2024 will be a year of riding the wave of unprecedented growth for businesses in Dubai: Robin Philip

Robin Philip, founder and CEO of leading business setup consultant in Dubai A&A Associate, is bullish about Dubai’s economy after a power-packed first quarter of 2024 that saw his company not only lap up a string of top global awards and recognition but also register a record number of new businesses.

“Dubai is experiencing an upward curve like never before, and this growth trajectory is underscored by not just an overall attractive business environment buoyed by increased investments all around but also by a remarkable increase in new business licenses,” said Philip, referring to the 22 per cent increase in new business licenses in 2023, a record high, while highlighting the growing significance of the digital economy that stands to potentially contribute 20 per cent to the economy by 2031. “My optimism about Dubai’s economic outlook is purely based on how the market has done so far and is doing at the moment. Thanks to a strong infrastructural and business-friendly environment. And this only means that this year will see more new business registrations in Dubai than any previous year.”

According to Philip, whose company registered 1835 new companies in 2024 Q1, a record 51 per cent year-on-year growth, Dubai remains competitive compared to many countries despite higher interest rates and cost of living. And this, he says, is the real reason for the growth of new companies that are robust and independent of easy credit. “Over the years, we have seen a huge rise in companies investing in the tech space, in e-commerce and other online services. And thanks to a growing focus on domains like fintech, the digital economy here in Dubai is not only booming but also driving the region’s overall growth,” said Philip predicting a five per cent growth for the UAE, driven by key investments in technology. “And what’s attracting those tech investments from around the world, including places like India and Russia are not just Dubai’s strategic geographic location but also its business-friendly ambiance and progressive policies following recent reforms. This includes initiatives like the Golden Visa and five-year green visas.

Furthermore, there has never been a time when we've had such a plethora of free zones, which are now drawing both talent and companies, thus helping further diversify the economy,” added Philip, whose company partnered with Ras Al Khaimah Economic Zone (RAKEZ) earlier this year to issue business licenses with a host of benefits that includes specialised door-to-door services like company formation and registration, PRO services, and corporate advisory, all brought under one roof by their unique Master Consultant programme.

"As we move forward into the rest of the year, we are optimistic about the outlook for businesses in Dubai, and we remain committed to supporting our clients in realising their goals and achieving success in this dynamic market through our innovative products and services like fast-track processing where our clients get expedited processing to ensure their business is up and running swiftly. Add to that our dedicated Master Consultant and personalised door-to-door support services are one of a kind, meant to kickstart new business journeys in a matter of moments," explained Philip, how his award-winning business setup consultancy – recently included in the list of UAE's Best Workplaces for 2024 – is additionally not just offering reduced setup fees but also complimentary services like company registration, documentation assistance, and initial consultations to meet increased demands.

For more information, visit www.aaconsultancy.ae.