For startups, entrepreneurs and many businesses in the UAE, the cost of signing a long-term commercial lease amid the current economic uncertainty is not an option.
Co-working spaces in Dubai are filling the demand for looser, more flexible arrangements.
So here’s why the days of dreary grey offices are gone, and your new office is wherever you want to work.
And business confidence would appear to be stable, despite any market fluctuations. According to the Oxford Business Group’s 2018 UAE Business Barometer survey of CEOs, over 60% of respondents would likely or very likely make a significant capital investment over the next 12 months. This was a similar outcome to the previous year’s survey.
Startups and SMEs can minimise their vulnerability to evolving market conditions by renting co-working space. A fact that a rapidly increasing number seem to be taking on board. According to Statista, there were around 15,000 co-working spaces in operation globally in 2017 – an astonishing rise from just three locations in 2005.
Why this is good news for your business
It’s not hard to see: shared office spaces are almost always cheaper than their full-office counterparts. Buying a large office, or even leasing one, can incur tremendous costs. With membership fees often under USD 100 per month, shared spaces provide a major advantage for businesses looking to reduce their cost base.
There are attractive opportunities in the UAE. For example, the Dubai Mainland Coworking License issued by the Dubai Department of Economic Development enables you to set up a business with a Dubai Mainland license while operating a co-working facility in downtown Dubai. This gives you the ability to conduct your business throughout the UAE while still remaining connected to Dubai’s dynamic co-working community.
Why this is good news for your business
The increased flexibility in terms of contracts also means that creating a business from scratch can be achieved much faster today, and with smaller teams.
Entrepreneurs who choose to work in shared spaces also find more time to focus on their primary tasks. They have fewer responsibilities to worry about. Mundane tasks like cleaning and maintenance are taken care of by the building’s owners.
It also allows you to network with other talented young startups, offering opportunities for collaboration or knowledge-sharing. According to Nielson surveys, 62% of millennials prefer to live in urban centres. And given that co-working spaces are usually situated in urban and business locations, they’re a perfect fit for young entrepreneurs while also helping to attract top talent as you build your team.
Why this is good news for your business
Co-working is ideal for those looking who might be looking to expand their business network and cross-fertilise ideas.
Furthermore, co-working helps keep larger companies’ eyes open to new and interesting startups that could either be competitive or useful as an acquisition target.
While the UAE landscape has not traditionally lent itself to the gig economy, there are signs that things are changing. Where previously an expatriate needed sponsorship from a locally licensed entity to work in the UAE, the government has been taking steps to simplify the process.
In 2018, for example, the Ministry of Human Resources and Emiratisation (MoHRE) introduced a part-time working resolution to allow workers to work for more than one employer.
Why this is good news for your business
Hiring flexible part-time workers rather than bringing in full-time staff allows companies to save on the usual employment costs such as statutory benefits.
It also allows you to tap into the growing pool of highly-skilled freelancers who don’t want to be attached long-term to any particular company.
The best choice for entrepreneurs
There are few better environments today more suited to entrepreneurs than the UAE. The upcoming Expo 2020 to take place in Dubai is set to showcase the region as a centre for innovation and technological development.
Co-working is a fast, flexible way to help you become a part of this dynamic environment –without requiring you to commit to any significant long-term financial outlay.
In short: now is the perfect time to make the move.
Come and take a look around to see if One Business Centre meets your requirements.
One Business Centre has five-star locations in the UAE, giving tenants the ability to undergo on onshore & offshore business.
Business Centers deliver an unrivaled level of business and office solutions, including state-of-the-art office facilities and personalized support from our staff.