The scorching heat, the blazing sun, and the sand intruding every inch from you. You cannot deny the past but if you live in it for long, you will be forgotten. What was once considered as the desert is now one of the richest cities and the hub of tourist’s attractions across the globe. Dubai has gotten attention from past couple of years. The gigantic Burj Khalifa and the desert safari is just the start, with the inordinate population explosion, growing from one million people just a decade ago to over nine million today. Dubai is now considered as the hub for innovative ideas and startups.
From the past couple of years, we have already seen the marvelous transition of small start-ups turning big. Starting from Careem, which is now the fastest-growing ridesharing service across the Middle East, along with the popular peer-to-peer mobile payments app Bridg.
Dubai has already made an impressive name for itself on the world stage, and now it may have one more advantage to hold over its competing metropolitan areas; Dubai could be the world’s next biggest global startup hub.
Dubai is now considered as one of the fastest growing metropolitan areas in the world, and part of the credit goes to its unique location. In UAE, Dubai is the central hub for all the activities. Strong markets from Pakistan, India and northeastern Africa are emerging and destined for entrepreneurial success right from the City of Gold.
Successful web design agencies like DubaiMonsters.com started from scratch are now enjoying their fruits of success. Dubai is now the entryway for many Entrepreneurs and investors, kind of gateway with an immense amount of opportunities.
Particularly because of its high tendency for growth, Dubai has now become the home for Entrepreneurs to start their dream. Incubators are being designed to help the young chaps pursue their dreams with ease.
Notably in5 Media innovation Center offers a huge creative space to work, have fun and seek mentorship with vast networking opportunities. Moreover, Turn8 has collected a massive venture capital fund to close funding gaps for promising start-ups.
One of the biggest advantages UAE got is the support from government to the new startups. The Dubai government happily support the incubator and accelerator programs and provide an opportunity for young Entrepreneurs to pursue their dream with some ease in mind. The incubator programs are backed by the government to help the overall economic growth of the country.
UAE openly encourages free trade with limited regulations and restrictions. In fact, it’s even home to the International Financial Centre, an area where regulation against the foreign-originated ownership of businesses is non-existent.
While the Middle Eastern countries are accustomed to relying on their vast oil reserves, Dubai is investing more into infrastructures and service industries. As a result, it’s been insulated from the recent drop in oil prices – which has crushed some of its neighboring countries’ economies.
Speaking of neighboring countries, Dubai gets the boost in the economy as a result of free trade with the neighbors.
Not just city of gold, Dubai is the hub of one the wealthiest people in the world, the billionaires that come for high-class vacation and in that period they invest in the emerging start-ups. The venture capitalist is normally angel investors that back every project that touches their heart. A home for open-heart people, Dubai is your central hub if you have a dream to pursue or want to earn with your idea.
What you need to keep in mind that the venture capitalists and angel investors are not just giving it all away. The investors are looking forward to the right entrepreneur with passion, a solid business plan, and a great idea. There are plenty of ways to pitch your product and you need to try every pitch to see what is working for you.
About 38% of the entire GDP of UAE comes from trade and tourism, and as a result, the service industry is thriving. The hotels, restaurants, and special attractions are all booming in the area serving the tourists and locals. This is an opportunity for service industry to gear up and support the startups in the right direction. Residents are freely spending money in consumer-based apps as long as the idea is feasible and attractive.
With a unique location, government is also supporting the infrastructure and business development, and anything that will gain attention in the eyes of the consumer. Although it is high-time in the economy across the globe, it is good to step-into Entrepreneurship right now. Despite your idea is for niche, you have the resources in Dubai to get your voice heard and make a good fortune along the way.