August 2023 | Page 4 of 7 | The Dubai Headlines

Travel & Explore

Desert Safari and Dhow Cruise Are Two Must-Do Activities in Dubai

head dubai August 18, 2023 No Comments

The sparkling skyline, several ultra-luxurious hotels, twisting souks, man-made islands, renowned retail malls, and the vast, empty desert that surrounds Dubai make it one of the most sought-after holiday destinations in the world. All types of travelers will find it to be a wonderland.

If you’ve never had a trip there, you might want to put it on your bucket list. Dhow cruises and desert safaris are two activities you shouldn’t miss when in Dubai. Both will be briefly discussed in this article, so you’ll understand why you shouldn’t miss them.

Saharan Safari

The desert must be Dubai’s most significant and distinctive travel attraction. You haven’t been to Dubai if you haven’t gone on desert adventures there.

You may ride in a massive land cruiser on a desert safari in Dubai to take in the desert’s undulating crimson dunes. Anyone will enjoy participating in this ideal activity with their friends, family, and coworkers. There are many different types of desert safaris, including early-morning, late-night, and overnight excursions. An Oasis Palm Tourism Desert Safari typically consists of welcoming beverages, about 30 minutes of dune bashing, free camel riding, sand boarding, Arabic dress-up, and more.

Quad riding is a very well-liked desert activity that can be included in your desert safari experience, but if you have reserved a conventional safari package, you could have to pay additional costs. There are VIP desert safari packages that include quad biking at no additional cost. You can enjoy driving in the difficult desert terrain while quad biking in Dubai and go around however you choose. With the thrill and adventure of desert driving, you may still enjoy a comfortable driving experience with the help of strong mini ATVs called quad bikes.

Boat Cruise

For any traveler, Dubai’s skyline must be the most horrifying feature. And floating in the Dubai Marina is the ideal way to view the skyline of Dubai. Due to its lofty structures and lively atmosphere, Dubai Marina is regarded as the most talked-about waterfront in the entire globe. You may eat some wonderful food while taking in Dubai’s sparklingly decked skyline on a dhow cruise from Dubai Marina.

A typical 2-hour dhow cruise includes welcome drinks, unlimited water and soft drinks, open-air seats on the upper deck for the greatest views of the Dubai cityscape, air conditioning on the lower deck, soothing music, and, most importantly, a continental and Arabic buffet meal. In actuality, it is a floating restaurant that provides visitors with a chance to enjoy food in amazing ambiance.

For all of these reasons, going on a dhow boat supper in the Dubai Marina should be a must-do event for everyone who hasn’t had the chance. If you have ever participated in these two well-liked pastimes in Dubai, you are aware of their importance. Be careful to complete them if you haven’t already.

Technology

By 2025, global investments in AI might reach $200 billion, with a greater impact on the economy.

head dubai August 17, 2023 No Comments

According to a study, global investments in artificial intelligence are anticipated to reach $200 billion by 2025 and may have a greater effect on GDP.

According to a report by Goldman Sachs Economic Research, it may take a few years for AI investments to significantly affect the economy after a rather slow start.

However, according to the US bank’s economists Joseph Briggs and Devesh Kodnani, in order for AI to spark widespread transformation, businesses must make “significant upfront investments in physical, digital, and human capital in order to acquire new technologies and reshape business processes”.

These investments, which might total $200 billion globally by 2025, will likely be made before adoption and efficiency improvements begin to drive significant productivity increases.

If the research’s growth estimates are completely realized, long-term investments in AI may reach a peak of 2.5% to 4% of gross domestic product in the US and 1.5% to 2.5% in other countries that are leaders in the technology, according to Goldman Sachs.

“The US has been established as the market leader in AI technology, and American businesses will likely be relatively early adopters,” Mr. Briggs and Mr. Kodnani said.

“Although a similar outcome could occur in other AI leaders [like China] as well, the investment effect will probably greater.

According to Goldman Sachs, generative AI in particular has “enormous” economic potential and might increase global labor productivity by more than 1% per year in the ten years following widespread adoption.

Less than a quarter of US chief executives surveyed expect generative AI to have an impact on their business or reduce their requirement for labor during the next one to three years.

However, a sizable portion of them anticipate using AI within the next three to ten years.

According to Goldman Sachs, if such timetables are accurate, adoption of AI “would likely begin to have an important effect on the US economy sometime around 2025 and 2030.”

Businesses have long employed AI in their daily operations, but generative AI has given it new life.

The system, which was developed by Microsoft-backed OpenAI and made famous by ChatGPT, can generate a variety of data types, including audio, code, photos, text, simulations, 3D models, and movies.

Following a spike in interest in 2019, investors invested more than $4.2 billion into generative AI start-ups through 215 deals in 2021 and 2022, according to latest data from CB Insights.

The market is becoming increasingly interested in AI. More than 16% of corporations in the US Russell 3000 index alone have cited the technology in their revenue calls, up from less than 1% in 2016, with over half of that rise occurring after the introduction of ChatGPT in November 2022, according to Goldman Sachs.

Other local economies are already seeing its potential. According to a report released last month by the PwC unit Strategy& Middle East, the GCC countries will profit economically by around $23.5 billion by 2030 as investment in generative AI continue to rise.

According to CB Insights, the “most promising” 50 private generative AI businesses are focusing on a variety of industries, including media and entertainment, drug discovery in the healthcare field, the creation of AI assistants, HMIs, and generation tools.

According to Goldman Sachs, “Our economists expect AI investment to be primarily driven by hardware expenditure to train AI models and run AI queries, as well as higher expenditures on AI-enabled software.”

According to the study, investments in AI are likely to be concentrated in four key business sectors: businesses that build and train AI models, businesses that provide the infrastructure (such as data centers to run AI applications), businesses that create software to run AI-enabled applications, and businesses that charge enterprise end users for the software and cloud infrastructure services.

Goldman Sachs stated that although it is difficult to predict when the AI investment cycle will begin, business surveys indicate that it is likely to start having an impact on investments in the second half of this decade, with earlier acceptance by larger firms in the information and professional, scientific, and technical services.

Technology

Dubai will provide business licenses to aid AI and Web3 companies in establishing their operations.

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The emirate’s efforts to transition to a digital society will be supported by the 90% subsidy on licenses.
In order to promote these industries and draw in additional investment, Dubai will give commercial licenses to businesses that operate in Web3 and artificial intelligence.

The Dubai International Financial Centre (DIFC) announced on Monday that the licenses, which are being given by the AI and Web 3.0 Campus, will be 90% subsidized and support initiatives to promote the emirate’s ambition to become a digital society.

Services related to distributed ledger technology, specialized AI research and consulting firms, IT infrastructure builders, technological research and development, and public network services are just a few of these endeavors.

According to Mohammad Alblooshi, CEO of the DIFC Innovation Hub, “We are confident that by issuing these licenses, we will be attracting more global talent and investments to the region, while developing a culture of collaboration and innovation.”

The campus was established in June with the goal of becoming the Middle East and North Africa’s largest cluster of AI and Web3 businesses.

More than 500 high-tech companies are expected to relocate there by 2028, together with $300 million in investment capital and more than 3,000 new jobs.

“This is a significant milestone for the Dubai AI and Web3 Campus,” claims Mr. Alblooshi, “and will further cement Dubai’s status as the business location choice for technology-focused companies as well as draw more top-tier talent and diversified investors to the region.” Although businesses and society have always used AI, it has lately grown in popularity as a result of the digital economy’s rapid expansion and continued government support.

Virtual personal assistants, online shopping, search engines, data analysis, speech and facial recognition systems, machine translation, and smart homes are a few of its more noteworthy applications.

The emergence of generative AI, which was popularized by ChatGPT, the Microsoft-backed OpenAI platform that can generate diverse types of data, which includes audio, code, text, and videos has increased its popularity.

According to a recent McKinsey study, the productivity boost from generative AI for corporations might be as high as $4.4 trillion yearly. By 2030, according to PwC, AI will contribute roughly $15.7 trillion to the global economy.

By 2025, it is anticipated that AI will help create about 200,000 employment in the Middle East, according to a McKinsey projection.

Meanwhile, Web3, a fresh take on the World Wide Web, emphasizes blockchain technology together with decentralization, openness, and increased consumer value.

According to a study by PwC unit Strategy&, the technology is expected to boost the GCC economies by $15 billion annually by 2030, with Saudi Arabia leading the way.

Within the DIFC Innovation One buildings, the Dubai AI and Web 3.0 Campus offers cutting-edge physical and digital infrastructure, including R&D facilities, accelerator programs, and collaborative workplaces.

According to Mr. Alblooshi, the campus “will foster a world-class nurturing environment that facilitates business growth and development.”

Dubai has also started a number of projects in support of its aims to accelerate the growth of AI.

The Dubai Centre for Artificial Intelligence, which will serve as a training ground for 1,000 employees from more than 30 government agencies, was established in June.

The Dubai Assembly for Generative AI, an event that aspires to define the future of AI and educate governments and communities about the prospects it offers, was planned to be held in the emirate in October. This was announced in July.

Technology

Dubai’s Vara penalizes the founders of the digital asset exchange Opnx and Three Arrows

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Crypto platform has not paid a $2.7 million fine levied by regulator, which also fined Su Zhu, Kyle Davies, Mark Lamb, Leslie Lamb, the chief executive of Opnx, and $54,451 apiece.
Open Technology Markets (doing business as Opnx), a digital asset exchange, was fined Dh10 million ($2.7 million) by Dubai’s Virtual Assets Regulatory Authority for breaking regulations governing marketing, advertising, and promotions.

According to the emirate’s virtual asset regulator, the fine for the market offense on May 2 is still outstanding.

The creators of the unsuccessful cryptocurrency hedge fund Three Arrows Capital are connected to the exchange.

The founders of Opnx, Kyle Davies, Su Zhu, Mark Lamb, and the company’s CEO, Leslie Lamb, have all been fined Dh200,000 ($54,451) each.

The creators of Three Arrows Capital, Mr. Davies and Mr. Zhu, filed for bankruptcy last year as the value of Bitcoin fell and the UST stablecoin lost its peg to the US dollar. The agency just imposed the largest fines to date.

According to proper governance criteria, the grievance committee at Vara was referred all of the fines mentioned above. The committee examined the grievance referral and found that the enforcement actions taken should be upheld entirely, according to the regulator.

Vara will decide whether additional fines, penalties, or other actions are warranted against Opnx in order to recover payment and completely correct the behavior. These actions may include, but are not limited to, relating the matter to any law enforcement agency (ies) or competent the courts.

In March 2022, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, formed Vara in accordance with the Dubai Virtual Asset Regulation Law, the emirate’s first statute of its type.

It intends to provide a cutting-edge legal framework to safeguard investors and offer global guidelines for the regulation of the virtual asset market to promote responsible corporate expansion.

Opnx is a public marketplace for trading derivatives and crypto claims that was introduced in March. It is advertised as a marketplace for trading cryptocurrency claims linked to failed digital asset companies.

2022 was a difficult year for the cryptocurrency industry due to business failures and cybercrimes that hurt the value of digital assets and investor enthusiasm.

The collapse of FTX, which declared bankruptcy in November, was the occurrence that garnered the greatest attention. That came after the demise of the Luna cryptocurrency and the Terra stableco that it was linked to in May of last year.
The parent company of the bitcoin lending business Genesis Global Capital, Genesis Global Holdco, filed for bankruptcy protection in the US in January of this year.

Technology

Online gaming is most popular on smartphones in Saudi Arabia.

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According to YouGov, smartphones are used by 73% of gamers in the kingdom, giving them a huge advantage over other platforms.
According to a research, smartphones continue to be the preferred gaming device in Saudi Arabia, with around 75 percent of players choosing the platform for its portability and simplicity.

According to a report released on Wednesday by the UK-based research company YouGov, cellphones are used by almost 73% of gamers in the kingdom, giving them a major advantage over other gaming platforms.

According to the report, game consoles, which include the Microsoft Xbox, Sony PlayStation, and Nintendo Switch, came in second with 34% of the market. Following closely behind with 33% each were desktops and laptops and 14% each were high-end gaming PCs. Additionally, 25% of people still use tablets.

“Although mobile devices have greatly expanded the possibilities for casual gaming, dedicated gaming consoles like Xbox and PlayStation continue to appeal to gamers, with a third of weekly gamers utilizing them. According to YouGov analysts, men are more inclined than women to say this.

Together with viewing non-live TV, gaming is now the sixth most popular internet activity, according to YouGov.

According to YouGov, social media interaction continues to be the most popular online activity, being used by 41% of those surveyed.

According to the report, this follows by live content, non-live content like those on YouTube, streaming video like those on Netflix and Amazon Prime, and other activities like online browsing or email checking.

Globally, gaming has grown to be a significant industry, with growth spurts during the Covid-19 epidemic in 2020 and the development of new games to meet customer demand thanks to New-Age technology.

Saudi Arabia’s National Gaming and Esports Strategy calls for the development of 30 games and the creation of roughly 40,000 employment by 2030.

The plan, launched in September by Saudi Crown Prince Mohammed bin Salman, includes a thorough investment program for the sector with the ultimate objective of making the kingdom a global hub for gaming by 2030.
To speed the growth of the sector, Riyadh also founded the Saudi Esports Federation. Prince Faisal bin Bandar, the organization’s head, was named vice president of the Global Esports Federation in December.

Gamers8, one of the biggest gaming festivals in the world and one that the country started hosting last month, has a good reputation among Saudi citizens, according to statistics from YouGov.

According to the survey, “Gamers8 will strengthen the kingdom’s standing as a future global hub for the gaming industry,” about two-thirds of respondents concur.

At the Leap technology conference in Riyadh in February, it was revealed that new investment totaling $488 million had been provided to Saudi Arabia’s gaming sector by the Saudi Esports Federation, the National Development Fund, and the Social Development Bank.

Global gaming revenue is anticipated to reach $212.4 billion by 2026, with mobile devices continuing to drive growth, according to a market data platform update released last week.

According to a survey, incubation programs helped the number of gaming startups in Saudi Arabia almost quadruple to 24 in 2022 from 13 the year before.

According to the report, playing games is more popular in Saudi Arabia than other online activities like viewing live streaming video, listening to podcasts, reading blogs or books, or streaming music. According to YouGov, the majority of Saudi citizens, or 22%, indicated they spend between three and six hours a week gaming, followed by a fifth who spend only two hours.

Despite the gaming potential of VR and the gradual rise of the metaverse, the usage of virtual reality headsets remain low, with only 9% of weekly gamers utilizing these devices during their gaming sessions, the survey found.

Food & Beverages

HOW CAN THE FOOD AND BEVERAGE SUPPLY CHAIN IN THE UNITED ARAB EMIRATES ADDRESS PRESENT MARKET DIFFICULTIES?

head dubai August 16, 2023 No Comments

One of the industries in the UAE that is expanding the quickest is the food and beverage (F&B) sector. The fact that Dubai is the melting pot of a people from all over the world with cosmopolitan tastes, high disposable income, luxury, and flashy lives in addition to a thriving tourism industry is driving this sector’s continued expansion. The COVID-19 epidemic caused a significant setback for the entire sector, but things have swiftly recovered. In certain areas, the rebuilding process has further accelerated thanks to people’s retaliation travel, dining, and shopping. A sector that has had significant growth also faces a number of difficulties that raise important concerns about how this business can keep up its momentum.

However, given how the UAE Government has dealt with these obstacles—in addition to encouraging the development of a number of industrial sectors and shipping firms (logistics will be crucial to maintaining the food supply chain)—it should come as no surprise that the F&B sector is well-positioned to overcome these difficulties.

The Obstacles That Raise Some Important Questions

The food and beverage (F&B) business is not only the most lucrative in the world, but it is also the most cutthroat. In the UAE, the same holds true. Newer trends and smart ideas to draw in more clients continue to develop in this area as a number of new companies enter the market at a quick rate, leaving firms with little time to unwind. In order for businesses in this sector to continue experiencing the unprecedent growth they are known for, a number of additional challenges to supply chain management, including rising costs, food safety, product traceability, secured supply chains, and a constant need to keep up with the evolving technology, must be skillfully addressed. Let’s take a closer look at these difficulties.

Cost increases: There has never been a time when it was more important than it is today to maximize productivity and cut costs throughout the supply chain. The grocery retail business is becoming increasingly consolidated, and labor costs are rising. Because fewer retailers are carrying the lion’s share of the burden in a concentrated retail sector, they have more control over cost. Additionally, consumers are growing more cost-conscious and favor larger stores that offer inexpensive goods. This scenario has the potential to completely eliminate smaller market players, placing total control of the supply chain in the hands of a select few major firms.

Secure Supply Chain: Food firms must comprehend and get to know everyone engaged in the manufacture and distribution of the products in order to identify the dangers in the supply chain. The informed consumer of today also wants to know where the food and other products are coming from. End-to-end transparency will improve the process’s transparency, trustworthiness, and efficiency while also reducing inventory.

Product traceability: The UAE government closely monitors the production, processing, and distribution of all food items. This is done to make sure that only the highest-quality items are delivered to clients and that there are very few opportunities for contamination or other wrongdoing. Food firms must have a plan in place that will allow them to track their orders and the entire supply chain of the food goods in order to ensure that all of this is recorded and handled. Implementing this is a tremendous task.

Food safety: It is challenging to produce and preserve food because of the climate and other geographical factors, such as the intense heat and small amount of fertile land. Most of the food that the UAE needs is imported, which makes the supply chain more difficult because food tends to spoil during cross-border shipping.

Measures To Address These Issues

Despite the numerous obstacles, the UAE government is making every effort to improve the F&B industry’s supply chain. Here are a few steps you may take to improve your supply chain management.

Use of the Logistics Sector Efficiently: The UAE must rely on its thriving and capable logistics sector, which has multiple operators deserving of being trusted with managing this intricate supply chain process. The supply chain issue for food goods can be effectively solved by logistics companies thanks to their extensive global networks, top-notch infrastructure, and knowledge.

Government Rules And Regulations: The UAE government has been proactive in assisting the food and beverage sector, particularly logistics firms to ensure that the supply chain is maintained and that there is a low amount of food waste. Making rules and regulations even more streamlined can guarantee that there are no gaps in the procedures.

Consumption and Supply: The F&B sector offers a wide variety of food options. Different locales and time zones have varying levels of demand for these goods. Due to the need to monitor demand and supply, this presents a huge problem for supply chain management. Companies utilize smart devices such as shelf sensors, smart bottles, smart labeling, and developing technologies to address this issue in order to deliver good outcomes.

Demand forecasting: is a strategy that has the potential to significantly address the problem of supply chain disruption. Numerous businesses in the United Arab Emirates are using sophisticated systems to forecast demand and supply as a result of the wide variety of products available on the market and their fluctuating demand in order to make sure that they can provide and supply the necessary products at the appropriate time to the appropriate customers.

Food & Beverages

Challenges Facing The UAE’s Restaurant Industry And Solutions

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UAE is not just one of the world’s most profitable marketplaces for the food sector, but it’s also one of the most cutthroat. The good news is that as the market becomes saturated, service providers are developing more complex ideas, new trends are emerging, and consumers have an abundance of options. The bad news is that the restaurant business in Dubai, Abu Dhabi, and the rest of the UAE is facing more difficulties than ever.

Regardless of your existing expertise, here is a list of the top hurdles you will encounter in the restaurant sector in the United Arab Emirates. We also go through how you might handle these challenges to open your restaurant. Here are some difficulties restaurants may encounter and solutions!

Higher Rents
While expensive rent seems to be the rule elsewhere in the world, UAE, and particularly Dubai, suffer the most. Depending on the size and format, the typical cost to open a small, independent restaurant in Dubai ranges from AED 500,000 to AED 1.25 million. Even these numbers are based solely on restaurants with 500 square meters to 1,200 square meters of space. Furthermore, capital expenses, rent, and working capital account for 78% of the restaurant industry’s cash outflow. Therefore, the biggest and most immediate problem you will have in Dubai’s restaurant market is exorbitant rentals.How to Avoid Sky-High Rental Prices in the UAE
As for the solutions, you must first realize that there is no getting around this problem, therefore your business might as well bear the entire brunt of it. What we’re trying to say is that while you might be tempted to shop on the cheaper side of the city because Dubai has so many little towns with diverse populations, doing so will only squander your money. Money invested with the right mindset and a clear plan can be recovered.

Consider your target market, restaurant format, cost of obtaining raw ingredients, and menu prices while choosing your site. Look for areas that still meet your needs. Examine the NOC and additional legal documents thoroughly. High rents are unavoidable, therefore you must account for them in your spending plan. In addition, you can cut costs in other areas of running your restaurant, balancing your budget.
Too little business and too much competition
With the “Diversification Pan” in place, Dubai Expo 2020 approaching, and the hospitality and restaurant business occupying the central role in the plan and the associated economic changes, two things have occurred:-

There is now intense competition.
The ratio of customers to restaurants has increased
The basic conclusion of these two impacts is that cannibalization makes it difficult for eateries to compete in the market. Here, cannibalization is distinct from that of rivals. Cannibalization occurs when rivalry intensifies to the point where the entire sector begins to see a general decline in customer demand.

Due to its special place in the country’s shifting economic landscape, the restaurant industry in the UAE has drawn both investors and businesspeople. The outcome was straightforward—too many service providers saturated the market—as there were few actual entry barriers and increased global trade.

The second side of the same coin is that, despite a rise in visitors, the speed of new restaurants opening up shop could not keep up with it. In the end, this led to “The Problem Of Plenty”—a paradoxical scenario in which consumers had too many options since there were too many service providers, making it difficult for them to choose what to invest their money in. Due to increased rivalry, problems and difficulties in the foodservice industry keep becoming worse.

How to Win in the UAE’s Toughest Market
Let’s first simplify this problem and challenge for the restaurant industry. The phrase “The Problem of Plenty” simply refers to the fact that there are so many restaurants that, even while the number of customers generally is growing, the effect of this growth is being spread out throughout the various establishments, which reduces individual profitability.

Now turn your attention to your customers. Customers are still making purchases; they are just doing them in various areas. As a result, the problem can be solved by concentrating on both acquiring new consumers and keeping existing ones. 20% of restaurant patrons account for 80% of business, and all are repeat patrons.
Absence of a USP
The UAE restaurant markets are currently experiencing a distinct issue. Most people looking to enter the restaurant industry lack a USP because it is almost completely saturated. Consumers are bored of the sameness and low quality of the experiences and meals being offered, even when no one is overtly mimicking another. Everything has been done since the UAE is so far ahead in the restaurant business. As a result, it is challenging to develop a completely new offering, in part because of the fierce competition and in part because of the variety of customers, making it challenging to foresee what will succeed and what will fail. How To Be Different From The Competition In The UAE
Conducting thorough market research, finding out what clients want, and tracking industry trends are all feasible solutions to this problem. When a market reaches a specific maturity level, it is struck by certain trends brought on by a shift in consumer habits. Because of this, no market is ever totally steady for an extended period of time, and no industry is ever truly saturated. You will be able to identify gaps in the ostensibly tight-knit market and seize the initiative there as long as you keep an eye on the trends propelling the hospitality sector.

Food & Beverages

Saudi Arabia draws $61.8 million in investments in the food sector.

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Following the signing of investment agreements worth SR232 million ($61.8 million) by the Saudi Authority for Industrial Cities and Technology Zones, the production of chocolate, yogurt, and fish will rise in Saudi Arabia.

The company, also known as MODON, has won seven contracts totaling 99,400 square meters, mostly benefiting the food and beverage industry in the Kingdom.

During the inaugural iteration of the Saudi Food 2023 show, MODON also finalized two additional agreements to help streamline financing options while encouraging and enabling entrepreneurship.

In the words of Executive Vice President of Business Development at MODON Ali Al-Omeir, these agreements are in line with the goals of the National Industrial Strategies and Saudi Vision 2023, aimed at accomplishing food security for the Kingdom and luring investment projects worth $20 billion into the sector by 2035, as reported by the Saudi Press Agency.

One of the latest investment agreements is for the SR140 million manufacturing of milk and fresh yogurt on 27,400 square meters of industrial land in Jeddah’s Third Industrial City.

Additionally, a space of 25,027 square meters has been designated in Qassim’s Second Industrial City for an SR22 million investment in the production of cocoa, chocolate, and confectionery goods.

Another SR10 million contract was signed, allocating 11,051 square meters in Jeddah’s Third Industrial City for the localization of the fish preservation business and fish products. A separate SR11.8 million contract was signed, allocating 7,400 square meters for the drying, smoking, and salting of fish and fish products.

There was also a contract worth SR40 million to set aside 16,500 square meters at Sudair City for Industry and Business for the production of food boxes, medications, perfumes, and dishes, among other things.

In February of this year, MODON signed contracts and memorandums of understanding for localizing the food and beverage sector in Saudi Arabia with investments up to SR1 billion. This was done on the sidelines of the Gulfood Exhibition 2023 in Dubai, United Arab Emirates.

Additionally, it showed that by the end of 2022, there would be 1,171 food factories with a combined total size of almost 10 million square meters.

entreprenuership

Tips for business setup in Dubai

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Are you wanting to start up a successful business this year? UAE offers a wealth of business prospects for aspiring entrepreneurs because it is one of the top business destinations in the world. The UAE economy is anticipated to develop annually, and you can even participate in this remarkable growth. A business setup in Dubai is a fantastic opportunity to grow your company and build a reputable brand. In just three to four days, you may start up your firm in 2023. You must have the required paperwork and government approvals, though.

But with significant knowledge and expertise, Flybiz company setup advisors can assist you in setting up a firm in Dubai. To start up a business in Dubai quickly and successfully, use the advice below.

A very attractive business idea

Create a thorough business strategy before opening a company in Dubai. How are you going to draft this business plan? Learn about your rivals and decide what makes you different. Additionally, consider how they were carried out and make a decision regarding how to improve it. Depending on your business activity, choose the type of business. In Dubai, the DED offers more than 2000 business opportunities; pick the most successful one and submit it with your application.

2. Excellent location

Finding a very lucrative location offers a variety of company prospects. Whatever your line of work, location in Dubai is a major source of income. Businesses can be established in the city’s freezone and on the mainland. However, based on your business, you must pick the best location.

It’s a separate area with its own laws and rules when it comes to free zones. The free zone authorities will keep an eye on the businesses and provide the necessary business license. For new businesses and other types of institutions, the freezone offers more benefits. Companies operating in free zones enjoy numerous benefits, including full profit repatriation, single window clearance, and tax exemption.

For investors and company owners, setting up a business on the mainland is a sophisticated alternative. Within the limits of Emirati sovereignty, the enterprises are permitted to conduct business. A mainland license enables your company to reach out to potential customers and guarantees flexible business growth. You must follow the laws and ordinances of the UAE government when conducting business on the mainland.

Therefore, pick the ideal location for results for your business and launch it.

3. Business Permit

Starting a business in Dubai is not possible without a business license. The UAE government offers business-friendly regulations, expedited timescales, and straightforward approval processes. As a result, investors and new businesses frequently choose to operate under a Dubai business license. According to the new FDI law, you won’t need a local sponsor to start your business in Dubai mainland in 2023. As a result, the entrepreneurs are the sole owners of the onshore business.

There is no requirement for a real office space to register your business. The greatest DED package is provided by the Flybiz business setup team for obtaining your business license. Additionally, we collaborate with government agencies to streamline the procedure and deliver the required paperwork for prompt approval.

The four most popular licenses offered in the United Arab Emirates are commercial, industrial, professional, and tourism. You can choose any license and begin doing business in Dubai.

4. Stunning name

Having a reputable name will attract more customers. When a brand name is ingrained in our memory, we return to it repeatedly. However, you must adhere to all naming guidelines while choosing a company name. For instance, you should refrain from using acronyms, references to religion, vulgar language, etc. Ensure that it concludes with the name of your legal entity, such as LLC or Pvt. Ltd. Once you’ve decided on a name, submit a DED registration form to finish the trade name registration process.

5. Decide on a budget.

When starting a business, every dollar counts, so you need to have a predetermined budget. The cost of incorporating a business includes salaries, stock inventories, unreported expenses, licenses, marketing, and advertising. The costs could change, so you should set up money for unforeseen charges. Think big and make future plans while starting a business in Dubai. Make sure your budget allows for potential capital-intensive opportunities and future development.

These are a few suggestions to keep in mind as you prepare to launch your business in Dubai. However, receiving assistance from a knowledgeable startup consultant in the UAE will streamline the procedure and save you time.

entreprenuership

How to Launch a Business in the UAE as a Foreigner

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There are several procedures involved in starting a business in the UAE as a foreigner, including securing the required visas. Here is a thorough explanation of the procedure:

Choose Your Business Activity: The first step is to choose the type of business you will be running. The kind of license you need to apply for will depend on this.
Select a Business Name: Your company should have a distinctive name that adheres to the UAE’s naming customs.
Select a Business Structure: There are a number of business structures available in the UAE, including the Limited Liability Company (LLC), Free Zone Company, and Sole Proprietorship. The decision is based on your business activities, the amount of control you wish to keep, and your financial situation.
Select a Location: You have the option of establishing your company in one of the several free zones or on the UAE’s mainland. Each has distinct benefits and rules.
Publish Your Company :After deciding on the aforementioned, you can move on with registering your firm. This entails delivering the required paperwork to the appropriate agencies, which may include an application form, a business plan, and copies of passports.
Obtain a Business License: Submit an application for the correct license based on your line of work. This might be a license for a business, profession, industry, or tourism.
After your business has been registered, you can open a corporate bank account. Your business registration paperwork as well as any other conditions required by the bank must be provided.
Acquire visas
STEPS IN VISA PROCESSING: Infographics
To live and work in the UAE as a foreign business owner, you’ll require a visa. Learn the procedure from infographics.

Please keep in mind that the procedure can change based on the particulars of the economic activity and the jurisdiction (mainland or free zone). It is always advisable to speak with a company setup advisor to make sure you adhere to the proper protocols and laws.
Documents Needed for Foreigners Starting a Business in Dubai
The particular paperwork needed for foreigners to open a business in Dubai depends on the license type selected. The following are some essential documents you will normally require:

A copy of your passport is required for all business-related operations in Dubai. A copy of your passport will need to be provided.

Visa Copy: If you are not a resident of the United Arab Emirates, you must present a copy of your visa.

Business Plan: In this document, you should describe the objectives, plans, and budget for your company. It’s a crucial step in the establishment of your company.

If you’re submitting an application for a license on the mainland, you must include a letter of intent from a local sponsor. A letter of intent from a regional sponsor is required. Please be aware that only a small number of activities call for this.

This certificate of good conduct attests to your lack of criminal history. It’s a crucial step in the process of setting up your firm.

Your financial assets and liabilities are displayed in your financial statement. It’s essential for displaying your ability to manage a business’s finances.

Depending on the particulars of the company you have selected license and operating area, you might also need to produce additional documents in addition to these.

Considerations for Expats Before Starting a Business in the UAE or Dubai
Prior to opening a business in Dubai, take into account the following:

Recognizing Local Business Practices: Acquaint yourself with the conventions and procedures that apply locally.
Select the Ideal Location: Since each offers unique advantages, decide whether to locate in the mainland or a free zone.
Recognize the costs associated with launching a business, such as license fees, visa charges, and operations expenditures.The price of launching a business in the UAE as an expat
Depending on the sort of business, the location, and other elements, there are different beginning costs in Dubai. However, you should budget between AED 15,000 and AED 25,000 for a trade license.