Dubai’s booming economy is attracting start-up companies from across the globe. With its reputation for safety, quality education, and transportation options (not to mention fantastic healthcare), Dubai has quickly become a hub of innovation in an increasingly globalized world.
Although foreign direct investments are declining globally at 42%, this trend does not seem to be affecting Dubai. In fact, we have seen an increase in FDI from $1.5 trillion last year (2019) up until 2020’s current volume of 859 billion dollars–a testament that our economic stability continues to grow despite these difficult times.
Dubai has risen to become a leading-edge technology place within a short period of time. Home of some of the most profitable companies in many sectors, including AI and biotech industries that are bustling with innovation; Dubai is also a safe haven where supporting Fintech, blockchain businesses, and even sustainable food products and solid food waste using lean technologies.
Despite the challenges posed by a global decline in FDI, Dubai has been able to keep its economy stable and is now attracting high volumes of international investment.
Silicon Valley On Steroids
Dubai has been called a “Silicon Valley on steroids” by Forbes. There are many cutting-edge companies in the Middle East, but Dubai’s tech community is especially impressive because of its diversity and size. There are 38 free zones in the UAE that offer tax exemptions on withholdings, export, corporate and personal income as well as corporate tax exemption for 50 years from the date of the company’s formation.
Dubai now welcomes an estimated 3 million tourists annually as well as international business travelers looking to buy a commercial property and set up shop there due to their low tax rates and innovative infrastructure projects like The Palm Islands which will house 1/3rd of all world’s future population when finished according to 2018 estimates from Bloomberg News!
Jacques Voorhees, a world-renowned diamond expert and founder of the company Icecap Diamonds, speaks about how he was so impressed with how it transformed into this global capital while he was visiting Dubai for Ritossa Business Summit 2020. “I had no plans to relocate Icecap, my company for manufacturing diamonds to the UAE, yet I was beginning to notice things. The Abraham Accords were allowing close interaction between Dubai and Tel Aviv; another center of the diamond trade. It seemed that De Beers (the largest mining company in the world), after recently moving its every-five-week “Sights” from Africa to Dubai, planned on staying here with all it’s primary competitors already present—cutting 90% of Earth’s precious gems right next door!
Dubai will be the leading financial hub in the region with a positive attitude towards blockchain technology.
Jimmy Nguyen, Founding President of Bitcoin Association stated that the BSV blockchain is meant for large-scale applications and can be used in smart cities or to deliver e-government services. He also claimed that Dubai’s government ministries are serious about implementing these types of technology at a larger scale which would make it easier to create more effective systems than those currently being utilized by other governments around the world.
As an investor, you look for the value-added of any proposition and with Dubai it’s that audacity which energizes. It is safe to invest in Dubai whose first-mover response to this global pandemic has been some of the best out there. Today, people see more than just buying a place for occasional use or as modest protector; now they can find what’s most needed: access to liquidity—and all while incubating ideas in one spot globally!
The UAE is a land of opportunities, and investors can take advantage of the incentives available to them. For example, in addition to benefitting from an array of economic bonuses such as full foreign ownership laws, bankruptcy provisions for commercial companies and long-term residency/citizenship options are made possible here too should one wish it. You also have superior connectivity due to state-of-the art infrastructure which includes just about everything you need – incubators where entrepreneurs can network with other likeminded people who share their vision; accelerators that give these budding business owners access not only funding but mentorships on how they might grow even faster than before! The ecosystem surrounding this country has grown immensely over time so there’s never been better timing than now.
For those looking to make a quick buck, Dubai is also the place. It is one of few countries on the globe where taxes are non-existent which means you can keep everything you earn in your pocket without any left over for Uncle Sam (or Jacquees). In fact, many entrepreneurs have relocated from places like the US or UK because they want tax breaks on their earnings. In addition to being able to save money by not paying taxes as well as saving time since there are no audits either – it’s an all around great opportunity for anyone who needs some cash fast with little investment required!
As a gateway for innovation, Dubai has partnerships with multinational design centers and high-tech startup hubs. They also have strategic priorities that are constantly being enhanced in order to make the journey as effortless as possible.
The Emirate is a global hub of business due to its strong leadership, while today international businesses are interested in Dubai because the government supports small and medium enterprises. With Emirati leaders’ support for SMEs (small and medium enterprises), there has been an increase in interest from around the world with many countries expressing their desire to participate at Expo 2020 Dubai as well as other events happening across all sectors including healthcare.
The UAE’s Golden Visas make it much easier for small businesses to relocate there. This is because they don’t require the applicant, or their employees, to have a sponsor anymore and offers 100% ownership of one’s business that differs from historically required local partners with at least 51%. The intent behind these visas is to provide an opportunity for entrepreneurs who want the freedom and mobility of running their own company but not wanting all risk involved in starting up.
The Dubai International Airport is the world’s largest and fastest growing airport that supports 100+ airlines, 260 destinations worldwide. The passengers who arrive are entertained by a grand sculpture of the iconic Burj Khalifa with its signature twisting spire which sits on one side of what will become an even more impressive Plaza—the first-of-its kind in North Africa to be situated at such close proximity to both Terminal 1 and 2.
Dubai boasts some pretty amazing public transportation systems including excellent Metro options as well as Bus routes; not only does this make it easy for people living there but also makes tourists feel like they can explore without getting lost or exhausted! Some other interesting things about DXB include being home to dozens upon dozens of restaurants
Needless to say that Dubai is a city that highly values education. With over 300,000 students in the private school system and 90% of them being mixed-gender classrooms, Dubai has given its citizens an excellent opportunity to explore their love for learning more than they may have been able too before. The university degree schooling is offered free for the citizens while many more other schools are available for vocational courses as well!
United Arab Emirates is a very progressive nation that has embraced modern health care philosophies implemented. Their top-notch facilities are overseen by an agency called The Ministry of Health and Prevention, which houses four hospitals in the city (Dubai, Rashid Latifa Hatta) with over 40 total spread throughout Dubai. As for their citizens’ healthcare needs, they do not have to worry about it as free clinics abound on every street corner! They also offer affordable treatments at government-owned pharmacies where patients can get everything from prescriptions to dental services without having to wait in line.
There is no shortage of ways to maintain a healthy lifestyle in Dubai. Picturesque beaches, fabulous cuisine, and bustling streets for walking make it the perfect place for residents or guests looking to stay fit. Skiing through polo are some examples from the list of popular sports options that keep people active.
The Dubai government is working hard to make the city of Dubai not just a tourist destination but also an ideal home for residents. This includes initiatives and programs that are planned every day, as well as innovative ideas intended to meet visitor’s needs on an ongoing basis.