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UAE Freezones Biz News Updates
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UAE attracts global startups
 A visitor
experiencing Dubai through virtual reality at the Step Conference in Dubai
Internet City on Wednesday.
The UAE's promise of a business friendly ecosystem for startups
has resulted in the country not only encouraging the development and
expansion of its home grown small and medium sized enterprises (SMEs), but
in also attracting international talent.
Speaking to Khaleej Times at the Step 2018 tech festival on Wednesday, Ammar
Al Malik, executive director of Dubai Internet City noted that SMEs have had
to face some challenges in the past few years, but they were now able to
flourish as the market and the business environment in the UAE had matured.
I think that it is very clear to us that the business ecosystem has matured
very quickly. This is evident in the number of startups that are coming up,
as well as the number of funds that are being launched to aid them. There
are also a lot of family businesses in the region that are interested in
investing as well, so the mindset that has to do with launching a startup
and investing in one has changed dramatically; and we expect this to
continue in the coming years as well, he said.
Step 2018 is being held at its new location in Dubai Internet City and will
run until March 29, with more than 300 technologists, investors,
entrepreneurs, and creatives speaking across four industry-focused stages.
We are very excited about Step 2018 being held in Dubai Internet City, since
it is a natural fit for an event of this scale. It offers a strategic
advantage to the community that is present here, and it also offers the
startups that are present here a chance to be exposed to the larger
corporations in the city, Al Malik said. Earlier, we announced over Dh7
billion of investments in Dubai Internet City, because the business
ecosystem is growing very fast and we want to ensure that all the companies
here, including small and medium sized enterprises (SMEs) are able to make
the most of the resources available to them. He added SMEs are a big part of
the UAE's economy and we want to ensure that they receive the support that
they need to grow beyond Dubai into the region, and then internationally.
This support, Al Malik said, is not only limited to UAE companies; there has
been a steady increase in the number of international companies looking to
set up in the UAE because of its welcoming business environment and world
class infrastructure. The initiatives that have been launched by the
government have been critical in positioning the UAE at the international
business level. If you look at the selection of the latest technologies that
are going to play a crucial role in the coming years, such as drones,
hyperloops, AI, IoT, bloackchain, and VR, and how they are being integrated
into the city's smart city plans, then you can understand why there are
international companies and agencies that are looking at Dubai and thinking
that it is the place to be, he said.
Patrick Rogers, co-founder and principal at Support Legal, a legal services
platform for entrepreneurs and emerging companies in the Middle East and
Africa, also said that it is an exciting time to be in the UAE. People are
making a conscious decision to move here from places like London and
Singapore for a number of reasons such as developer talent, VC money, proven
concepts, and successful exits; and, more importantly, it acts as a hub for
developing your idea in the wider regional ecosystem.
March 28, 2018 |
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Courtesy Khaleej Times
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