Business Investing in Dubai: Unlocking Global Opportunities
Dubai’s strategic location in the centre of the Middle East allows easy access to rising markets in Africa, Asia, and Europe, which makes it an excellent hub for international commerce and investment. In addition, the city’s dedication to the advancement of science and technology has resulted in the establishment of a vibrant and diversified economic climate, which has attracted a large number of multinational corporations as well as start-up businesses. Dubai is a city that has a solid track record of success and is continuously working to improve its business environment. As a result, the city provides a platform that is both promising for company owners and investors.
As a significant worldwide transportation and logistics centre due to its location at the intersection of two key trade routes, East and West, Dubai benefits from its advantageous geographical position. Businesses in Dubai are able to readily connect with markets all over the world because of Dubai’s proximity to key shipping routes and international airports, which further enhances the city’s appeal as a centre for commerce and investment.
The administration of Dubai has made significant progress towards creating a climate that is business-friendly, which has attracted investors from all around the world. These measures are intended to reduce bureaucracy while simultaneously fostering innovation and encouraging entrepreneurial activity.
The infrastructure of Dubai is well-known all over the world because of its cutting-edge amenities and cutting-edge architecture. The city’s dedication to advancement is reflected in the spectacular scenery it has to offer, which includes everything from landmark buildings to ultramodern transit systems. Dubai’s unequalled status as a worldwide economic hub may be attributed to the city’s innovative logistics network, cutting-edge communication technologies, and smart city projects.
In spite of the general instability of the global economy, Dubai has managed to keep its economy in surprising good shape. The city has been converted into a thriving knowledge-based economy as a result of its endeavours to diversify its economy. The availability of suitable investment options across a diverse range of industries, such as the financial sector, the tourism industry, real estate, and technology, protects investors from over-reliance on a single industry.
Because Dubai is home to such a vibrant and multicultural economic ecosystem, it is able to draw in some of the most intelligent and capable individuals from all over the world. The city proposes a high quality of life for both investors and employees by providing a contemporary lifestyle, an exceptional school system, and top-notch healthcare facilities. This guarantees a good return on investment. Businesses gain an advantage over their rivals when they have access to a talented workforce and an atmosphere that celebrates diversity. Together, these factors stimulate creativity and create a favourable business climate.
The commitment of the Government of Dubai to encouraging innovation and entrepreneurialism is shown in the different projects that have been developed. The formation of free zones such as the Dubai International Financial Centre (DIFC) and the Dubai Silicon Oasis (DSO) provides enterprises with a variety of benefits. These benefits include tax exemptions, the complete repatriation of capital and earnings, and streamlined procedures for the registration of new firms. In addition, institutions that have the support of the government, such as Dubai Economy and Dubai Chamber of Commerce, provide investors with helpful tools and direction.
It is abundantly evident that Dubai has been successful over the course of a number of years in attracting a wide array of thriving businesses from all around the world. However, there is one area in which they are presently making a substantial investment, and that market is the yachting business and the maritime industry more generally. Even though the Mediterranean and the Caribbean are perhaps the first regions that spring to mind when you think of destinations across the world that are suitable for yacht chartering, the Middle East is home to some of the most gorgeous waters that can be found anywhere in the world. It is also in an excellent position to fully capitalise on its location by being the ideal destination for winter charters when other regions of the world go into hibernation throughout the winter months.
In recent years, there has been a discernible uptick in the number of yacht races held in this area. Those who are looking for a once-in-a-lifetime experience in sailing will find that Dubai is a sanctuary for them. Dubai, which is situated on the shimmering shore of the Arabian Gulf, provides visitors with an ideal combination of warm azure waters, scenic coastlines, and a thriving culture of yachting that is now unrivalled.
Giovanni Anghini, Managing Director for UAE
There are natural treasures along Dubai’s coastline in addition to the man-made attractions. Get lost in the amazing splendour of the Palm Jumeirah, which is an artificial archipelago in the shape of a palm tree. Feel the soft caress of the sea wind as you glide past the opulent villas that line its fronds while you’re on your cruise. Dive into the gin-clear seas, which are teeming with vivid marine life, or engage in adrenaline-pumping water activities such as jet skiing or parasailing. The waters are pristine and transparent.
But don’t take my word for it. Camper & Nicholson has lately expanded their operations into the area, so I decided to have a chat with Giovanni Anghini, Managing Director for UAE.
What was the motivation for C&N to expand to Dubai/UAE?
The shareholders of Camper & Nicholson have discussed establishing a presence in the UAE for many years and it’s been an intention for some time. Due to the Global Pandemic, however, we had to put the idea on hold until 2021.
Over time, we have found the right people to talk with here in Dubai. We’ve been invited to join the UAE yachting community by the local authorities, who are working hard to attract yachts to the region and grow both yachting interest and infrastructure.
One of the main reasons why we decided to open an office here is that we have many clients from the region as well as many clients that enjoy visiting. It is an opportunity for us to better serve our existing client base and offer our portfolio of services to a new audience.
By having a local presence here in Dubai, it has allowed us to meet new clients from Dubai and beyond - including Abu Dhabi, Saudi Arabia, and Qatar. There’s a lot of opportunities here. The Mediterranean remains the most prominent yachting location, but we see yacht owners starting to bring their yachts to the UAE region and operate them here during the winter season.
Over time, together with the authorities, we hope to help transform Dubai, and the entire region, into a winter destination for yachting.
How straight-forward was it setting up in Dubai?
We are a 240-year-old company. We, alongside just a few others, were instrumental in establishing recreational yachting.
In the middle of the last century, it was our founder, George Nicholson, who moved to the South of France, where there were no brokerages and no such yachting industry like we have today. He was a leader, and he was intrinsic to building the yachting community and brokerage company that is today so prominent in the region.
We are lucky to have this heritage; and it reassured the authorities that the Camper & Nicholsons name was one they wanted actively involved. This is part of the broader and bigger picture, which is to transform the Middle East into a winter yachting destination, and a location that, over time, will mature in just the same way as the Mediterranean yachting industry.
With our connections and the authorities’ support for us coming here, we were in an advantageous position. When it came to finding the perfect office location, establishing a local legal entity and obtaining the licences, we’ve been kindly supported in every step. The bureaucracy here has been simplified and the government is actively trying to make it as efficient as possible.
If you compare it with Europe or the US, I must say that we found it a remarkably simple and straightforward process.
We found a very nice office in Mina Rashid Marina.
What were some of the challenges, if any, you faced when establishing yourself in Dubai?
We did not encounter many challenges. However, the experienced team we put in place and the existing connections we had made it much easier.
The biggest hurdle was possibly in understanding the existing yachting culture. Yachting services here were still as they were in the 50s, 60s, and 70s in Europe. There are very few professionals that are trained in the way we do business in Europe.
But even in Europe, the way we do business and the way it is conducted still needs to be improved. We’re trying to set a good example; however, unfortunately, we have people who invent themselves as brokers or charter agents who have no competence in the space. They act as the middle agent, trying to connect and make demands without the proper knowledge of the industry, the proper understanding of the contracts, or conducting proper KYC, for example. Which is something that we are very strict on.
We operate in 12 offices around the world, our day-to-day business activities are audited in every aspect. Things have to be done in a certain way - these pop-up influencers on social media, for example, who try to jump in the middle of deals just because they made a contact through a post, is not the way forwards - these people have no understanding of how a MYBA contract works, why it exists, or, most importantly, why it protects both buyers, sellers, and charters. I hope our presence here is going to help establish high standards of professionalism in yachting from the outset.
For us, it’s a great opportunity to demonstrate our way of doing business, and to set an example. We will be transparent and open, and help those working here understand the fundamentals of the international yachting business.
How would you describe the marinas and their facilities?
There is a lot of work being done to transform the region into a winter charter destination. Some of the marinas I have seen are very well organised. They have great potential to attract owners, charterers, and crew members.
Dubai Marina, in Dubai Harbour, close to the Palm Jumeirah is the most famous. There’s high occupancy, but mainly smaller yachts. It’s a little more advanced because it’s situated in a more developed and mature community. The Mina Rashid Marina is close to Business Bay, and there’s still work to be done here, but that’s exactly what we are so positive about - the speed of development is exciting, and things are changing on a daily basis.
The challenge for the marinas, which are shared regionally, is transforming this place into a winter destination. The Yas Marina in Abu Dhabi is beautiful, but the facilities are still quite basic compared to an established marina in the Mediterranean, but the potential here is huge, especially considering that the UAE is on a coast line.
As a brand, how are you planning to attract new clientele to the region?
The market here is different to Europe and the US, and it requires a unique understanding. However, our client base, which is at the top segment of the luxury market, is an international client base that travels. We will attract them to the region by providing our reputable services in the same way we do in Monte Carlo, Palma de Mallorca, and around the rest of the world.
The way we attract attention to the brand is by providing our services. We are leaders in charter, yacht management, and yacht sales. If you look after your clients well, they will refer you to their friends who just bought a yacht, are looking to buy a yacht, or those who want to charter. We work hard, deliver, and receive new business from our existing, satisfied clients.
We also have partnerships in place with like-minded brands, like UBS and VistaJet for example. Last year, we held a very successful dinner attended by the clients of VistaJet and Camper & Nicholson - with an intimate event like this we are able to look after the clients, and to dedicate time to each guest.
In conclusion, Dubai stands out as a remarkable destination for business investment because it provides the unique amalgamation of a strategic location, investor-friendly policies, high-quality infrastructure, economic stability, a thriving business ecosystem and, most importantly, supportive government initiatives.
Dubai’s potential for growth and prosperity shines brighter than it ever has before in the context of the world’s current journey through a fast-changing global environment. Therefore, if you are interested in gaining access to opportunities on a worldwide scale and making your imprint in the world of business, Dubai should unquestionably be at the top of your investment list.
Dubai’s growing yachting scene offers endless possibilities, catering to all desires and dreams. Whether you’re seeking a romantic getaway, a family adventure, or a glamorous gathering with friends, yachting in Dubai promises an unforgettable experience in a city renowned for its extravagant charm.
So set sail, embrace the Arabian Gulf’s stunning vistas, and let Dubai’s vibrant yachting culture captivate your imagination, leaving an indelible mark on your memories.
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