In addition to tourism, Hospitality, and Digital economy, there are many other industries in the UAE that are experiencing rapid growth. These industries include robotics, e-commerce, and the MENA region. Read on to find out more about the top industries in the UAE! Listed below are the Top 10 Fastest Growing Industries in the UAE. Read on to find out which industry could be the next hot one and why you should consult freezone company formation Dubai service provider.
Tourism
As a global center of leisure and travel, the UAE’s travel and tourism industry supports over 330,000 jobs, making up 5.2 percent of the total workforce. This industry also benefits the hospitality and leisure sectors, generating a substantial number of jobs in both fields. In 2015, tourism supported an estimated 9.6 percent of the country’s total employment. By 2020, the government estimates that the country will have 15 million visitors.
Hospitality
The hospitality industry is made up of several different sectors, each of which has its own specific strengths and weaknesses. The accommodation sector encompasses the establishment of hotels, guest houses, motels, resorts, and other hospitality facilities. In addition to providing safe, comfortable accommodations, hotels also offer a variety of services, such as food service. The travel and tourism sector includes everything from airlines to cruise liners, from sightseeing tours to bus and taxi companies.
Digital Economy
The UAE has announced its Digital Economy Strategy, releasing detailed roadmaps and incentives for the development of the industry. By 2022, the UAE aims to increase the contribution of the digital economy to the country’s GDP from 9.7 percent to 20 percent. To achieve this, the UAE has established a council for the digital economy, which is charged with charting the country’s future directions and implementing strategies across all sectors.
Robotics
With the rise of AI and the increasing demand for automation, robots are a popular addition to manufacturing processes in the UAE. According to the International Federation of Robotics (IFR), the global robot density has increased from 66 units per 10,000 workers in 2013 to 74 units per 10,000 workers in 2016. This growth is the fastest in developed Asia, followed by Europe and emerging Asia. Nonetheless, there are a number of challenges that still face the UAE.
Fintech
In the UAE, fintech has been a phenomenal success story. Its youth population has been embracing digital finance and the convenience of digital payment methods. The term “e-wallet” resonates with the generation that has grown up with smart devices. Whether it’s a credit card or a savings account, fintech entities have a unique opportunity to meet the needs of today’s consumers and their millennial clients.
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