “Invest in Dubai” platform.
The great thing about Dubai is that it has some of the best things to invest in. It connects a population of over 2.4 billion across the Middle East, East Africa, and the Indian subcontinent and has the most culturally and ethnically diverse population in the world.
Because of these reasons, the best places to invest your money is the residential and commercial real estate industry, the travel and tourism industry and the hotel and hospitality industry. With its population on the rise each year, these sectors are guaranteed to bring you the most lucrative investment opportunities in Dubai.
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