When we talk about economic growth or GDP, we usually think about industries, manufacturing companies, exporting, IT software, and trading. But tourism has made a huge difference in the economy of many countries, and the developing countries depend on travel and tourism. The tourism industry is making a lot of contributions.
Tourism in Dubai is a part of the Dubai government’s strategy to maintain the flow of foreign cash into the emirates. Dubai’s lure for tourists is based mainly on shopping, but also on its possession of other ancient and modern attractions. Dubai got ranked as the world’s 1st most visited city by international tourists that have visited Dubai according to the recently released list and survey of Euro monitor in 2018. Some of the core reasons as to why business owners prefer to start a travel business in Dubai are as followed:
- Central Location
Dubai is an international business and travel hub. Its location places it strategically between Asia, Africa, and Europe. This makes Dubai an ideal city for international trading, export, import, hospitality, tourism, and other business activities. With access to both land and sea, Dubai can take part in goods transportation between the West and the East. This strategic location makes it easy for Dubai to access consumer markets in Africa, Asia, the Gulf, Europe, and CIS (Commonwealth Independent States) countries.
- Tourism Industry Almost Support 10% of UAE GDP
Tourism contributes almost 10% of UAE ‘s GDP, UAE government gives importance to tourism sector, it is said tourism growth in UAE is increasing by almost 3 percentage every year.
- No Visa for the GCC, And on Arrival Visas
Many countries in recent days have come up with no visa or on arrival visa policy. Which has drastically increased the revenue of tourism industry; Even the government of UAE has made its visa policy flexible. Most of the developed countries have e-gate and no visa facility that also includes for many GCC countries. This is one of the reasons for increase in number of people visiting UAE each day. There are number of countries which have on arrival visa as well as multi entries visa option.
- Iconic Landmarks
UAE wants to be the world’s number one destination for tourism, since they have built some iconic buildings and great artificial islands like Palm Diera, Palm Jumierah, and Palm Jabel Ali. The island which is designed as a world map few among the many icon landmarks which attracts tourism all over the globe now are Atlantis, Burj Al Arab and Burj Khalifa world’s biggest standing tower.
- Repatriation of Earnings and Profits
For the free zones, the government of Dubai allows 100% repatriation of earnings and profits of business setup Dubai. Also, Dubai does not have any restrictions on foreign exchange and maintains a stable exchange rate between the UAE Dirham and US Dollar.
- Safe to Live and High Quality of Life
Crime rates in Dubai are one of the lowest in the world. Moreover, political and security stability is one of the major reasons for the increase in FDI. Dubai provides an ideal environment for businesses to prosper.
- Tax-Free Lifestyle
UAE is a tax-free country and tourists enjoy Dubai s luxury and hospitality without paying tax. Dubai is the city where you find most of the luxury hotels, clubs, yacht, and gulf clubs. This attracts higher net worth individuals such as VIPs and celebrities
- Holidays Destination: Beaches, Resorts, Clubs, And Hotels
Dubai has the most luxuries of hotels with the best resorts and golf course and many clubs playing music all night.
- Low Oil Prices
Since UAE is base for many oil and gas companies, fuel is cheaper here than other countries which in turn help the tourism and transportation a cost-effective factor.
- Airlines
There are many airline industries like EMIRATES AIRLINES, and FLY DUBAI, ETHIHAD AIRLINES, these airlines are connecting the world to UAE there are expanding their routes each day. These airlines help to provide world-class service and attract people all over the world and bring tourists from all over the world to Dubai, UAE.
- Multinational Companies
Dubai is home to many multinational companies’ offices such as Microsoft, LG Electronics, Sony, HSBC, Emirates, BBC World, etc. Furthermore, many universities that are internationally recognized have campuses in Dubai for example, London School of Business, Hult International Business School, Michigan State University, etc.
Riz & Mona Consultancy
Dubai has made its presence in Africa and the Middle East continent. With icon landmarks and world-class luxury hospitality, Dubai has high growth prospects for tourism industry, and Dubai is planning new attractions each day, Dubai government has always tried to be Eco friendly and always concerned with no pollution and less stress on nature. This concludes Dubai is the most favorable place for investing in the tourism industry and carries a huge potential for the tourism industry.
Our consultants at Riz & Mona Consultancy can help you with company formation in Dubai and starting your own tourism business in the UAE. Whether it is a free zone company or one in the mainland, the experts at the firm can help you go through the registration process swiftly. Also, apart from company formation in Dubai, you will be provided with support services like corporate bank account opening, visa processing, and other such support services. Feel free to contact us.
