A recent research report by business consultancy Cavenwell has confirmed that UK entrepreneurs are leading the charge in a growing trend of business owners and entrepreneurs moving to Dubai. The report, which analyzed the movements of UK-based entrepreneurs over the past five years, found that the city-state is fast becoming a hub for innovation and entrepreneurship, attracting a growing number of business owners and entrepreneurs looking to take advantage of its favorable business environment and growing economy.
Entrepreneurs looking to start a new business or achieve growth targets in 2023 are increasingly looking to leave the UK as the cost of living pressure mounts, with huge numbers now setting their sights on the hyper-connected business hub of Dubai, according to new research by business consultancy, Cavenwell.
During the first half of 2022, just 20% of inquiries made to the UAE consultancy originated from UK entrepreneurs and SMEs. That figure has jumped to 45% in the last six months, as more and more leaders flock to the sunshine lifestyle and array of lucrative business opportunities Dubai has to offer.
Dubai has made significant investments in its infrastructure and economic development in recent years, positioning itself as a hub for international business and trade. The city has also established itself as a hub for innovation, with a thriving start-up ecosystem and a growing number of incubators and accelerators offering support and resources to new businesses.
The report found that UK entrepreneurs are attracted to Dubai’s favorable business environment, which offers low tax rates, streamlined regulations, and a supportive government that is committed to promoting entrepreneurship. Additionally, Dubai’s growing economy, which has been largely driven by the tourism and real estate industries, is providing entrepreneurs with a wealth of opportunities to grow their businesses and access new markets.
The report also highlighted the increasing number of international business events and trade shows being held in Dubai, which provide entrepreneurs with the opportunity to network and connect with other business owners and investors. This, combined with the city’s thriving start-up ecosystem, is helping to create a supportive environment for entrepreneurs, making it an increasingly attractive destination for those looking to grow their businesses.
The findings of the research report by Cavenwell confirm that UK entrepreneurs are leading the way in a growing trend of business owners and entrepreneurs moving to Dubai. The city’s favorable business environment, growing economy, and thriving start-up ecosystem are attracting a growing number of entrepreneurs looking to take advantage of its many opportunities for growth and innovation.
Andrew Horbury, Managing Director of Cavenwell Group, commented: “Dubai has historically attracted high net worth individuals, but heavy investment in infrastructure and connectivity, as well as very favorable business and tax regimes, mean that the number of start-up founders, Small business owners and even freelancers looking to relocate in the last six months and find more opportunities abroad. The business environment in Dubai is extremely diverse which is why we are seeing so many people choosing to move here from the UK, at the Looking for better opportunities and more financial stability.”