The United Arab Emirates has long been a magnet for regional entrepreneurs looking to launch or expand their businesses. Economic stability and protection are important for startup incubation because they ensure the survival of small businesses that lack the financial resources to withstand any economic crisis. The UAE government has emphasized its serious commitment to encouraging startups in the nation by giving sufficient advisory and financial assistance, a reasonably favorable regulatory system, and low taxes.
As part of the Entrepreneurial Nation project, the United Arab Emirates intends to house 20 so-called unicorns by 2031, according to Ahmad Al-Falasi, the UAE’s minister of state for entrepreneurship and SMEs. A unicorn is a privately held startup firm with a capitalization of over $1 billion. The UAE’s Entrepreneurial Nation initiative aims to attract and expand small and medium-sized businesses, as well as boost entrepreneurship, to make the country a regional center for start-ups and investments. It will help students, recent graduates, employees, retirees, homemakers, and job seekers, among others, improve their entrepreneurial abilities.
Abu Dhabi’s HUB 71
Hub71, Abu Dhabi’s global tech ecosystem, has announced a new partnership with Stripe, a global technology company that builds economic infrastructure for the internet. Hub71 is a Dh1 billion mega-hub that aims to accelerate the local economy by bringing together start-ups, innovators, and global powerhouses in the technology industry. Stripe allows tech startups to take payments online, payout cash, and manage their business growth more conveniently and effectively. The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) and Abu Dhabi’s global tech ecosystem have signed a Memorandum of Understanding (MoU) to advance the technical growth and future planning of Abu Dhabi’s culture and tourism sectors.
At the Global Manufacturing and Industrialization Summit (GMIS), Abu Dhabi’s global tech ecosystem and the Khalifa University of Science and Technology signed a strategic partnership to allow students and alumni to work alongside tech startups, allowing them to pursue careers in the private sector and entrepreneurship. This partnership will accelerate the development of entrepreneurial talent among students and will promote new technologies entering the market through expert mentorship and guidance, as well as Hub71’s value-driven programs.
Dubai Future District’s (DFD)
Dubai has announced the Dubai Future District Fund, AED 1 billion ($272.3 million) as part of its continuous efforts to help tech firms and encourage them to list on the Dubai Financial Markets and the stock market. The Fund, which is a Dubai Securities and Exchange Higher Committee initiative, will support efforts to carry out to establish 1,000 tech companies in the country within five years and to increase startup investments from AED1.5 billion to AED4 billion. The Fund is well-positioned to attract companies from around the Middle East and North Africa (MENA) that can develop new solutions for future local, regional, and global challenges. The Fund will use future technologies such as artificial intelligence (AI), cyber security, blockchain, data analytics, software-as-a-service (SaaS)/platform-as-a-service (PaaS), cloud solutions, 5G, IoT, augmented reality, and robots to achieve its goals.