Dubai has become an increasingly desirable place to live and work, with a competitive and diverse business landscape. The changes announced by the government should continue the emirate's rise as a fully-fledged global business hub and at Swisslinx we look forward to further expanding in this part of the world. With exciting developments in technology companies, the oil and gas movements, and a booming financial sector, there's a lot to keep an eye on. Here are some highlights: 

A growth market 

As the Middle East's largest re-export hub, Dubai's economy has become more dynamic and diversified in recent years, with international trade growing at an average annual rate of more than 11% since 1998. The emirate also saw foreign direct investment increase by 41% yoy in 2018, adding around 25,000 new jobs and reflecting investor optimism about the future of the local economy. 

As the leading financial and transport hub in the Gulf Cooperation Council, Dubai also ranks in the first quartile for economic activity, human resources, information and cultural exchange. This is where the headquarters of most of the major international companies based in the Gulf Cooperation Council (GCC) are located. In addition, Dubai is an international tourist destination where entrepreneurship and private investment are gradually creating a culture of innovation. In parallel, the UAE achieved 11th place in the World Bank's Ease of Doing Business ranking in 2019 thanks to its modern infrastructure, supportive legislation and access to networking opportunities. 

Simply put, Dubai's corporate market is expanding in many different directions. This explains why it has become so extremely interesting for doing business in this part of the world. 

The emergence of technological entrepreneurship 

According to the Dubai Statistics Sector, early-stage startups account for almost half of all companies registered in Dubai, with accelerators and incubators developing at a rapid pace. The UAE is seeing a high level of government engagement as well as independent programs to boost the technology ecosystem, with the Dubai Future Foundation and Dubai Future Accelerators supporting innovation growth. In addition to incubators, there are initiatives such as the STEP conference and the GITEX technology week, which offer entrepreneurs and start-ups the opportunity to present their work and get in touch with investors. 

Banking and finance is picking up speed 

The financial services market has long been a mainstay of Dubai's economy and growing. A project was launched this year to create 1,500 banking and finance jobs for Emirati nationals in 100 days and to triple the size of the Dubai Financial District (DIFC). This expansion is part of an effort to solidify Dubai's position as the economic and commercial center for the region by adding 1.2 square kilometers to the existing Dubai International Financial Center. The investment center of the DIFC is already very efficient and reports 2018 as its best year ever with a total of 437 new registrations of companies. This resulted in an 11% increase in net income for the year, which increased the number of registered financial companies to 625. A transformation is taking place within the UAE banking sector, with banks operating with high capital and positive prospects for the sector today and in the future. 

Oil and gas continue to recover 

With such an important global oil and gas hub, it's no surprise that the UAE continues to have a strong presence in the sector. After a well-documented price slump in late 2014, the market has recently proved resilient, with the current crude price averaging between $67 and $71. The sector has recently seen an increase in investment in exploration projects, demonstrating renewed confidence in the market. The GCC currently has active oil and gas construction projects valued at US$835 billion. 

The main players in the region are constantly evolving. Aramco has announced an expansion into international oil and gas exploration, most likely in direct competition with Exxon Mobil and Royal Dutch Shell, while ADNOC is actively seeking venture partners for its 2030 growth strategy. Such large-scale projects and ongoing investments in oil and gas indicate growing employment potential for both local and international candidates. 

How Swisslinx can help you 

Established in 2007, our Dubai office focuses on the banking and finance, technology and oil and gas sectors of the Middle East and North Africa. Our location in the DIFC gives us access to a variety of opportunities for clients and candidates. So we are always informed about the latest developments and trends in this market segment. 

Our multilingual team of experts is considered to be competent in the respective markets and has experience in recruiting for all management levels up to management and board level. Our consultants have access to the most up-to-date information regarding the market and offer our candidates and clients the best possible local advice. 

Get in touch with our Dubai office or view our latest jobs in Dubai and UAE.