Invest UAE: Panelists share insights on emerging sectors and business growth
The UAE offers plenty of opportunities in emerging sectors, but success depends on understanding local laws, regulations, and the evolving business landscape. Experts at the Unlocking Opportunities: Top Growth Sectors panel at the Gulf News' Invest UAE seminar emphasised the importance of adapting to changes, aligning with compliance, and innovating consistently to stay competitive.
Before starting a business in the UAE, it is crucial to define your purpose – whether it's access to markets, tax incentives, or workforce diversity, said Jack Mouzer, COO of DART.
'Choosing the right emirate based on your industry and target audience, and deciding between free zone or mainland options, are key factors. Focus on resources you need, like proximity to airports or warehouses. Streamline the process by working with a business set-up company to save time, costs, and stress,' said Mouzer.
Inas Zamel, Head of Growth at Grow from Dubai, discussed top sectors for investment: "The UAE has many high-potential sectors for start-ups, including technology, logistics, and e-commerce. Government-backed initiatives make these industries particularly attractive."
'At Grow from Dubai, we focus on connecting businesses with the right opportunities, providing strategic insights, and fostering partnerships to help start-ups thrive in these growing sectors."
Scaling a business in the UAE
When it comes to scaling a business, networking plays a critical role, especially for new entrants. 'Scaling a business can sometimes be challenging, but networking is key. Attend industry events, join online communities, and connect with local thought leaders. Mentorship from experienced entrepreneurs can fast-track growth by helping you avoid costly mistakes. Continuous learning through workshops and courses is essential, especially in fast-evolving sectors like tech,' advises Mouzer.
Keeping up with the latest technological trends is also vital. The UAE is at the forefront of AI integration, with initiatives like Abu Dhabi's Dh13 billion investment in AI for All, and Dubai's AI Seal. These efforts are pushing businesses to adopt cutting-edge technologies, enhancing efficiency, productivity, and customer experience.
'Businesses must prioritise hiring skilled talent and investing in R&D and digital transformation to stay ahead in this rapidly evolving tech landscape,' said Mouzer.
However, several common mistakes can hinder growth, and entrepreneurs should try to avoid them.
Zamel noted, 'Entrepreneurs sometimes overspend on unnecessary luxuries, like fancy offices or warehouses, especially at the start. Neglecting compliance and regulatory requirements can lead to penalties and unexpected costs.'
She added, 'Failing to seek mentorship or partner with a trusted business set-up firm can expose you to avoidable risks and challenges.'
Despite these potential pitfalls, taking risks remains critical to growth. 'Taking risks, especially in today's tech-driven world, is essential for growth. Every trial and error offers valuable lessons, and with each setback, you bounce back stronger. Embrace the challenges, as they are opportunities to learn and innovate,' said Mouzer. Partners and sponsors
Free Zones Authority of Ajman is Platinum Sponsor; Strategic sponsors are Sharjah Media City (Shams), Meydan Free Zone and Triliv; Rakez and Shuraa/ Dart are Silver Sponsors.
Support partners are Ahmad Alagbari Chartered Accountants, Hussain Al Shemsi Chartered Accountants, Fame Advisory, Liberty Business Commercial Brokers, Helios Consultancy, and AKW Consultancy. V Hotel is Venue Partner, Arpan Flower is Flower Partner, and Trophy Partner is Crystal Gallery.
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