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Dubai is known to have a prosperous business environment driven by a series of favorable policies and measures. It is also worth noting that the city provides the perfect environment to nurture, nurture and promote entrepreneurship and new startups in the region. It is believed to be home to more than 10,000 small and medium-sized startups.
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Whether it’s 100% foreign ownership of a business, extended visas for entrepreneurs who own businesses, or free zones with various benefits for new startups, there’s more than just a benefit for those who choose to set up shop here experience. SMEs can take advantage of the services of a variety of incubators, government programmes, public-private partnerships, accelerators and venture capital. All these services are enhanced by world-class physical and digital infrastructure, which has earned the city a reputation as a land of opportunity and an emerging destination for startups and entrepreneurs. Omar Khan, Director of the International Office of the Dubai Chamber of Commerce and Industry, said: “Dubai is one of the best platforms, if not the best platform. As a testing center for new startups and new ideas, Dubai innovates and brings the best in the world. , the brightest talents. If you want to have a POC [proof of concept] An idea – this is the perfect place to make it happen. “
financing dream
Home to some of the world’s largest banks and high-net-worth individuals, the city is a leading financial center in the Middle East, Africa and South Asia (MEASA) region. It is also home to approximately one-third of investors and the largest number of venture capitalists in the Middle East and North Africa (MENA) region. The presence of strong financial infrastructure and entities provides an enabling environment to support emerging startups and entrepreneurs. Sudhir Syal, chief commercial officer of Lenskart Middle East, said: “Dubai’s promise as a business hub is real. Dubai offers huge financial and tax benefits. It is also a very supportive and positive place for young entrepreneurs and new businesses that are scaling up. responsive government [up]”.
Additionally, the city offers numerous and easily accessible financing options for new startups and entrepreneurs. There are also many accelerators that bring startups and investors together, as well as public-private partnerships that provide funding for startups.
We have taken special steps to support, train and mentor these emerging business minds. The government works with private education companies to promote entrepreneurship research. To this end, the Dubai Future Foundation collaborates with local institutions to launch entrepreneurship projects to cultivate the entrepreneurial spirit of young people. The foundation also aims to bring together government and private entities to help new startups thrive and has launched the Dubai Future Accelerator (DFA) program to support entrepreneurship. The Dubai Entrepreneurship Center is run by the Dubai Chamber of Commerce and Industry and provides services, workshops and training to help new startups and entrepreneurs.
The city has world-class infrastructure supporting numerous community events, exhibitions and conferences held throughout the year. It provides an excellent meeting point for investors and startups to come together, collaborate, network and do business. Sharing his views on this, Ammar Al Malik, Managing Director of Dubai Internet City, said: “For the past 20 years, Dubai Internet City has been serving large technology companies, startups and entrepreneurs, including the future of freelance work. We provide AZ services, whether it’s the logistics part, the real estate required to operate, community events, meeting people and being part of the community.”
This environment is also particularly favorable for female entrepreneurs, as they can seek support and special assistance.
UAE and entrepreneurship
The UAE was recently ranked number one in the world as the best place to start a business, according to the Global Entrepreneurship Index. This is largely due to the opportunities, skills, education, financing and support the country offers entrepreneurs. With its strong infrastructure, the country provides a suitable platform for business expansion. SMEs and start-ups account for more than 94% of the country’s market and employ more than 86% of the private workforce. In addition, the UAE aims to cultivate 20 unicorns or new startups with a valuation of more than US$1 billion by 2031. Speaking about Startup Nation, Minister of State Ahmad Al Falasi said it is an initiative to support new start-ups through a series of public-private partnerships for entrepreneurship and small and medium-sized enterprises. “The idea is to help entrepreneurs expand their businesses, export products and enter online sales.” To this end, the UAE has earmarked a $272 million private equity fund for small and medium-sized enterprises in the country’s strategic sectors.
It is clear that the city’s startups play a vital role in its growth story and will serve as a strong pillar of its future progress and success.
Disclaimer: This article is part of the Dubai Business feature content series
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