UAE’s planned Entrepreneurial Growth and Innovations in Tech aims high
UAE has several interesting and innovative start ups and entrepreneurial opportunities even building five unicorn companies in biotech, food tech and property. UAE is fast growing to be the next generation innovation hub from prospective talent attraction and eager and backing government watering the growth in several sectors aligning with their own vision and goals.
UAE and Global AI goals
UAE has built an ideal location for business and industrial growth in recent years with megamoth companies like Microsoft investing $1.5 Billion in Artificial Intelligence towards an ingrown Abu Dhabi firm A42.
In the global tech dominance phase where countries are clinging to the next AI innovation breakthrough and working towards attaining Global AI power dominance, Microsoft’s 2024 investment in Abu Dhabi based A42 will play a major role, contenting and renewing strong ties between the nations.
UAE’s initiatives and policies
The country, apart from fostering innovations through funds, provides broader scope for foreign ownerships, repatriation of profits, golden visas and offering free zones for businesses to flourish.
These initiatives ensure that the entrepreneurial ecosystem in UAE blooms into a leading force. The Ministry of Economy seeks to increase the number of SMEs in the UAE and enhance the contribution of this sector to the GDP, reads the official reports from the administration.
UAE has also laid out ‘The Fifty Economic Plan’ for the years of 2021 – 2030 that lays the groundwork of Economic strategies and framework. Focusing mainly on Small and Medium Enterprises (SMEs) and to divert the same for the upcoming generation, while placing UAE as a hub for innovation and technological entrepreneurship.
Success stories of Unicorn Entrepreneurs out of UAE
UAE has incubated and ploughed the way for growing entrepreneurs with vision along with cultural diversity that seeds for innovation with broader opportunities. National agenda emitted to support entrepreneurs and government programmes backing sprouting investors and companies.
“The government is moving fast. There’s the Dubai Future Foundation , the ADGM [Abu Dhabi Global Market]. There are incubators, accelerators, dedicated funds. They targeted global AI and blockchain talent and encouraged them to set up in the UAE. It’s been a very thoughtful approach,” – Magnus Olsson, co-founder of Careem, reports BBC.
Dany Farha. who co-founded BECO Capital in 2012 that also has the established Careem and other unicorns under its wing that recorded massive returns said, (The UAE) is incredibly encouraging of people who want to do good and build a better life.”
It is also notable that UAE has managed to retain its position as the global leader in the Global Entrepreneurship Index for two consecutive years, 2021 and 2022.
