Dubai: The Middle East Hub For Millennial Entrepreneurs
If you’re looking for a fun and hip city to live in, Dubai can prove to be a very exciting destination for young and budding millennial entrepreneurs and profitable digital nomads. It has a very young age demographic, with over 73% of the population below 40 years old according to the Dubai Statistics Centre (2016); making it futuristic and fresh.
Here’s 5 reasons why you need to move to Dubai now:
1. No income taxes for millennial entrepreneurs
Which means that whatever you earn, is yours for the taking. While you still need to pay a VAT of 5% on goods and services purchased, Dubai remains pretty much tax free. Compare that with ridiculous tax rates across Asia, Australia and Europe and think of the savings you’ll make!
2. Luxury living at its best
Dubai is home to the Burj Khalifa and some of the most amazing pieces of architecture. According to recent reports, a million dollars can get you a whole lot more space than countries like London, Hong Kong and Singapore. Dubai also has some of the lowest buying, holding and selling costs compared to other cities. Rental rates have also been flattening across the board, so you can find yourself in an awesome penthouse in Dubai Marina or a loft in JBR.
Dubai is also home to several amazing fine dining restaurants, numerous cool adventure concepts and a lovely sunny beaches all year round that millennial entrepreneurs will appreciate.
3. You’ll be living in a city of the future
Cryptocurrency? You’ve got it. Though the UAE doesn’t approve of cryptocurrencies such as Bitcoin or Ethereum, it is developing its very own. All of the infrastructure that Dubai is developing is nothing short of futuristic. Not only is it home to the tallest building in the world; Dubai is working in such leaps and bounds, it’s really pushing all boundaries. Yes, it’s as glamorous as it sounds. No, millennial entrepreneurs won’t want to move.
Dubai is making moves towards sustainable living, with 5% of its buildings to be 3D-printed by 2030. There is a Dubai Future Accelerators programme available which will invite the world’s top innovators to help develop concepts in the city. It will focus on development, research, cutting-edge technologies and start-ups. The first project is called the Museum of the Future, which is due to open in 2018 and will explore advancements in health, science, education, energy and technology.
4. Amazing connectivity to the rest of the world
The Hyperloop One will soon connect Abu Dhabi and Dubai in 25 minutes in collaboration with the Roads and Transport Authority. You’ll soon see flying taxis and more in the coming years. Now, who wouldn’t want to experience that? The UAE is home to several major airlines including Emirates, Etihad, FlyDubai, and Air Arabia. It’s connected to several major hubs worldwide.
5. Great co-working spaces and start-up culture
Millennial entrepreneurs looking for a truly international city to start your business, Dubai is your place. It’s home to several freezones where you can 100% own your business. There are several new workspaces like Astrolabs, NEST Dubai Co-working, Flow Dubai, A4 Space and the Cribb Coworking. Even if that’s not your scene, there are even spots on the beach were you can have access to Wifi. So, are you packing your bags yet?
ContributorSophie is a real estate writer with 4 years industry experience. She loves to research on what’s happening around the finance/investment and real estate industry. She worked closely with many real estate businesses and is able to offer strong insight into financing, building, construction, home ownership, etc.