Expo 2020 opens window of opportunity for SMEs
UAE free zones are a massive opportunity for local and foreign investors, especially for small and medium enterprises companies (SMEs) to establish business in the UAE.
Currently there are 36 free zones in the UAE and a majority of them are located in Dubai. Basically the cost to start a company in free trade zone packages begin from Dh15,000 and go up to Dh50,000. Free trade zones authorities facilitate in turning investors dreams into reality.
A report by the Dubai SME has mentioned SMEs as the “engine” for economic growth and vital contributors to the country’s gross domestic product (GDP). In the UAE, SMEs account for 85 per cent of private sector employment, according to the 2014 Global SME Survey. They contribute around 46 per cent of the nominal GDP in Dubai and more than 60 per cent of UAE’s annual GDP, setting an example of how SMEs can boost a country’s sustainable growth and prosperity.
After the UAE won the Expo 2020 bid, more opportunities continue to emerge from the economy’s diversified sectors. This has helped and improved the fundamental benefits enjoyed by big and small investors in free zones, starting from zero taxation, minimal barriers to entry and 100 per cent business ownership.
Winning the Expo 2020 will result in inevitable changes to the UAE’s business landscape. According to a report, the UAE currently hosts 12 million annual visitors. Statics show that 20 million people are expected to move into the region - an increase of eight million.
Find more: www.khaleejtimes.com