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Time of India
12-07-2025
- Business
- Time of India
Dubai's secret: Why it leads the region beyond oil and real estate
Driven by policy reforms, global connectivity, and diversified industries, Dubai has emerged as the region's leading business and financial hub with strong international investor appeal/Image: File TL;DR: Dubai has diversified far beyond oil; today, non-oil sectors like trade, logistics, tourism, finance, and tech drive 99% of its GDP. Investor-friendly policies such as full foreign ownership, zero personal tax, Golden Visas, and free zones have attracted Fortune 500 firms, startups, and global high-net-worth individuals. World-class infrastructure (ports, airports, fintech zones) and a multicultural, skilled workforce strengthen its competitive edge. Its strategic location (within eight-hour flights of two-thirds of the world) positions Dubai as a global gateway to Asia, Africa, and Europe. 1. From Oil Dependency to Diversified Economy Once reliant on petroleum, today oil contributes under 1% to Dubai's GDP down from around 50% in the past. Modern growth is driven by trade (26%), transport/logistics (12%), financial services (10%), manufacturing, real estate, construction, and tourism combined. 2. Policies That Attract Global Business Dubai offers an unusually welcoming business environment: Free zones like DIFC (financial), JAFZA (industrial), and Dubai Internet City offer tax holidays, 100% foreign ownership, and full repatriation of profits. Golden Visa and long-term investor residency tied to property or business investments add stability for expatriates and capital inflows. 3. Infrastructure That Connects the World Dubai's logistical backbone is unrivaled: Jebel Ali Port is the world's largest man-made harbour and a global transshipment hotspot. Dubai International Airport (DXB) and Al Maktoum (DWC) provide seamless connectivity to 240+ destinations putting two-thirds of the global population within eight flight hours . Logistics and trade zones like DP World's facilities and multifaceted free zones enhance operational efficiency. 4. Financial Ecosystem & Innovation Dubai is a magnet for global capital and innovation: DIFC hosts ~6,900 companies, offers common-law jurisdiction, and a 50-year tax guarantee. It has added nearly 1,800 new registrations in 2024. Wealth management boom: Asset managers grew from 350 to 410 firms in DIFC during 2024. Dubai is on track to be the world's 6th-largest asset booking hub by 2028. FinTech Hive, fintech accelerators, and tech-focused free zones reinforce the emirate's role as a tech ecosystem. 5. Diverse Talent Pool and High Foreign Direct Investment Multicultural workforce : With high density of expats, Dubai is a melting pot of talent from 200+ nationalities. FDI engines : In 2024, Dubai attracted AED 52.3-billion in greenfield FDI, ranking first in the MENA region for such investments. Population growth : Nearly 3.8 million residents by end-2024, plus a daytime influx of commuters, creating strong consumer and workforce density. 6. Tourism & Real Estate Synergy Retail and luxury dominance : Ranked in top 10 globally in luxury upgrade market; retail contributes significantly to GDP and urban vitality . Real estate investment : High yields, dual-use visa-linked residence, and rapid off-plan growth support sustained investment demand. Tourism as a retail driver : Huge number of visitors in 2024 supported retail, hospitality, and rental markets. 7. A Resilient Economic Powerhouse Dubai is consistently ranked among the most competitive cities worldwide: Global City and Power rankings: Leading the MENA region in Global Power City Index. Dubai's GDP reached AED 429-billion in 2023, with non-oil sectors dominating. DIFC revenue surged: 37% growth in 2024, underlining regional financial prominence. Dubai's dominance is built on a multifaceted ecosystem: pro-business policies, world-class infrastructure, diversified economy, global financial services, and vibrant expatriate & investor communities. Rather than relying on oil, the emirate thrives as a global conduit welcoming capital, innovation, and people, all while cementing its role as the Gulf's economic front runner.
Al Etihad
17-05-2025
- Business
- Al Etihad
Flexible UAE regulations drive Fintech growth
17 May 2025 13:40 ABU DHABI (WAM)The UAE is solidifying its position as a regional and global Fintech hub, driven by forward-looking strategies, flexible regulatory frameworks, and strong support for sector has seen rapid growth in recent years, spurred by government initiatives, evolving legislation, and rising investment and startup activity. Global confidence in the UAE's Fintech ecosystem is reflected in international rankings and the country's leadership in financial digital transformation across the Dhabi and Dubai have introduced clear regulatory structures through bodies such as Dubai's virtual Assets Regulatory Authority (VARA), Dubai Financial Services Authority (DFSA) - the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC) - and the Abu Dhabi Global Market (ADGM).Initiatives like the FinTech Hive at DIFC and ADGM's Regulatory Laboratory have played a pivotal role in the sector's to a report by Mordor Intelligence, the UAE's Fintech market is expected to grow at a compound annual growth rate (CAGR) of 12.56 percent from $3.56 billion in 2025 to $6.43 billion by Rey, Managing Director and Partner, Middle East Head of Financial Institutions at the Boston Consulting Group, said that by 2028, the UAE's payment sector is projected to reach $27.3 billion in revenues, with a CAGR of 7.8 volumes are also forecast to rise significantly to over 3.1 billion by 2028, representing a 78 percent increase—well above the global average of 5 Fairooz, Middle East Lead at SC Ventures (Standard Chartered's innovation arm), said the UAE has become a regional leader in Fintech due to its advanced regulatory environment, digital infrastructure, and institutional noted SC Ventures launched seven Fintech startups in the UAE over the past year, creating more than 150 high-skilled jobs. This, he said, underscores investor confidence in the country's governance, data protection, and regulatory Goswami, CEO of Perfios, echoed the sentiment, crediting the UAE's progress to strong regulatory support—especially in areas such as open finance and financial inclusion. He acknowledged the ongoing challenges posed by digital fraud and risk, but noted that the UAE has made significant strides in developing risk management solutions to keep pace with the rapid rise in digital transactions.
