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![Karl Hougaard shares the hottest companies in the UAE in 2023](https://gulfbusiness.com/wp-content/uploads/2023/02/Karl-Hougaard-.jpg)
The UAE economy is growing rapidly, with GDP growing by 7.6% in 2022 and expected to grow by 4.2% in 2023. Entrepreneurs can choose from a wide range of business opportunities by taking advantage of the region’s diverse, multi-ethnic and multi-cultural population.
In particular, the global rise in technology and remote/hybrid working has made the e-commerce industry an opportunity-rich niche for those willing to put in the necessary effort and work to succeed.
This article takes a closer look at the best businesses to start in the UAE in 2023 and specifically explores the potential and opportunities for e-commerce in the region.
E-commerce and online retail
The UAE e-commerce market is expanding rapidly, with revenue expected to reach US$13.78 billion in 2023, with an annual growth rate of 9.53%. This growth is driven by rising technology usage and internet penetration in the region, making it easier for consumers to shop online.
Since 58% of online purchases by UAE shoppers are made through overseas suppliers, there is a significant opportunity for entrepreneurs to redirect these expenditures into the domestic market by developing competitive e-commerce stores in the UAE.
Another reason for the rapid growth of e-commerce in the region is the UAE government’s desire to move towards a cashless society, which depends on increased digitalization and the adoption of online spending. With the implementation of various measures to support the development of the online industry, entrepreneurs setting up e-commerce businesses in the UAE in 2023 will receive sufficient resources and support. This includes measures to simplify the process of setting up an e-commerce business and provide support for logistics and delivery.
Additionally, e-commerce businesses have far lower startup costs than traditional brick-and-mortar stores and are able to transform, grow, and expand based on demand. Entrepreneurs can start small and grow their business however they see fit.
Read: How fintech is shaping the future of e-commerce
Food & Drink
The food and beverage market in the UAE is booming, with revenue expected to reach $37.89 billion in 2023. Driven by a diverse population, growing tourism and growing demand for high-quality, diverse and international cuisine, unique food and beverages in 2023, this concept has great potential as a new business in the UAE.
With governments in the region actively promoting the country as a food destination through initiatives such as the Dubai Food Festival and the Abu Dhabi Food Festival, there are potentially rich opportunities for entrepreneurs to tap potential markets and address the challenges that come with setting up a catering business .
One of the biggest challenges facing the industry is the high cost of setting up a business, as rents and wages are relatively high compared to other countries in the region. In addition, market competition is fierce, and new companies must have unique concepts and targeted marketing strategies to stand out. Of course, entrepreneurs should also familiarize themselves with the strict regulations and laws governing the food and beverage industry in the UAE.
health and wellness
The global health and wellness market is growing significantly, with a CAGR of 5.5%. The UAE is no exception, with increasing public awareness of the importance of physical and mental health. This, coupled with government efforts to promote healthy lifestyles and growing numbers of expats and tourists, means the health and wellness industry offers huge potential for lucrative business in 2023.
Popular health and wellness business ideas in the UAE include fitness centres, yoga and Pilates studios, spas, salons and clinics offering beauty and beauty treatments. However, there is also growing demand for alternative and holistic health options such as acupuncture, naturopathy, meditation and energy healing.
Combining e-commerce with health and fitness is a great opportunity. Entrepreneurs can take advantage of the combined potential of e-commerce and fitness trends in the region by considering offering mobile services or online consultations to cater to busy people.
real estate
Real estate in the UAE is a developed and dynamic industry. Characterized by high demand for residential and commercial real estate, property development is supported by the government’s ongoing efforts to promote the country as a property investment destination.
Read: Dubai property market to exceed AED 240 billion by 2022: Property Finder
Although under development, many opportunities still exist in the UAE real estate market. The government is actively pursuing new projects and initiatives to attract investors and buyers, such as smart city development and free zone expansion. Additionally, the market is constantly evolving and adapting to changing trends and technologies, such as the increasing popularity of co-living spaces and smart homes.
Entrepreneurs might consider developing specialized real estate services, such as property staging and interior design, or focusing on a specific segment of the market, such as luxury properties or affordable housing.
In addition, with the rise of technology and digitization, companies have the opportunity to develop and implement smart technologies in real estate projects and provide related services such as virtual tours, digital inspections, and online transaction management.
takeout
The UAE is a great place to start a business. By seizing the opportunities offered by a growing economy, a diverse population, and a supportive government, entrepreneurs have options in various fields. The e-commerce, food and beverage, health and wellness, and real estate industries are among the most profitable and fastest-growing markets in the country.
To increase the chances of starting a business in the UAE, entrepreneurs must develop a unique concept and a strong marketing strategy. The importance of branding and the unique selling points that come with it cannot be overstated.
Additionally, to be successful, entrepreneurs must understand the industry’s regulations and laws, network and build relationships with local businesses and government officials, conduct thorough market research, and stay informed about the latest industry trends.
Karl Hougaard is the founder and CEO of Trade License Zone
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