I love to travel and given a chance, I can travel like a nomad for the rest of my life and can settle at last, in my dream destination, which has evolved over the years and has subsumed the beauty of the world, it is Dubai- my favorite city, a city of dreams and a business possibility for many. It would be unfair not to discuss the worlds most prestigious and popular tourist attractions in Dubai, which entice visitors from different sectors, nationalities to come to the shores of this city and experience the luxuries offered by this city. As the report suggests, Dubai, is one of the five fastest-growing metropolitan areas in the world. The population of United Arab Emirate has exploded from less than a million a decade ago to almost 3 million today; about 80 percent of those are expats. Although the decline in oil prices has almost put the other Middle Eastern economies at some risk, but Dubai, has certainly drawn tech talent from around the world and has become the emerging tech-market of the world.
Technology is Promoted by Government
Year 2014 witnessed a major overhaul decision, which aimed to make the emirate more attractive for technology firms and supporting the job market, consequently it would make Dubai to make a pace with the most innovative and creative cities of the world in the next seven years as part of UAE’s Vision 2021. To give this vision a life UAE government has invested AED 4.5 billion and even declared 2015 the ‘Year of Innovation’, motivating technological development and tech heads to walk down on the innovation path more aggressively.
Dubai has become the favorite zone for startups and entrepreneurs to invest, due to the relief of taxation; Dubai’s import duty is merely 5%, which makes the buying of materials and products at much affordable. The well-developed, sophisticated banking system in the UAE lets extensive credit facilities and ample liquidity. On the other hand real estate in Dubai is quite reasonable compared to other global cities like Singapore and Hong Kong. As per the UAE property web portal Bayut.com, offices in Dubai can be rented for only AED 25,000 ($6,806) per annum, which surely makes the Dubai an investment hub for the budding IT investors and entrepreneurs.
The Jebel Ali Free Zone Authority (JAFZA) has been key to foreign investment in Dubai since its creation in 1985. Since 2011, only JAFZA-registered offshore companies have been able to purchase real estate in Dubai. Although foreign individuals have been allowed to own property in Dubai since 2002, many investors choose to invest through JAFZA companies in order to avoid local laws, which can interfere with the succession and transfer of properties.
Financially & Politically Stable
No doubt, Dubai is the city of dreams, it has money, entertainment, luxury and most importantly it is the emerging tech destination also. Dubai is an entry point to the fast-developing markets of Asia, the Middle East and Africa, but apart from these strategic points, there are demographic and political reasons as well, which makes Dubai a hub of innovation and investment. Dubai is a part of the UAE, which has the lowest crime rate and is the politically and financially stable.
Ample Opportunities for Trading Links
Dubai is a trade link bridge between the Far East and Europe on the East-West axis and the CIS and Africa on the north-south axis. It has ample supplies of cheap energy and primary aluminum, Dubai’s international trade has grown on average by over 11% per year, highly accessible via 120 shipping lines and linked via 85 airlines to over 130 global destinations, does not have exchange controls, quotas or trade barriers. Dubai has a huge transportation and trading infrastructure and has a huge deepwater port, Jebel Ali Port, that lets the trade flow from the Gulf, Africa and the Indian subcontinent.
Flexible Business Rules
The UAE has a well defined, sound legal framework for business and a clear set of ownership rules, which allows foreigners to opt for the ownership rights of up to 49% for limited liability companies established within the Emirate of Dubai and up to 100% for professional companies, branches and representative offices of foreign companies and free zone enterprises. Dubai is investing vigorously in transport, telecommunications, energy and industrial infrastructure.
Fusion of Different Cultures
UAE consists of seven emirates; Dubai is one of them and is a cosmopolitan society, which has the population and business from over 150 countries. From the security perspective, it has the most secured and stringent e-governance protocols.
To conclude, Dubai is certainly the next destination for technology and innovation; companies like Careem, Bridg, Souq.com have already scaled the technology business in Dubai. Dubai is also in the midst of preparations for World Expo 20/20, expected to draw 25 million visits from Oct. 20, 2020, to April 10, 2021. Lower taxes make Dubai a natural choice for entrepreneurs, and Dubai is seen as a tech hub in the Middle East and it would be known as the next Silicon Valley of the world.
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