The chairman of Dubai-based Shuraa Business Setup has revealed the company is dealing with, on average, 60 businesses from across the world per month, looking to move their operations to the emirate.
And Saeed Khalifa Mohammed Al Fuqaei, who founded the organisation in 2001, told Arabian Business he expects that number to continue increasing as Dubai cements its position as a pivotal place for entrepreneurs.
He said: “Dubai is one of the global leaders in innovation and technology which is beneficial for businesses seeking efficient operational solutions. The city provides a highly conducive environment for entrepreneurs and continues to stand out as an attractive global hub, where our clients can create, develop and succeed.
“Dubai has placed itself as the commercial hub of the Middle East and has simple company formation processes which reduce enterprise setup costs in comparison with the rest of the world.”
Over the last two decades, Shuraa Business Setup has supported more than 35,000 entrepreneurs to establish themselves in the country, including multinationals such as Dabur, OYO and NAS Daily. The 150-member strong enterprise is dedicated towards supporting the government’s mission to position the UAE as the growth centric economic hub of the Middle East region.
“When we talk with people they get so excited that they’re going to have a company in Dubai,” said Al Fuqaei.
Despite the economic turmoil caused by the coronavirus pandemic throughout 2020, Dubai Economic Department issued 42,640 new business licenses – a 4 percent increase over the amount granted in 2019.
Saeed Khalifa Mohammed Al Fuqaei, chairman of Dubai-based Shuraa Business Setup
And Al Fuqaei admitted the ease of doing business, coupled with the relative safety of the UAE and the tax-free environment, were large draws for companies looking to make a move to the country.
“I have friends from India or Pakistan and they tell me to open a company there, how they struggle, the laws are not clear, everybody wants money,” he said. “The difference here is everything is clear, the government has made things so easy. To set up a company here, get your investment visa, is so easy.”
The UAE ranked 11th out of 190 countries in the latest Ease of Doing Business report published by the World Bank. It was also recently voted in the top 10 safest cities in the world to live in.
Recent reforms have also encouraged increased foreign direct investment (FDI) into the country, including up to 100 percent foreign ownership for 122 economic activities across 13 industry sectors, including manufacturing, agriculture, construction, space, renewable energy, hospitality and food services, healthcare, ICT and art and entertainment.
“The investors and people who I speak with say the good thing about Dubai is something new comes every two years and they get excited,” said Al Fuqaei.
The three main innovation hubs in the MENA region — the UAE, Egypt and Saudi Arabia — accounted for 68 percent of the total deals disclosed in 2020. The UAE ranked first and made up the majority of total funding and the highest number of deals, with 129 deals and $579 million in funding in 2020, according to Magnitt’s ‘2021 Emerging Venture Markets Report’ released earlier this year.
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