UAE Among Top Global Destinations for Startup Launches in 2024
The UAE has been recognized as one of the top countries globally for entrepreneurs to launch a startup in 2024, according to new research by Business Name Generator.
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The UAE ranked third out of 52 countries analyzed, identified as a highly advantageous location for new companies. The criteria for this ranking included tax rates, cost of living, WiFi speeds, GDP growth predictions, and happiness scores.
Linus Näslund, COO of Business Name Generator, emphasized the crucial role of location in a startup’s success, stating, “Entrepreneurs face many important decisions when launching or expanding their business, and choosing the right location is one of the most crucial. The location of a business can have a significant impact on its success, affecting access to resources, market demand, and competition”.
“Entrepreneurs must carefully consider the economic, demographic, and cultural factors of potential locations. They must also evaluate the legal and regulatory environment, including taxes, labor laws, and zoning regulations, and how these will impact their operations. Ultimately, the decision of where to launch can be a make-or-break factor for success, therefore, it is vital for entrepreneurs to weigh up all relevant facets.”
“Entrepreneurs must carefully consider the economic, demographic, and cultural factors of potential locations. They must also evaluate the legal and regulatory environment, including taxes, labour laws, and zoning regulations, and how these will impact their operations. Ultimately, the decision of where to launch can be a make-or-break factor for success, therefore, is vital for entrepreneurs to weigh up all relevant facets”, he added.
“UAE emerges as prime destination for startups with strong economic outlook and favorable business conditions”.
UAE’s Economic and Lifestyle Advantages for Entrepreneurs
The Business Name Generator study predicts a robust 4% growth in GDP for the UAE in 2024, complemented by a high GDP per capita of $47,663, indicating a strong national economy advantageous for new businesses.
Establishing a business legally in the UAE can be accomplished in just four days, and the monthly cost of living, excluding rent, is reasonably priced at $983.62.
The UAE also scored well in happiness, achieving a 6.6 out of 10, which reflects positively on the lifestyle benefits for entrepreneurs in the region. The country’s competitive tax policies, along with optimistic economic forecasts, position the UAE as a more attractive business environment compared to other countries.
The study identified the Philippines, Italy, and Brazil as the most challenging countries for starting a business due to their high levels of taxation and bureaucratic hurdles. Conversely, Finland was recognized as the happiest country for entrepreneurs, with India being the most cost-effective for living expenses.
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Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
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Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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