One of the best performing non-oil industries in the UAE at the moment is retail. According to recent statistics, 2015 and 2016 were very good years for Dubai companies operating in the retail sector. These have had one of the highest numbers of employees (close to 600,000 workers in 2015) and an added value of 105,472,133 AED at the end of 2015.
With such good numbers, retail also attracted the attention of foreign investors interested in setting up other types of businesses not related to the oil and gas sector. Moreover, Dubai is known for the impressive malls and shopping centers it hosts, therefore opening a shop here could be a very good business opportunity.
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Licenses for setting up a shop in Dubai
If you want to open a company in Dubai with the purpose of establishing a shop, you will first need to register a company and apply for one of the available business licenses issued by the Dubai Economic Department. When opening a store in Dubai, you will first need to obtain a commercial license followed by specific permits depending on the types of products the shop will sell.
Our company incorporation consultants in Dubai can assist with the registration process of the shop. We can also prepare the documents related to the Dubai company formation procedure.
The future of the Dubai retail industry
Dubai is seen as the Middle East’s shopping capital and with the Expo 2020 quickly approaching it is not hard to imagine how the retail sector will look like. Recent surveys indicate an 8% annual growth of the retail industry by the end of 2020, according to the Dubai Chamber of Commerce. Last year, shops in Dubai registered an increase of 7.7% accounting for 35,4 billion USD to the emirate’s Gross Domestic Product.
The Chamber also announced the 2016 rise of the sales registered by stores in Dubai was due to the increasing number of foreigners moving here, but also to the increase of the population’s income which has contributed to the overall expenditure.
If you are interested in opening a shop in Dubai and need information on how to set it up, do not hesitate to contact us. Our company registration agents in Dubai can also offer information on the licenses related to opening a store here.