Navigating Uncertainty: How Adaptability Benefits Businesses in the UAE

Everyone knows it is impossible to know what lies ahead, but the events of 2020 drastically impacted our expectations of ‘everyday normality’. We took for granted those certain aspects of the way we work and live would stay the same. Individuals, communities, companies and governments faced unforeseen challenges and consequently a lot of change was necessary. As yet, we still don’t know what the lasting effects of the pandemic will be. What we do know is that uncertainty is a guarantee and that companies and economies that wish to prosper must embrace a greater degree of adaptability. This is one area in which Dubai, and the UAE, has excelled recently and the international community has noticed. By structuring an environment in which change is seen as a positive and encouraging innovative thinking, Dubai has showcased its credentials for stability and growth. This is one of the reasons why international investment is on the rise and why the future is looking brighter for businesses in the UAE.

History of Adaptability

Since its inception the UAE has demonstrated a unique level of foresight and an openness to adaptability. The late Sheikh Zayed bin Sultan Al Nahyan, the Founding President of the UAE, encouraged and promoted inclusion, tolerance and innovation. He saw great potential for the UAE and he understood that in order to achieve all that it could, the nation would need to move with, and sometimes ahead of the times, embracing collaborative ventures with international partners and expatriate talents. His push to drive the development of a world-class infrastructure and a varied range of commerce districts, including today’s free zones, was pivotal in attracting multi-national corporations and establishing Dubai as the regional hub for international brands.

Modern Flexibility

The government of Dubai and the UAE have continued this forward-thinking legacy. Throughout the past decades, they have steered a transitional economic platform. Initially dominated by oil, the sensible decision to promote the development of non-oil GDP growth has been reflected in the fostering of increased tourism figures. Today the focus is also on driving a technology-led knowledge economy that offers greater diversity and long-term sustainability. The Government was also quick to act during the pandemic, authorising some of the world’s largest stimulus packages to lessen the impact on local entities and businesses in the UAE. They also understand that future stability relies on attraction international entrepreneurship and investment, which requires an environment that is guided by contemporary legislation, corporate incentives, efficient supply chains, innovative technology and a more evolved conceptualisation of the world/life balance.

Benefits for Businesses in the UAE

The benefits of these policies for businesses in the UAE continue to be widespread. Strengthened geo-political ties, reformed legal frameworks, regulatory changes and an increased variety of work permits and residency options have widened the pool of international talent in terms of global relocation. A thriving and stable economy, as well as huge growth potential, has already seen a significant rise in international investment in the late stages of 2020 and early half of 2021, especially in real estate. New initiatives for corporate start-ups and the introduction of options such as the remote working visa have been hugely attractive to budding entrepreneurs and freelancers. This combination of elements is a self-perpetuating cycle that bolsters sustainable economic growth and drives revenue. This is why more and more companies and individuals are recognising the value of Dubai and the UAE as a hub for business and long-term economic prosperity. Their overall ability to encourage innovative thinking, adapt to unforeseen events and support ambition, not to mention the country’s enviable geographical position and unrivalled infrastructure, make it a top destination to live, work and visit.

If you would like to talk to one of our expert consultants about setting up a business in the UAE or visa services or relocation for new employees, get in touch today on info@eerme.com or call us on 971 4 4211819.