The new Dubai’s emphasis is on creating a knowledge-based economy. Towards this end, it has ushered in many reforms including issuance of long-term visas to attract global talent. The Golden Visa scheme, in fact, has become a hit with many tech-savvy youngsters who aspire to become entrepreneurs. So, what attracts them to Dubai? ‘Digital Infrastructure’ is the simple answer.
The tech-savvy youngsters, no doubt, are keenly watching the evolution of Dubai as a knowledge-based economy and the emirate’s efforts to create infrastructure to augment the process. Recent intervention by Dubai Chamber of Digital Economy to enhance digital business infrastructure is one such initiative that ignites their enthusiasm.
“We recently formed four new committees as part of this strategy. The new strategy for the next 2 years will cement our position as a global leader in the digital economy. It will also open up hundreds of exciting business opportunities,” says H.E. Omar Sultan Al Olama, the UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications.
The goal, says Al Olama, is to transform Dubai as a preferred market for foreign digital investments and top global talent. “We have several initiatives and plans in the pipeline,” the Minister says, refusing to go into the details. All that he would say is that the new strategy is just preparatory work to attract 300 digital startups to the emirate in the next two years.
To compliment the hard infrastructure it has on ground, Dubai has also been strengthening its soft infrastructure through a series of progressive and forward-looking measures starting from issuing long-term visas, allowing 100% ownership to four-and-a-half-day workweek aligning the country’s work schedule more in line with the Western nations.
Dubai Chamber of Digital Economy is also in the process proposing further improvements and changes to the existing laws and policies to ensure the growth of the digital economy and enhance the emirate’s digital business infrastructure. “We want to improve our business environment further to attract global digital firms. So, we are planning an international conference,” the Minister informs.
President and CEO, Dubai Chamber of Commerce and Industry, Hamad Buamim says, Dubai is determined to pursue excellence. Dubai 10X, for instance, is one such initiative that aims to place the emirate’s government entities 10 years ahead of the rest of the world, across sectors, according to Buamim.
“The initiative covers a wide range of projects including Digital Silk Road which leverages blockchain technology to simplify global trade. With such initiatives, we have been able to see drastic improvement in our performance on global competitiveness indices,” adds Buamim who believes that Dubai’s infrastructure sector is poised for further growth in the days to come.
The recent announcement of Dubai Maritime City (DMC), DP World’s purpose-built maritime hub at a cost of AED 140 million to enhance the efficiency of the logistics sector is one project that highlights how Dubai is consistently investing to embolden its infrastructure. “Innovation, constant development and excellence are the key pillars of Dubai Maritime City,” confirms Group Chairman and CEO, DP World, Sultan Ahmed Bin Sulayem.
Recalling that the UAE’s push for artificial intelligence (AI) has been in the works for over 20 years, Al Olama meanwhile enthuses that the country is gaining fast in the journey to become the global AI leader. We want global talent, he says , pointing to the “Projects of the 50” which aims to bring in 100 coders and programmers every single day for the next 365 days.
“Each of these coders can contribute to established companies or create their own companies and grow and become CEOs,” adds Al Olama. The UAE, according to him, has over 30,000 programming-related experts and is determined to bring more. That explains why youngsters with entrepreneurial dreams are excited about exploring opportunities in Dubai.
Disclaimer: This article is a part of featured content series on Business in Dubai