The Economic Impact of Dubai expo 2020 – part 2

Less than 10 days to go for the greatest event the region has yet witnessed-  the Expo 2020!

Kudos to the UAE government for aiming for the sky and successfully reaching it. Under the leadership of HH Sheikh Khalifa Bin Zayed Al Nahyan, HH Sheikh Mohammed Bin Zayed Al Nahyan and HH Sheikh Mohammed Bin Rashid Al Maktoum, the UAE has come together as one nation amidst the pandemic to emerge at the front and centre of positive global attention.

Despite a few adversities, the UAE’s economy looks solid. Its Central Bank forecasts GDP growth of 2.4% in 2021 and 3.8% in 2022. The UAE ranks highest in the Arab world on Foreign Direct Investments (FDI), according to the Global Foreign Direct Investment Report 2021 by UN Conference on Trade and Development. FDI flows grew a massive 44% over 2019.

Government policy has played a big role in this. Investing in the UAE has now been made easier by allowing 100% complete ownership control in the UAE Mainland from the previous mandate of 51% minimum UAE national shareholding. There are now more than 1000 business activities which do not require a local sponsor and where expats can own 100% of their company legally. This is a huge move to boost investments by expat entrepreneurs and business people.

The UAE is moving rapidly towards making itself a dream location for individuals and companies to start, operate and expand their businesses. Apart from world class infrastructure development,  the focus on developing a future-forward Knowledge Economy is going full steam ahead, having initiated projects such as Tech Drive, 100 Coders Everyday, Green Visa, Freelance Visa, PyCon MEA, etc. to name a few. These initiatives will boost both employment and talent availability.

As on 13 Sep 2021, the UAE ranks first in the percentage of people vaccinated against Covid-19. This has resulted in the opening up of the country both for business and tourism. With both cooler weather and the Expo 2020 on the way, the UAE will be the top tourist destination for the next six months. From taking in the sights and experiences to understanding the place in terms of culture, opportunities, and tax systems to test the waters, it will be the ideal mix of work and leisure for businessmen visiting Expo 2020.

A quick recap of the benefits of doing business in the UAE:

• Simple and quick company formation
• No Tax on personal income.
• Easy to expand and diversify
• Flexibility to develop business across the country
• No mandatory requirements for a Local Sponsor
• Easier for companies to go public

MBG Corporate Services- The One Stop Shop for all your business needs

MBG Corporate Services is a leading international consulting firm with offices across Asia, Europe, and the Middle East. Our team of experts guide you through the company formation process and ensure you set up your company with the right partners and based on the right business activities and customer requirements.

We also assist with the opening of corporate bank accounts as well as advise on cross-border taxation when you move your business to this part of the world. Our Corporate PRO team helps you with visas and other formalities which the UAE federal authorities require you to complete. With Dubai Expo 2020 around the corner and several UAE government initiatives in place to boost business, there has never been a better time to start your business in the UAE.