There is only one thing constant in the sometimes turbulent business environment in the middle east is the endless competition between businesses. The Middle East is one of the emerging powerful regions in the business sector. Dubai is the commercial hub of the United Arab Emirates (UAE). Middle east is the land of opportunities. Below mentioned are the growing business sector in the Middle East.
Automotive and Aerospace
Dubai is known as the business podium which has space for every type of business to grow. Automotive and Aerospace has a mass market and is expected more to grow in 2020. The aerospace sector stands as one of the top six focused areas in Dubai Industrial strategy 2030, with an expected contribution of 2.3% towards the GDP of the country. The industry prevailing in the region currently contributes $80 billion to the region’s economy, paving out a way of employment for more than 2, 50,000 direct and 2,25,000 indirect jobs. It has been one of the major reason for boosting the economy.
Oil and Gas
In the Middle East, UAE stands as a member of the Organization of Petroleum Exporting Countries (OPEC) and Gas Exporting Countries Forum (GECF) and has been an important player in the international market. It has 92.2 billion barrels of proven oil reserve. It can produce over 9.8 billion cubic feet of raw gas produced each day. It generates 6,00,000 metric tons of high-quality base of oil.
The manufacturing companies in the UAE is one of the major reason for economic growth. According to a report, 7% of Abu Dhabi’s GDP is expected to be generated from the manufacturing sector, exceeding the output by 22.8%, and building an employment pipeline for more than 21.7 billion. The major manufacturing sectors are metals, petrochemicals and chemicals, industrial equipment etc.
Over the past few years, the IT sector in the Middle East has changed a lot. Due to new investment, technology, strategies and product have caught an eye globally. This region continues to expand and establish more in the field of mobile, IoT and cloud. According to the GSMA, The Mobile Economy report on the mobile sector in the Middle East and North Africa, we calculate that the mobile industry contributed more than $165bn to the region’s economy last year, equivalent to 4.2 per cent of GDP.