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UAE Freezones Biz News Updates
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Making UAE a perfect springboard for tech start-ups
Entrepreneurs to add $14b to the UAE’s GDP and $1.5tr to global GDP by 2020
The five-day Gitex Technology Week is showcasing live demonstrations of
next-generation technology solutions from governments and international
companies that will transform Middle East businesses.
“Dubai and the UAE are world-renowned hubs for digital economy innovation as
well as the home of a youthful population that is steadfast in its drive to
innovate. The ‘Startup Movement’ will give more than one thousand of the
brightest millennial entrepreneurs from the Middle East and around the world
a chance to network with peers and gain insight from global technology
companies,” said Trixie LohMirmand, Senior Vice-President at Dubai World
Trade Centre, organisers of the event.
She said that young innovators will hear success stories that will inspire
their creativity and in turn positively impact the global community.
According to recent reports from consultancy Accenture, young entrepreneurs
and start-ups have the potential to contribute significantly to employment
opportunities for this class of fresh graduates. Digital entrepreneurs are
expected to add $14 billion (Dh51.4 billion) to the UAE’s GDP and $1.5
trillion to global GDP by 2020.
Emerging market investors
Many innovative start-ups have already experienced success in the UAE,
including UAE-born car booking service Careem, package delivery app Fetchr
and online shopping platform Souq.com.
“The UAE is the perfect place for technology-based start-ups to grow. At the
Startup Movement, start-ups can benefit from fund-raising from across
emerging market investors who are eager for new innovations,” said Mudasir
Sheikha, Co-Founder of Careem.
Jeffrey Paine, Managing Partner of the Singapore-based early stage
investment fund Golden Gate Ventures in Singapore, who is a featured speaker
at the event, said that the UAE is one of the world’s most attractive
start-up destinations, thanks to strong government support, a culture of
innovation, and a highly-educated population.
Dany Farha, CEO of BECO Capital, an investment house from the UAE, said that
the time to invest in start-ups is now. “Those of us who have witnessed this
region’s entrepreneurs grow and succeed know that Dubai is the crossroads
where raw talent and essential support meet to mould innovation.”
Attractive hub
With a growing population of digital natives and access to the world’s
emerging technology markets, the UAE is an attractive start-up hub.
“Digital marketing innovations that work in Singapore hold high potential in
Dubai and the Arabian Gulf, with similar fast-growth markets,
digitally-savvy English-speaking affluent customers, and a supportive
start-up ecosystem,” said Aseem Puri, the Singapore-based Marketing Head at
Unilever International.
He said that Singapore’s digital-first companies and start-ups need to
expand quickly, and emerging markets such as the Middle East, Africa, and
Asia present the biggest growth opportunities.
The new participating countries this year are Japan, Russia, Poland, Belize,
Brazil, British Indian Ocean Territory, Estonia, Greece, Iraq and Slovenia.
Oct 16, 2016 |
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Courtesy Al Nisr Publishing LLC
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