There has been a huge surge in business license issuance in Dubai during the first half of 2022 with an almost 25% jump in the number of licenses issued compared to the first half of 2021 totaling 45,653.
The new UAE visa laws have been proven to be a boon, especially for startups and are opening floodgates of opportunities for entrepreneurs, investors, job seekers, IT professionals and tourists. These visa reforms are aiding the country's economy in a great way as per insights gathered from an industry veteran.
Industry experts believe that visa reforms in the gulf led by UAE and Saudi Arabia have not only increased economic activities in the region but also created new jobs and attracted talent from overseas. Besides bringing reforms to existing visas, USE also introduced new visas to benefit from enhanced economic activities. The business entry visa allowing prospective investors and entrepreneurs entry into the country multiple times over an extended period would also be very helpful to attract foreign direct investment as this period could be best and effectively utilized for market research by the investors before they finally embark upon a new business setup in Dubai UAE.
Industry experts strongly believe that the economy of UAE will register very good growth during 2022 and 2023, rising around 5.2% and 4.2% respectively on the back of the government's reforms initiatives including new visa laws. The economic growth of UAE has also been attributed to Expo 2020 which has played a key role in supporting the country’s economy, predicted to reach 33.4 billion USD by 2031, industry veterans highlight.
The current exponential growth in Dubai's infrastructure and construction sectors also resulted in huge economic development and is mainly driven by investments made by foreign entities, industry experts emphasize. The policy and structural reforms undertaken by the government have made UAE the centre of attraction for trade and investment worldwide, believe the experts.
Experts agree that reforms introduced for easy business licensing also complement the visa rules and go hand in hand with increased business activities in Dubai UAE. Business activity usually decides the time to obtain a license and may typically take 3 days to 4 weeks. A reputed and professional PRO service in Dubai UAE can help prospective investors get licenses in an easy and hassle-free manner.
Real estate investment and advisory firms report that the construction project market of UAE witnessed a rebound during 2021, with residential construction being the highest-performing sector. The trend has been continuing so far in 2022 as there are several successful launches of residential projects in Dubai and across other emirates.
The covid-19 pandemic has made Work-From-Home (WFH) the new normal and becomes a blessing in disguise for the construction sector. Home buyers are currently demanding more spacious and luxurious living spaces in communities having recreational and other facilities including swimming pools & gyms along with commercial outlets such as restaurants and shopping malls. Again here the UAE government’s new visa legislation allowing property investors to get a Golden Visa in the event of buying a property worth Dhs 2 million played the role of a catalyst, believe the industry experts. Besides construction and real estate, the other sectors that benefit from the liberalized new visa rules are tourism, trading and e-commerce.