Entrepreneurs are drawn to the Middle East because its growing economy offers many exciting opportunities for business. Online businesses have expanded quickly in Egypt, Saudi Arabia, the UAE and Kuwait. Among the best business opportunities in Middle East countries are food delivery apps, taxi apps, FinTech, handyman apps and IT solutions. So, before investing money into your business, look for all the growing areas where you can expand your business. In this blog, we’ll discover the top 10 business opportunities in the Middle East countries.
Why Should Businesses Consider Middle Eastern Countries?
There are many advantages for entrepreneurs and investors who set up a business in the Middle East. With a vast community, a highly placed position and an expanding business landscape, the Middle East region offers many opportunities. The governments of the Middle East are working hard to develop a welcoming environment for business in the region.
Let’s look at some benefits of starting a business setup in the Middle East:
- To help the economy grow, governments in the Middle East use tax incentives to benefit businesses.
- Being bordered by Asia, Europe and Africa, the Middle East plays a central role in business activities.
- As the Middle East has become a large, well-off population landscape, there is a growing demand for products and services.
- The Middle East is a region where essential resources, such as oil and gas, are accessible.
- The region’s governments are creating a good business environment by simplifying regulations and offering rewards.
- Much money has been put into the Middle East business landscape, resulting in a modern and capable transportation system.
- The region is diversifying its economy by lowering the influence of oil and gas and supporting business growth.
Top 10 Business Opportunities In the Middle Eastern Sector
The region has numerous business opportunities to explore because the Middle East receives increasing FDI and FII. Below are our recommendations for the 10 top business opportunities in the Middle East market today:
1. Fintech and Blockchain Ventures
Fintech has become one of the strongest business opportunities in Middle East, largely because Egypt, the UAE and Saudi Arabia are key players. The fintech market is expected to see an increase in the Middle East due to new unicorns in the region, including Egypt’s MNT-Halan, which recently grabbed a hefty investment and displayed the trust of VCs in this industry.
In addition, Tabby and Tamara have worked hard to secure significant funds, reflecting the region’s enrichment opportunities in fintech and blockchain. To sum up, these companies lead in digital payments and reach customers worldwide, creating good effects for both companies and consumers.
2. Projects Focused on Renewable Energy
Undeniably, renewable energy is quickly adopted throughout the Middle East’s energy sector. New energy supply is guiding electricity development, efforts to create a more diverse economy, and a strong aim to lower carbon emissions.
You will be surprised to hear that the region has plenty of renewable resources, and experts forecast that renewable energy could provide a quarter of all primary energy used there by 2050. The amount of renewables in the power segment could match or exceed half of the total energy supplied. Furthermore, renewable energy prices are falling, making this change more logical for the economy.
Moreover, it’s important to mention that the growing green hydrogen market is becoming a true business opportunity. Whether you are running a small business or considering becoming an entrepreneur, making an app for renewable energy, such as a garbage sensor, a driving app, or bright street lights, through a solid developer could be valuable.
3. eCommerce
The e-commerce business sector is expected to grow significantly in the MENA region. According to Statista, MENA’s top three eCommerce markets were Saudi Arabia, Turkey and UAE with revenues of 13 billion, 12.5 billion and 10.7 billion.
Internet sales surpassed those made in stores in the region for the first time in early 2020. Since that time, online shopping has surpassed making purchases in stores. As a result, e-commerce companies are aiming to deliver their services across the Middle Eastern markets. The main factors driving growth in the e-commerce sector in the Middle East include many people online, the arrival of experienced foreign entrepreneurs and investors and more people relying on phones and digital banking. Currently, Amazon, Trendyol, and Ounass.ae, Noon, Mumzworld, and BasharaCare.com play the most significant roles. Therefore, after establishing an e-commerce company in this region, most operations can be handled from any location worldwide.
4. EdTech
The pandemic significantly increased interest in education technology. At this point, education services had to move online to try to overcome education problems brought by the COVID-19 outbreak. Many people living in the Middle East are from different countries. As a result, there is a great need for educational services business ideas in multiple languages, which gives startup companies in the MENA region a new opportunity.
Unlike regular education, you don’t have to buy a school license for online courses; you can just start digital learning in the UAE. You might also use artificial intelligence, virtual reality and augmented reality to provide productive learning classes to your students.
5. EVs
The region of the Middle East is making a shift to electric bikes. While EVs are more expensive now, experts believe the technology will improve and be more affordable. Since many Middle Eastern countries are wealthy, they provide an excellent area to test new electric vehicles.
Electric vehicles are gaining popularity everywhere, which makes opening an electric vehicle business in the Middle East, especially in countries like the UAE (Dubai, Abu Dhabi) and Saudi Arabia (Jeddah, Riyadh), a very profitable idea, since the region is preparing for sustainable mobility.
6. Financial Services
You can’t miss out on finance services for Middle East businesses. With the growth of business opportunities in the Middle East countries, businesses need innovative financial services more than ever. Regardless of your business type, from accounting to auditing services, you need a digital solution. While giant companies generally rely on big regional financial firms, they still play a big role in helping the region’s fast-growing SMEs and startups.
Middle Eastern enterprises seek someone to manage their finances and regularly provide accurate reports. As a result, starting a fintech business in the Middle East could be a good business investment. This industry lets you meet and engage customers all over the globe by starting a FinTech business.
Moreover, setting up a fintech app and website for your business can be made easy by hiring the Xpert Advisory firm.
7. Gaming
Gaming companies make billions each year, and it is loved by people worldwide. Since it is popular everywhere, opening a gaming business in Dubai or in Middle East is a sound business plan. Statista reports that Saudi Arabia leads in revenue and Egypt in the number of game users for the MENA region. App developers in Dubai can help you create and launch a mobile app that gives you a way to make money by advertising it in the area.
8. IT and Web Development
Dubai is recognised as an attractive destination for businesses and is one of the most intelligent cities in MENA. Currently, the Middle East is home to many tech startups, and as the region demands more IT services, even more IT companies are considering launching their operations there.
Therefore, the need for IT and web development services, covering digital marketing, mobile app development, online PR and online security, is very high.
9. Logistics and Transportation
Several Middle Eastern cities, such as Abu Dhabi, Cairo, Dubai, Doha, Jeddah, Riyadh, and Tel Aviv, provide top-class infrastructure for logistics and transportation. In addition, there is a strong need for people and tourists to use intercity and local taxi services. As a result, now is the perfect moment to use logistics and transportation development services in the Middle East to start your business online.
10. On-Demand Delivery
People’s expectations for instant service make the market very big. This business includes the services, such as booking a cab, requesting a meal, receiving medicine and hiring cleaners or movers. Moreover, working with an on-demand app developer can give you a white-label solution that combines luxury with eco-friendliness for your customers.
Final Words
Many business opportunities in the Middle East make it attractive for entrepreneurs and investors. Thanks to its location, easygoing policy toward business, rising population and efforts to diversify the economy, favourable conditions exist to support innovative businesses in several sectors. Whatever excites you most among fintech, renewable energy, e-commerce, EdTech, EVs and gaming industries, there are plenty of opportunities to learn about.
Do you need assistance in establishing your business? Xpert Advisory will help direct you through the important steps, from business development and getting licensed to planning your finances and building your app. Contact us now and make your business dreams come true in the Middle East!
FAQs
Can I Open a Business In Middle East Without a Local Partner?
In some places, for example, Saudi Arabia and Qatar, foreign investors must have a local partner. In some countries, including the UAE, free zones allow anyone to own a company without sharing it.
How Can I Fund My Business In the Middle East Countries?
It is possible to fund your business through savings, by bringing in local or foreign investors, grants from the government or loans from Middle Eastern banks.
Are There Government Benefits Available for Foreign Investors?
Yes. Foreign entrepreneurs and investors get various tax exemptions, cheaper customs charges, programs for businesses and easy residency visas in several countries.
