- A few months ago, Dubai relaxed many of its business regulations in the hopes of creating a more business friendly environment.
- The decision will help power the Dubai Plan 2021, which aims to position the UAE as a leading economic center.
- In a world first, a flexible workspace operator and a government have entered into a joint venture, which will enable investors to start business in Dubai remotely.
Just a month ago, Allwork.Space reported that Dubai’s flexible workspace market is poised for growth. This is due to the fact that the government recently relaxed regulations that previously prevented international companies from fully owning a business outside of the free zone and that required a specific amount of office space per worker.
The relaxation of said regulations means that Dubai is now, more than ever, ready to welcome international businesses and investors. And the city’s government has already taken several steps in the right direction.
It’s not just the flexible workspace market that’s poised for growth; the entire economic activity of Dubai is ready to take off.
Just yesterday, Forbes Middle East reported that, in a world first, “investors globally will now be able to start their business in Dubai without having to be in the UAE, following an agreement between Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai, and the US-based Alliance Business Centres Network (ABCN).
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This is the first time in the history of the industry that a flexible workspace operator enters into a joint venture with a government. The move is significant for Alliance Business Centers Network and for the industry as a whole, as it will help the industry in expanding its current service offerings.
ABCN’s joint venture with FDI and DED will not only provide investors with access to serviced workspace across 85 cities, but it will also provide them a portfolio of professional services ranging from legal advice to commercial and investment opportunities. The joint venture also hopes to increase regional cooperation, especially between Dubai, Saudi Arabia, Bahrain, and Kuwait, all of which are part of ABCN’s workspace portfolio.
The Dubai Plan 2021 aims to take Dubai into the top 5 centers for trade, logistics, finance, and tourism; it also aims to position the UAE as a leading economic center, both regionally and worldwide. Part of the plan is to create one the world’s most business friendly environments; the ABCN, FDI, and DED joint venture is one example of how public-private partnerships can help improve the business climate and lead to new economic activities and opportunities.
According to the Forbes Middle East article, “the agreement seeks to build on the growing interest in Dubai and the UAE worldwide as a growing number of multinational companies are attracted by the UAE’s political and economic stability, rapid population and economic growth, and efficient and fast-growing capital markets.”