The company formation industry can be an excellent bellwether for the economic climate. So, how many companies are being set up in Dubai right now? And who is setting them up? We invited Steve Mayne, Managing Partner of Dubai business set-up company, Creative Zone, into the Drive Live studio to explore this topic in more detail. This interview was broadcast on ‘Industry Insider’ on Sunday 19th June.
Steve shared the following highlights with us:
- Creative Zone has seen an increase in the number of women setting up companies:
- "I have been here 13 years. When I first arrived there were many single-income households. Now I believe that this is not the ‘norm’… The people, the culture – the economy and competition is developing and changing in Dubai and it is encouraging."
- Creative Zone has not seen a decrease in the number of companies setting up despite a perceived global economic slowdown:
- “As an economy slows down companies do close or downsize and retrench staff, however this also pushes people to look for alternative sources of income to protect themselves in times of uncertainty. Starting a company and living that dream or idea is pushed to the front of someone’s mind and they make it a reality.”
- “It is encouraging that despite a perceived economic slowdown, more companies have set up. This ultimately means that in the years leading to Expo 2020 there will be more people, tighter competition and ultimately more economic activity. This is encouraging for Dubai – the economy is preparing itself for the future.”