After acquiring a successful reputation as a global business hub, Dubai has placed a bold bet to further its reputation as the technology leader in the GCC region.
The progress of Dubai is truly beyond belief. It took only twenty years for Dubai’s leadership to turn the desert backwater into a global business hub with awe-inspiring infrastructure, fascinating skyscrapers, and one of the most advanced transportation systems in the world.
However, as the abundant natural resources that paved the way for progress in Dubai are running out, it has shifted its money-making model from oil to technology.
7 Reasons Why Dubai will be the Next Technology Hub
Dubai is all set to become the next technology hub in the GCC. Here’s why:
Aggressive Investments
Dubai is famous for placing bold bets in the past and emerging successful. After infrastructure and transportation, Dubai’s interest in technology is bolstering.
The desires of Dubai’s leadership to make it the next technology hub are evident through their aggressive investments. The sheer commitment and passion for going above and beyond in making Dubai a hotbed of innovation will surely pay profitable returns in the upcoming years.
Tax Haven for Entrepreneurs
Dubai’s ‘tax-free’ status captivates expats to make it their second home. Where people pay up to 45% of their income tax to the government, Dubai’s zero income tax policy is truly remarkable – without compromising on quality.
The very reason why every innovation-driven startup wants to make Dubai their business headquarter is its startup-friendly policies – especially in the technology sector.
Most technology startups in the US are forced to shut down due to excessive taxes and oppressive policies. In contrast, a web or mobile app development in Dubai is required to pay almost zero taxes to the government.
A Global Talent Hub
Dubai is home to some of the finest talents in the world. It is unsurprising that most of these talented professionals are foreigners who choose Dubai for its low tax policies, high-class infrastructure, and standard of living.
The Block Chain City
The ‘Smart Dubai’ program is clear evidence of how committed Dubai’s leadership is in the making in integrating technology into every aspect of life. This program aims to make Dubai the most innovative city in the world with blockchain integrations deeply rooted in its foundations.
‘Smart Dubai’ aims to have all governmental operations moved on the blockchain technology, making them safe, transparent, and verifiable while reducing bottlenecks in the administration.
Strategic Location
Dubai’s strategic location is crucial in driving revenues and maintaining its status as the global business hub. It’s located at the heart of the world and is the center point for trade for the Middle East, Europe, Asia, and North America.
Dubai’s strategic location allows entrepreneurs to scale their businesses and reach every corner of the world. Its politically neutral nature enables entrepreneurs and B2B organizations to gain access to a broader audience.
Dubai’s largest trading partners include China, India, the US, Saudi Arabia, Russia, and several other fastest-growing economies of the world.
Economy & Lifestyle
Dubai has emerged as one of the most progressive cities to live in, with all the modern facilities known to humankind. Whether it’s transportation, infrastructure, the standard of living, quality education, and healthcare, Dubai meets and exceeds the expectations in every aspect of life.
Moreover, Dubai’s economy is growing swiftly at an annual rate of 6.3%, making it on the list of most stable economies globally. Even in the turmoil of the recent pandemic, Dubai managed to sustain its growth despite being closed for tourism.
As far as the lifestyle is concerned, Dubai eclipses every Asian and Middle-Eastern region in quality of life.
Technology Integration
Dubai runs on technology. Besides the ‘Smart Dubai’ blockchain program, the government has taken several other initiatives to integrate technology into every aspect of life. Dubai currently has a more advanced and affordable metro system than other societies worldwide.
The government aims to make Dubai a cashless society by enabling people to pay through their smartphones or e-wallets. The government has initiated a reward system encouraging people to earn rewards and bonuses by paying through e-wallets. Currently, Dubai ranks among the top 10 cashless societies globally and is soon expected to reach the top in the upcoming years.
Key Takeaways
Simply put, Dubai is the undisputed technology king in the GCC region. However, it’s just the tip of the iceberg. Seeing the aggressive investments in technology initiatives and startup-friendly policies, Dubai’s aiming at dethroning the Silicon valley as the global hub for technology and innovation.
