The Middle East region offers an ideal place to establish and expand business. With an encouraging tax environment, a qualified workforce, abundant resources, and trading opportunities, investors and business owners can enjoy a great degree of profitability. Overall, the Middle East presents a promising landscape for industries. So, if you are an aspiring entrepreneur, searching for the best business ideas to explore in this region, here are some of the best and most popular business opportunities in Middle East Countries.
10 Best Business Opportunities to Explore in the Middle East
As the Middle East continues to attract more foreign investments, many business plans are suitable to launch here. So, here are some of the best picks to make hay out of the Middle East market right now –
The E-commerce market has immense potential in the Middle East. Besides, it is currently one of the emerging industries in the MENA region. According to the data, Saudi Arabia, Turkey, and UAE have the biggest e-commerce market in MENA.
During the pandemic in 2020, the region witnessed online sales to a greater extent. Since then, it has surpassed offline sales, leading online businesses to aspire more about providing their services in the Middle East area.
Furthermore, this industry is more appealing to those who want to start their venture with minimal resources and budget. Nonetheless, the technological advancements in Middle East countries support tremendously in the growth of the E-commerce market.
2. IT Solutions
Dubai, in the United Arab Emirates, leads the Smart City Index in the MENA region. It is home to thousands of tech startups that have demonstrated their forte and commitment to technology and innovation. Consequently, this creates a huge demand for IT and web development services inviting more and more businesses such as digital marketing, app development, online PR, online security, etc. to start their operations in the Middle East.
Read More:How to Start an IT Company in Dubai?
3. Transportation and logistics
The Middle East boasts of world-class infrastructure that supports logistics and transportation operations. Trans-city transportation services and local taxi services are high in demand in this region for both residents and tourists. Thus, the transportation and logistics business is one of the best business opportunities in Middle East Countries that you can explore and evolve.
UAE Expansion experts can assist you in obtaining the necessary licenses and approvals for the same.
4. Retail business
The growing population of migrants in the Middle East has paved the way for the retail industry. Other factors like expanding economy, a better standard of living, and a huge influx of tourists contribute generously to the rise of retail in the Middle East.
Hence, investors thinking about grabbing this opportunity need to consider the mode of retail they want to establish. Would it be a storefront, warehouse, or sales office? Also, they need to research the location where they want to set up their retail store and duly acquire all the permits and approvals for operation.
Over the last few years, UAE and other Middle East regions have received a significant share of the advertising market, out of which the larger portion belongs to digital advertising with over $50 billion of investments. Hence, considering an advertising agency in the region can be a profitable business idea. However, developing your brand and creating a strong social media presence is important to succeed in this industry. This practice will help you network better with other businesses in the area.
6. Business Consultancy
One of the most promising business opportunities in Middle Eastern countries is business consultancy services. With millions of start-ups and industries setting up in the province and established businesses longing for global expansion, business consultancy is leading in the market.
Business maestros who possess sufficient knowledge and experience in this field can find a spot in this flourishing market and assist other businesses to expand their scope. Nevertheless, they must ensure to obtain all the necessary permits before starting operations.
7. Travel services
The city of Dubai in the Middle East is a much-coveted tourist destination that continues to attract foreigners with its historic spots, grand hotels, beautiful beaches, shopping malls, etc. In such a profitable environment, starting a travel agency can be a perfect idea. UAE Expansion professionals can assist you in getting your travel agency name approved and finding an appropriate location to rent out space for your company.
There is an immense demand for educational services in the Middle East. Since the majority of the population comprises expatriates, the need for multi-lingual services is high. However, to set up an educational institution in the area, one would need the necessary certificates and licenses to legally run the business.
Apart from that. Digital learning or online tutoring is also on trend. Hence, investors without having to invest a huge sum can take advantage of this business opportunity.
The healthcare industry is on the rise in the Middle Eastern countries. Even the people from neighboring countries are drawn towards the affordable healthcare options available here. Economic Zone like Dubai Healthcare City is specially dedicated to the healthcare business. However, one would have to meet a few conditions and go through certain legal formalities to step into this business.
That is why you would require the expert assistance of UAE Expansion who will properly guide you with all the crucial information and help you procure the necessary licenses and visas from the concerned officials.
10. Financial Services
As the Middle East is cramped with industries and enterprises, it fuels the demand for financial services like bookkeeping, accounting, and auditing. Ever since the introduction of VAT law in UAE, the demand for such services has even increased more. Small businesses and start-ups that do not have enough resources or an in-house team seek help from external service providers.
So, if you have adequate knowledge in this field, you can gain a part of the market share and set up your financial service agency in the MENA region.
Advantages of setting up business in the Middle East
Investors can find several great perks of running a business in the Middle East.
- Access to the GCC
- Beneficial geographical placement
- Business-friendly tax system
- Competent workforce
- Outstanding infrastructure
- Heart of international trade
- Diversified economy
- The abundance of natural resources
How to do business in Middle Eastern countries?
- Learn about the business culture and ethics of the region.
- Familiarize yourself with the clients you would be dealing with, such as companies, agents, distributors, and individuals. This will give a basic understanding of the social standing, education, company profile, and history of the things that are vital for your company’s success.
- Build strong and reliable connections with local partners who can guide and facilitate easy entry to the Middle East.
- Before forming a business relationship, get good legal advice from a trusted source.
- Manage MOUs (Memorandum of Understanding), a mutual agreement between parties.
- Look for partners and entities that are recognized and trusted for their good judgment. Create a comfortable bond and ensure that your interests are protected.
- Be certain about the documents and paperwork. Proper documentation will help you in the long run.
Learn more about business opportunities in Middle Eastern countries
UAE Expansion is a leading company formation solution provider in Dubai that has helped several businesses take off in the Middle East. They also assist well-established corporations to expand their operations into the UAE and other prominent regions by providing a one-stop solution for all their requirements.
To learn more about UAE Expansion and business setup in Dubai