This comes as no surprise to me, after taking into consideration the safety, weather, immigration rate, diversity, number of visitors to the city and iconic landmarks. The UAE’s efforts in combatting Covid-19 and promoting the vaccination programme, has been one of the best I’ve seen worldwide.
Dubai also holds one of the top spots in attracting the world’s most wealthy individuals. The calibre of wealthy individuals and families, including billionaires, that have moved here is at a very sophisticated level. There have been more and more hedge fund investors, private equity firms and owners of significant businesses relocating from many geographies including UK, Africa, India and Europe.
This all happened during the early part of 2021, when the UAE was open to tourists, and most countries were still in lockdown. I saw examples every week of people who came here on holiday, witnessed the general environment, the opportunities, and the lifestyle, thereafter, deciding to make the move more permanent and become UAE residents. This was made easier as many countries introduced remote working, and with its low tax rate, excellent infrastructure, time zone, productivity and even a special remote working visa, Dubai was a very attractive jurisdiction.
The rules and regulations on foreign ownership have changed drastically in the last nine months, meaning you can now be a 100% owner of a mainland company with the freedom to trade internationally. In 2019, Dubai introduced a 10-year Golden Visa programme for investors, business owners and professionals in key sectors, making it even easier to move to this ever-emerging city. The Golden Visa also offers individuals who may be stuck abroad the ability to enter the UAE without any restrictions.
It’s very clear that over the past year, the UAE has taken measures to make its economy more attractive to foreign investment and talent. And for the first time in history, the UAE has announced a new working week, with a Saturday-Sunday weekend to better align the economy with global markets. This is a huge step in making international trade with other countries much more integrated and productive.
I’ve seen many business cycles during my time here, but what we are seeing now in terms of the growth of the economy and business opportunities is at a level I’ve not seen before, and with tourists and wealthy business owners from more than 190 nations flocking to visit Expo 2020 since its doors opened on October 1, Dubai has never been busier. I’m very excited to see what the future holds.
Disclaimer: This article is provided for informational purposes only. The content written does not provide tax, legal or investment advice or opinion. Sanctuary offers relocation services to individuals and families globally. Contact Sanctuary on ask@sanctuary.ae to find out more. Some of the information given is based on Resonance Consultancy’s World’s Best Cities Report.
For UK businesses considering opportunities in Saudi Arabia, the following steps outline the overall process:
1. Business Activity: Determine the appropriate business activity which will aligns with your business and satisfies all undertakings you will engage with in the Kingdom.
2. Local Partnerships: Consider any potential opportunities for collaborations with established local businesses to ease market entry and meet regulatory requirements.
3. Documentation: Gather the required documentation for incorporation in KSA.
4. Company Registration: Work with experts and the relevant governing bodies to assist with the incorporation process, ensuring compliance with local laws and regulations.
5. Other Requirements: Consider any other requirements for establishing in Saudi Arabia such as capital and tax requirements.
Saudi Arabia's Vision 2030 represents a significant opportunity for UK businesses to engage with an expanding market with vast potential. As the Kingdom continues to diversify its economy and expand its global influence, UK companies are well-positioned to support and benefit from this transformation. With the right strategy, partnerships, and local support, there are a wealth of possibilities.
By aligning your business with Saudi Arabia’s Vision 2030, the benefits for UK and international businesses looking to Saudi Arabia have never been greater.
At Sanctuary, we specialise in assisting businesses looking to expand into Saudi Arabia. We help navigate the complexities of the Saudi market, ensuring that you have the expertise needed to best prepare for success, so get in touch today.
Our expert team offers comprehensive support across a range of services, from company registration, advisory services, and more. Explore our services to discover how we can help you.
Vision 2030 is a strategic framework designed to diversify Saudi Arabia’s economy, reduce its dependency on oil, and transform the Kingdom into a global business hub.
Key points include economic diversification, social reforms, investment in technology and infrastructure, sustainability, and creating a competitive workforce.
The main focus of the Saudi Arabian Vision 2030 strategy is to build on key economic sectors such as hospitality, travel and tourism and build economic stability and sustainability.
Saudi Arabia’s Vision 2030 initiative is aimed at diversifying its economy through strategic investments into the non-oil sector and ensuring a more sustainable economic future.
Saudi Arabia has committed over $500 billion to Vision 2030, funding projects that span a variety of sectors, including energy, tourism, and infrastructure.
Yes, with its growing economy, reform initiatives, and investment incentives, Saudi Arabia is a highly attractive destination for foreign businesses seeking growth opportunities.
Key growing industries include renewable energy, tourism, healthcare, technology, and education.
Saudi Arabia permits foreign owned businesses and investment into the Kingdom, which has been elevated by the Vision 2030 initiative. A MISA licence is required for foreign investors or businesses to establish.
As a result of the diversification efforts of Saudi Vision 2030, the non-oil and private sector in the Kingdom have witnessed unprecedented growth in the past few years. The private sector continues to grow each quarter and the non-oil sectors continue to reach record contributions for the Kingdom’s GDP.
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