Dubai is popularly known as the main business hub in the Middle East and a better attractive option for multiple sectors. The commercial real estate sector also gains impetus from the growth in trade, with Dubai Customs reporting that non-oil trade has registered a compound growth rate of 6.1 per cent in the past five years.
Companies can start a business in Dubai and operate as on-shore or off-shore depending on their product/ service distribution.
Demand for prime office space is strong
For any business, setting up needs a strategic location, benefiting the operation, finance and marketing side. Some zones in Dubai offers various facilities and investors should take this into account when deciding where to locate.
Majority of the commercial development in Dubai is around the World Trade Centre, Dubai International Finance Centre, and the popular Sheikh Zayed Road. The famous Sheikh Zayed Road runs parallel to the Dubai coast and is lined with hotels, malls, office and apartment blocks of stunning chrome and glass. It offers an architecture that speaks of eye-popping wealth and conspicuous consumption. Business Bay is Dubai’s new commercial center, which is also known as the city’s new residential and retail heart.
There are areas that are given and assigned to various industries based on their business operations with specialized laws and jurisdiction such as Media City, International Media Production Zone, Investment Park, Internet City, Healthcare City and Motor City.
Dubai International Finance Centre provides a stage for business and financial institutions to reach out of the emerging markets of the region. It was established to create an environment for development and economic development in the UAE. DIFC also has its own legal system and courts distinct from those of the wider UAE.
Created by the government of Dubai, Dubai Internet City (DIC) is an information technology park operating as a free economic zone and a strategic base for companies targeting emerging markets regionally. Major IT companies have their setup in this area.
In the industrial sector, Al Quoz Industrial Area, Dubai Investment Park and Jebel Ali Free Zone (JAFZA) are sought-after destinations. Dubai Investment Park has seen significant growth in infrastructure development, while JAFZA is already a vibrant hub for businesses. However, demand for commercial space in Al Quoz Industrial Area is significant due to its proximity to the city and Sheikh Zayed Road and the high returns on investment (ROI).
There is a growing interest for serviced offices for companies looking to branch out in Dubai, as it require minimum investment and most serviced office operators can help business owners with the company set-up and obtaining the all-important trade license. However, the occupancy in the traditional office market is comparatively low, since they require a long and costly fit-out
Developers are adding amenities and outdoor spaces, creative fit-outs -open floor plates, efficient layouts, and high ceiling, even going out of their way to build and operate on sustainable practices. Technology is pushing change in space use, locations, and demand levels at an accelerated pace.
Dubai will continue to be a “City of Opportunity” and reassuring economy for business investment.