Industries in UAE 2024: All You Need To Know
Currently, the United Arab Emirates is the fourth-best economy in all of North Africa and the Middle East (MENA). In addition, since 2021 it has had a very high Gross Domestic Product (GDP) that continues to grow. All this is thanks to the famous industries in the UAE and sectors that are booming. These industries include oil, gas, construction, and healthcare. In this article, we will illustrate to you the main industries in the UAE that have been part of and supported the growth of the country’s economy. This country has become one of the most attractive and profitable destinations for businessmen in the world. So that you can better understand the subject, we will give you a tour of the most important industries that exist in this country. Thus, you can decide to be part of this market. 1. Learn about the oil and gas industry in the UAE In the list of industries in UAE, the first one to be mentioned is the oil and gas industry. This sector is considered the most important in the UAE since it represents 34% of the total GDP. The International Trade Administration says the United Arab Emirates produces approximately 3.2 million barrels of crude oil per day. Thanks to this, it is among the top 10 oil-producing countries in the world. Different factors have contributed to the growth of oil and gas investments in the UAE. Among them, is the low corporate tax on income, striking and developed infrastructure, and access to highly advanced technology. In addition, in this country, monetary restrictions are absent. On the other hand, currently, multinational oil companies have been investing heavily in this sector. In addition, the government has made significant investments in research and development (R&D). Thus, growth over time in this industry can be guaranteed. The economy in the UAE has been dominated by the oil and gas sectors. But, the country has set out to become the first Arab state with the goal of net zero emissions by 2050. 1.1 Market Leading Company, Abu Dhabi National Oil Company (ADNOC) ADNOC is a leading company in the world in the oil and gas sector. It is characterized because it operates in all aspects of the industry. This industry aims to reach the maximum sustainable production capacity of 5 million barrels per day in the year 2030. On the other hand, ADNOC not only works in the oil sector, but it also focuses on diversifying its energy portfolio using renewable energy sources. In addition, this company has entered into a business partnership with Mubadala Investment Company and Abu Dhabi Energy Company; to facilitate investment in sustainable and clean energy. 2. Do you know how the construction industry works in this country? If you want to start in the construction industry, you should know that it is one of the most lucrative in the MENA region. In addition, it plays a very important role in the economic growth of the country. Thus, in recent years this sector has grown steadily. The construction industry in Dubai and across the UAE is forecast to grow by around 3% from 2023 to 2026. Construction growth in the UAE is fueled by ambitious development projects. Among them are mega projects like the Palm Jumeirah, the Abu Dhabi airport, the Burj Khalifa, and other flagship projects. The industry also includes residential housing projects that are responsible for meeting the demand of local and foreign investors. Part of the factors that helped the construction industry grow was a big boost from the government. In this way, the impulse helped the development of the infrastructure and a large amount of highly qualified labor. However, supply chain disruptions, rising labor costs, and raw material shortages are major challenges for the industry. Different individual sectors will be found in the construction industry. Among them is residential, commercial, industrial, and infrastructure construction. In addition, there is the institutional construction of energy and public services. 3. Do you want to know more information about the real estate industry? Continue reading One of the top companies in UAE is those belonging to the real estate industry. It is considered one of the most dynamic sectors and has experienced great growth in recent years. Currently, the country’s government has created different initiatives to promote investment in this sector. Thanks to this, many foreign investors see this possibility as very appealing. In addition, they may be applicants for a Dubai investor visa. As a high demand from investors and buyers has been witnessed; property prices have increased significantly. Especially, in cities like Abu Dhabi and Dubai. In addition, many real estate projects contribute to economic activity in the UAE. For instance, residences, offices, hotels, shopping centers, and commercial complexes. 3.1 Commercial and residential real estate market in Dubai The real estate market in Dubai, especially the residential sector, has grown significantly. This is despite global uncertainties and challenges. The reason is said to be that this city has a reputation for competitive prices and being a haven; compared to other relevant and well-known cities in the world. In addition, the developers have a promising future with 27,000 units under construction; which will be distributed in the coming years. 3.2 Commercial and residential real estate market in Abu Dhabi Currently, many entrepreneurs have decided to open their businesses in Abu Dhabi; thanks to the rapid growth that the real estate market has presented. According to a study carried out, it was estimated that the residential sales market is experiencing high demand. This is in villa projects that are in plans and finished. Additionally, most villa communities have experienced a significant increase in demand in recent months. 4. What you should know about the tourism industry in the UAE? The UAE is considered a very attractive and important tourist destination. This is because of the beautiful beaches, luxurious resorts and hotels, cultural attractions, and exciting theme parks. This is a country that has seen a lot of influx of tourists in
