Dubai is a profitable centre for business. The UAE government has created an environment that fosters entrepreneurship and economic growth, which combined with the low cost of living in Dubai make it a desirable place to establish or expand your company. It’s also worth mentioning that many large companies have set up their regional headquarters in Dubai. If you’re looking for somewhere to invest, this might be the perfect opportunity!
Dubai started as a fishing village in the early 19th century. Today, it is one of the most important cities in the Middle East.
In addition to CNN Traveler Magazine and Fast Company, Euromonitor International and CNN Traveler Magazine named Dubai the 21st most innovative city in the world.
Due to the focus of its government on development, Dubai has developed well in this regard.
As such, it developed from merely a trading port to a vibrant and highly cosmopolitan business hub today. It continues to be an important centre for trade and commerce, as well as a place where global business leaders and entrepreneurs can network.
Dubai has also been strategically positioned to be the gateway for logistics and trade between Europe and Asia, bridging the gap between East and West. This strategic location is one of its strongest assets that will see it continue to grow in importance on the international stage.
One prime example of its growing importance is the Dubai Smart City initiative. It’s clear that Dubai has a very bright future ahead, and as such is a place where you can make a solid investment.
Dubai was first established as a trading post by Sheikh Maktoum bin Buti bin Rashid Al Maktoum in 1833. A mangrove swamp called Dubai Creek ran along the edge of Dubai Village. In the area, many houses were built as the population grew, which led to the digging of many wells. As there were no trees in this part of the desert for firewood, many people started making fires of fish bones, which gave the area its current name Dubai. This is why you’ll find so many seafood restaurants in this city!
In 1894 an enterprising Scotsman, William Stevenson established a trading post there as well. He started the trading post as a small store that would trade goods between India and the Arabian coast.
Later on, in 1905, the Al Maktoum dynasty and a number of Qawasim clans led by Sheikh Saeed bin Butti began to make their mark. A fortress overlooking Bur Dubai, the Salahiya Fort, was their first construction. This marked the foundation of the modern city as we know it today. It was the beginning of an era that would see Dubai grow from a small trading post to a highly advanced Business setup in Dubai freezone and tourist destination in the region.
Due to its strategic location on the trade route between Asia and Europe, Dubai grew rapidly after this event with more traders flocking to the area. This resulted in the founding of the Dubai Fort in 1833 which would become the nucleus of the city.
There were more business set up due to the migration wave and the continuous influx of traders into the area. Many merchants from surrounding coastal towns started to move their operations into Dubai. The population increased rapidly as a result, increasing from 500 people in 1900 to 10,000 by 1935!
During the Second World War, the city was occupied by British forces.
As a result of its strategic location and proximity to water, Dubai started growing even more rapidly after this period. As early as 1950, Dubai wasn’t just a haven for traders, but also for tourists looking for sun and sand. When Dubai took off, it earned the name City of Gold.
The city had 70,000 people by 1959, and its ruler HRH Sheikh Rashid bin Saeed Al Maktoum gave out free land to anyone who wanted to live or open up a shop there.
In addition to the Beach Hotel, he also built an airport named after him.
The discovery of oil reserves in Dubai in the 1970s led to Dubai’s increasing importance on the global stage.
Trade grew even more quickly as rich people began building skyscrapers and large buildings in the city.
Combined with its geographic location, Dubai has become a major hub for logistics in the east to west trade.
Over 100 million tons of goods are shipped through Dubai every year, along with China, Turkey, and India.
As a result of Dubai’s economic success and strategic location, it has become the 8th busiest port in the world. Trade with Iran is very active too as there are over 150 flights a week between these two countries.
Dubai has been ranked as the second most attractive investment destination for global firms. It is a progressive, modern city that provides an environment conducive to entrepreneurship and growth. Several large companies have established HQs here, which has created just the right environment for businesses to thrive! View the success stories of some of the companies listed below and contact us to learn how your company can join the list!