Market Entry in The UAE

>> Economy in The UAE

As you’d expect, the economy of the emirate of Abu Dhabi is still dominated by the Oil and Gas industry, with the other emirates relying on travel and tourism for their GDP. The Vision 2030 plan is built around diversification away from hydro-carbons and increasing the participation of the private sector in Government projects.  You will find more information here:

www.country.eiu.com/united-arab-emirates

This diversification is and will continue providing opportunities for forward-looking businesses who wish to target emerging markets.

The SME component remains under-developed and has been made a core area of focus within ‘Abu Dhabi Economic Vision 2030’, it identifies the following as the Government’s immediate economic priorities:

  1. Building an open, efficient, effective and globally integrated business environment
  2. Adopting a disciplined fiscal policy that is responsive to economic cycles
  3. Establishing a resilient monetary and financial market environment with manageable levels of inflation
  4. Driving significant improvement in the efficiency of the labour market
  5. Developing a sufficient and resilient infrastructure capable of supporting anticipated economic growth
  6. Developing a highly skilled, highly productive work force
  7. Enabling financial markets to become the key financiers of economic sectors and projects.

www.government.ae/en/about-the-uae/strategies-initiatives-and-awards/local-governments-strategies-and-plans/abu-dhabi-economic-vision-2030.

Although led by the Government in Abu Dhabi, this is a particular focus in Dubai. SMEs are likely to be organic in their development and there is a big Government push on at the moment, as Small and Medium Enterprises (SMEs) are the backbone of Dubai’s economy, representing 95% of all establishments in the Emirate.

These SME businesses account for 42% of the workforce and contribute around 40% to the total value add generated in Dubai’s economy. The Government has a high focus on enhancing the contribution and performance of the SME sector to make these businesses comparable to their counterparts in other developed and high income nations. Against this backdrop, the initiatives aimed at the development of SMEs and enhancing support for them have to be formulated on detailed research on their current state and development needs.. See the following report for more info:

www.sme.ae/StudiesAndResearchDocument/SME_Report_English.pdf


Latest version updated 22nd December 2017

Country Breakdown

9.27

Million

Population

DH

United Arab Emirates Dirham

Currency

$ 348.7

Billion

GDP

83,600

km2