Great business opportunities and a favourable lifestyle are attracting a new wave of Egyptian entrepreneurs to the UAE.
With recent instability in Egypt, the pull of the Emirates is proving irresistible to many Egyptian business people with their eyes on the future.
They are drawn to the UAE’s unique combination of business and lifestyle benefits including:
- Huge modernisation programme
- Healthy economy
- Shared language
- Attractive lifestyle
More than 420,000 Egyptians already live in the UAE. When you look at the advantages of starting a business here, you can see why many more entrepreneurs are joining them.
Modernisation: UAE’s vision for the future
It’s not just strong economic and trade ties that draw Egyptian business talent to the UAE – it’s also ambition. A chance to better your life and improve your prospects. The UAE is the ideal place to do this without barriers.
One of the reasons the Emirates has become such a desirable location for entrepreneurs and investors is the UAE Government’s extraordinary vision to transform the country both economically and socially.
The UAE announced a long-term plan for the transformation of the country’s economy, including a reduced reliance on the oil sector as a source of economic activity over time and a greater focus on knowledge-based industries in the future.
It plans to:
- Improve living conditions for everyone, as part of the UN Agenda 2030
- Generate 75% of Dubai’s energy from clean sources by 2050
- Transform the Dubai and Abu Dhabi economies with knowledge-based industries
With this in mind, the UAE Government has created a roadmap for a better future through sustainability and progress in health, education, infrastructure, tourism, science, and the environment.
The five pillars of it are:
- legislative structure
- market demand.
Dubai’s key goal is to ensure that 25 percent of buildings in Dubai are based on 3D printing technology by 2030.
Egyptians appreciate the immense vision of the UAE government and want to be a part of it. It’s perfect for highly-qualified individuals who want to set up their own business, or those who have already established successful enterprises in Egypt and are now looking further afield.
A leading example is Egyptian real estate developer Landmark Sabbour, whose subsidiary Continental Investments launched the AED 1.1bn Rukan project in Dubai. Landmark Sabbour is among the many companies set to benefit from government reforms to stimulate competitiveness and achieve sustainable economic development in Dubai.
Similar reforms are being implemented in Abu Dhabi as part of wider plans to shift from hydrocarbon exports towards an advanced, knowledge-based economy. Multiple diversification initiatives are already well-advanced, especially in the tourism, manufacturing, energy, transportation, logistics and media sectors.
The business boost of a healthy economy
The recent devaluation of the Egyptian pound highlighted Egypt’s volatile and uncertain economy. In contrast, the UAE economy is viewed as stronger and less susceptible to major fluctuations.
UAE’s growth is estimated at 6.0% in 2022, exceeding historical trends. Rising hydrocarbon output, robust tourism recovery, elevated oil prices, work on major infrastructure projects, and strong domestic demand will support economic activity.
If you are looking to get your company license in the UAE, free zone, or mainland, or even in Qatar and Saudi Arabia – then our team can help. We also offer monthly installment plans for UAE company registration.
How Egyptians can benefit
A stable, growing economy will help entrepreneurs to grow their business more quickly and attract talent. It also means the government has more money in the pot to spend on services.
The UAE approved its largest federal budget for the years 2022-2026 with total expenditures of AED290 billion, in October 2021.
Another major benefit for Egyptian entrepreneurs is the simplicity of doing business in the Emirates. The UAE has seen a massive jump of 18 positions in its ranking in the Economic Freedom of the World report 2022, thanks to the easing of restrictions and the introduction of new visas that have both made the country highly attractive for foreign investors to come, live and invest in.
Both starting a business and trading across borders are considered relatively easy in the Emirates compared to most other countries.
The networking opportunities offered by a shared language
Egyptian entrepreneurs setting up a company in the UAE have a distinct advantage over non-Arabic speaking business people.
Networking is crucial in the UAE – most business happens at events where you get to talk with investors, clients and potential customers face-to-face. Speaking the local language will help in developing these important work relationships, as well as making it easier to integrate.
Places to talk, network and grow your business
The UAE is renowned for its world class conferences and events, and the forthcoming Expo 2020 Dubai is being billed as ‘the greatest show on earth’. It will be the first world expo to take place in the Middle East, Africa or South Asia. It is expected to attract 25 million visitors from 190 countries.
Egyptian entrepreneurs specialising in ancillary services such as event management and hospitality will be among those to benefit most.
Living a great lifestyle
Safety and quality of life are vital considerations when deciding to relocate and set up business in another country. This is where the UAE scores particularly highly. The Emirates remains an extremely safe and stable place to reside, with a family-friendly environment.
In short: Be happy
Then there’s happiness. His Highness Sheikh Mohammed Bin Rashid Al Maktoum wants to create ‘the happiest city on earth’ in Dubai. In fact, there has been a concerted effort to make the whole of the UAE a more attractive place to live for foreigners.
Will you be happier here?
Of course, there’s no guarantee, but with the government’s vision of the future well underway, and with a sizeable Egyptian community here already, the opportunities are ready for the taking.
We are the team of Business Incorporation Zone, your best business setup advisor across the Gulf Region. If you are looking to open your company in Dubai, across the UAE, in KSA or Qatar, get a free zone license, or start a business in the mainland, then we can help. From visa applications to all the necessary admin tasks, we handle it all – leaving you free to get on with your business.