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Dubai – a vibrant business-centered city has seen all the stages of the economic cycle in two decades. From a completely barren desert to a jam-packed road, Dubai has always moved on with patience.
With the GFC, tremors of the collapse were felt in Dubai. UAE was in doldrums; real estate got hit leading to job losses, company downsizing, humongous construction projects being cancelled or put on hold. Businesses withdrew from the city as returns were nil. Dubai experienced the world’s steepest property slump with hotels struggling with the lowest occupancy rates ever. In short, the city was hit terribly, experiencing chronic economic stagnation. It was a dark, cloudy era.
Leaving the scars of recession behind, Dubai is showing positive and promising signs of recovery. To name a few, erecting notable structures like Burj Khalifa, infrastructure investments like The Dubai Metro, the Expo 2020 bid win which is expected to raise Dubai’s GDP growth rate, and construction projects which were once slowed down are now in a fully operational stage.
Entrepreneurs are again willing to invest in businesses here considering how the market conditions have drifted from a more volatile condition to a placid state. Also, with the Dubai business market’s global accessibility, investors no longer hesitate to start their business setup here which, in turn, leads to employment opportunities.
Clear bright skies characterize the Dubai economic climate, making it the right time to venture into new businesses. And it’s truly said, “Make hay while the sun shines.”
• Dubai is experiencing recovery from GFC collapse
• More business setups means more employment
• Global accessibility of Dubai market attractive
Source: Radhika Murali Iyer, Special to Classifieds
The writer is Marketing Consultant, Axiom Mark