Dubai's business and commercial centre continues to attract Western trading companies and major foreign investors as it seeks to diversify its economy to limit its dependence on oil

Dubai, the city that is increasingly attracting foreign businesspeople

Despite the global economic situation, Dubai's numerous investments have stimulated the luxury market and attracted tourists seeking to settle in the city, representing 50% of its total population. The Emirati city continues to boost its commodity trading centre to diversify the economy away from its dependence on oil sales. Its Free Trade Zone (DMCC), established in 2002, has become the main business and commercial centre due to its privileged location connecting to markets in Europe, Asia and Africa, thanks to its gateways through airports and seaports.

Commercial companies located in London's business district are relocating to the emirate because of its attractiveness, such as the American financial services company Freepoint Commodities LLC, which has already moved some energy traders to the city. Ranked fifteenth in the Global Business survey, Dubai "offers a high quality of life for studying, working, living and investing", according to Jochen Knecht, executive director of the International Free Zone Authority. The Emirati city has attracted numerous foreign investors for its innovative expansions and advanced technological measures, estimating an investment of 100 billion dollars by 2025.

The city, known worldwide as a safe economic and political space for business due to its Open Trading System, guarantees companies access to international markets and stable business relations. These conditions have increased business start-ups by 66% by 2022, as confirmed by the World Bank. The increase is mainly due to the beginning of the Russian invasion of Ukraine, when many Russian commodity traders moved their businesses to Dubai to protect them from sanctions imposed by the European Union, as the United Arab Emirates had refrained from sanctioning the country.  These businessmen increased property purchases by almost 70% in the first months of the war.

Since then, housing sales have skyrocketed among those seeking second homes in Dubai, according to the Emirati real estate agency Betterhomes. This has led to the creation of large housing projects such as the one launched by UAE-based Azizi Developments, called Azizi Vista. The residential complex located in one of the most dynamic areas of the city, next to Sports City and Motor City, offers numerous social areas for children, teenagers and families.

All this success has also favoured the arrival of crypto-entrepreneurs, who are betting on ambitious mega-projects such as the creation of a free zone for innovation and digital and virtual activities. It is "a free zone of the future for the companies of the future", as the sheikh and president of RAK International Corporate Centre, Abdullah al-Qasimi, explains.