Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, recently launched “Dubai Global”, an initiative to establish 50 integrated commercial representative offices for Dubai in five continents across the world during the next few years, as part of Dubai’s goal to position itself as one of the best business hubs in the world.
The UAE also rolled out incentives to attract 300 digital companies in a new FDI programme as part of the country’s wider campaign to position itself as a global hub for business.
Sheikh Hamdan said: “Our goal is to globalise our national companies, attract global investments and add new markets to our global business lines.
“We will double our economy over the next few years, establish the best business environment in the world and be number one in quality of life,” he added.
The UAE also rose to the top of global rankings in terms of overall business skills proficiency, according to Coursera’s Global Skills Report released in June 2022.
In last year’s report, the country ranked second in the world and led the Middle East and North Africa (MENA) region.
Learners in the UAE were placed in the top 100 percentile, compared to their peers globally, in several areas of business skills, such as leadership and management, strategy and operations, communication, human resources, and entrepreneurship.
Here is an overview of the UAE’s strategies to modernise its economy and become a global business hub attracting both firms and talent:
- Dubai’s ‘next priorities’ include boosting the digital economy, access to new markets: Sheikh Hamdan
- Sheikh Mohammed launches higher committee to develop Dubai Metaverse Strategy and supervise technological developments
- The UAE has launched a new initiative to boost its foreign direct investments – starting with attracting 300 digital companies
- Dubai Crown Prince launches $100 million venture capital fund to bolster startups and entrepreneurs
- Dubai Council takes measures to boost real estate efficiency and transform tourism
- UAE partners with startup Deel to fast-track foreign workers visa
- Sheikh Hamdan launches ‘Dubai Global’ to cover five continents
Dubai’s ‘next priorities’ include boosting the digital economy, access to new markets: Sheikh Hamdan
Dubai’s ‘next priorities’ will include the development of the digital economy as well as access to new markets, Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, said during a visit to the Dubai Chambers.
The Dubai Crown Prince emphasised the importance of working continuously to consolidate Dubai’s position as an attractive business and investment destination.
Sheikh Hamdan bin Mohammed said: “The Dubai Chambers have played a significant role in Dubai’s economic development. Today, we look forward to maximise this role in the field of digital economy, technical investments, and building new global economic opportunities.”
“Our next priorities are: the sustainability of our family businesses, the development of our digital economy, and access to new markets. All government and private entities will work as one team to achieve these priorities.”
The Dubai Crown Prince’s statements were made after he toured the facilities and departments of the headquarters of Dubai Chambers, the state-run news agency, Wam, confirmed.
Sheikh Hamdan added: “We have the best business environment, and most of all, we have Sheikh Mohammed bin Rashid’s future vision for Dubai to be the main hub of the new global economy.”
Sheikh Hamdan stressed the importance of implementing the directives of Sheikh Mohammed bin Rashid Al Maktoum to promote an attractive and competitive environment for investment that:
- improves ease of doing business in Dubai,
- contributes to raising the volume of foreign trade, and
- develops the digital economy sector
For instance, the Dubai Metaverse Strategy, which was announced by the Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum earlier this year, aims to increase the contribution of the metaverse sector to the emirate’s economy to $4 billion by 2030.
Headed by the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Dubai Metaverse Strategy also intends to ensure that the metaverse increases its contribution to 1 percent of the emirate’s GDP.
The Dubai Crown Prince Sheikh Hamdan bin Mohammed and Sheikh Maktoum bin Mohammed, the Deputy Ruler of Dubai, have already directed the formation of a task force to track the latest developments in the digital economy, including technology and metaverse trends elaborated below.
Sheikh Mohammed launches higher committee to develop Dubai Metaverse Strategy and supervise technological developments
Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister and Ruler of Dubai, directed the formation of a higher committee to prepare the Dubai Metaverse Strategy.
The higher committee will be headed by the Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum and will supervise all future technological developments in the emirate.
Sheikh Mohammed said: “We seek to transform Dubai into the world’s best city in the world to live, work, and invest. The constant development of government services is vital to achieve this goal and ensure Dubai maintains high levels of global competitiveness.
“We are committed to further enhance government operations in Dubai, so that we can provide the best possible environment for the economy to flourish and ensure the greatest quality of life for citizens and residents. I am fully confident of the new committee’s ability to accomplish this goal.”
In May 2022, Sheikh Mohammed bin Rashid Al Maktoum directed the committee to develop the Dubai Metaverse Strategy within the next two months to contribute to enhancing Dubai’s position as a global centre for new metaverse technology.
The decision was taken during a meeting of the Dubai Council chaired by the Dubai Ruler Sheikh Mohammed bin Rashid in the presence of the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum; and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Second Deputy Chairman of the Dubai Council.
Sheikh Mohammed bin Rashid also revealed a new comprehensive structure for Dubai Municipality in line with Dubai’s priorities, future directions, and development plans in various sectors.
The restructuring aimed to transform Dubai Municipality into a specialised institution that adopts a private sector mindset to provide high-quality municipal services.
It also seeks to enhance its ability to keep pace with global changes in the areas of environment, climate change, circular economy, and the acceleration of partnerships with the private sector.
The restructuring also aims to create economic opportunities worth AED 10 billion within five years, and reduce operating costs by 10 percent, while increasing the quality of services by 20 percent.
In March 2022, the Dubai Municipality had revealed plans to work with private sector companies and investors to create a futuristic, human-centred version of the city in the metaverse called One Human Reality.
The metaverse is a network of realistic 3D digital worlds built within a virtual-reality space where people can interact with computer-generated environments and other users. At its broadest, it combines elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other advanced technologies.
The UAE has launched a new initiative to boost its foreign direct investments – starting with attracting 300 digital companies
The UAE has rolled out incentives to attract 300 digital companies in a new FDI programme.
The incentives include faster business set-up process, streamlined visa applications, and better access to financial products and services, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said at a press conference in Dubai on Thursday.
The UAE minister announced the NextGenFDI as part of the country’s wider campaign to position itself as a global hub for businesses.
The recent move of the UAE government to ease bureaucratic red tape for digital businesses makes sense in a fierce global competition to attract them, the Middle East head of global law firm Reed Smith said.
Last week, the government announced “NextGenFDI,” particularly to attract more digital businesses to set up in the country.
“Digital technologies are unique and have unique needs. Their B2B and B2C interactions are fast, fully personalised and highly integrated,” Sachin Kerur told Arabian Business.
He said the “operational pace and demand” in the digital ecosystem requires a progressive regulatory environment, “the last thing digital business can afford to happen, is to be mired in a carpet of red tape,” Kerur explained.
A recent KPMG survey listed 10 major cities as the most attractive tech hubs in the world – including Bengaluru in India, Tel Aviv in Israel, and Shanghai in China.
These “innovation hubs” had several characteristics in common such as proximity to a research-intensive university and access to a vibrant lifestyle to particularly target young professionals.
The UAE, in recent years, have set ambitious strategies to modernise its economy – with a huge focus on becoming a global business hub attracting both firms and talent.
“Countries across the world are rolling out digital business focused business law reforms so the fact that the UAE is serious about implementing practical measures that make a difference, will help the UAE maintain a top destination for digital business,” the Reed Smith lawyer said.
The NextGenFDI program, which included a set of provisions that provides fast-track visa and licensing incentives, have been met with positive reactions from other industry players.
UAE perfect access to growing consumer market class
“The initiative comes in the wake of multiple other initiatives that demonstrate the government’s unwavering determination to build a future-focused, technology-driven economy,” Ramesh Jagganathan, managing director of Abu Dhabi accelerator startAD, said.
He said businesses in the UAE could also benefit to a growing consumer class in the India, China, Africa corridor, with over three billion by 2030.
“There is an opportunity to ride the wave of India and China’s growing global tech ecosystem by becoming dominant in the global entrepreneurial economic landscape,” he told Arabian Business.
He added: “Buoyed by favourable regulations and the ease of doing business, backed by the support of corporates who also wish to innovate and transform their sectors, this is a historic opportunity to serve a frontier market the size of Europe and North America.”
The move also comes as inward FDI has been gaining traction in recent years, PRO Partner Group chief executive officer Nazar Musa, said.
“One of the main drivers has been the reduction in cost and red tape to allow companies to set up in the UAE faster and cheaper, and the new visa regime is a huge incentive for tech professionals, investors, entrepreneurs and businesses to look closely at the possibilities to set up a base or operations in the UAE,” he said.
The government has also seen “incredible standard of living, security, and infrastructure for families,” which Musa said also contributes to growing foreign investments in the country.
“We have already seen a significant uptick in inward FDI since the first initiatives were announced in 2021, more tech and digital companies setting up over the period, and particularly we have seen a number of multinationals in this sector start to relocate significant resources and staff to the UAE,” he said.
Dubai Crown Prince launches $100 million venture capital fund to bolster startups and entrepreneurs
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of Dubai Executive Council, has approved the launch of a $100.73 million (AED 370 milion) Venture Capital Fund for Startups to bolster and sustain startup projects and entrepreneurs in the emirate.
Governed by the Dubai International Financial Centre (DIFC), which is also a 15 percent contributor to the fund, the Venture Capital Fund for Startups will create an integrated funding system with a number of suitable options that can cater to the needs of enterprises.
The fund will provide $100.73 million (AED 370 million) in capital to finance small to medium startup projects, supporting their development in Dubai and gradual expansion to global markets.
Sheikh Hamdan bin Mohammed said: “We approved the launch of the ‘Venture Capital Fund for Startups’ under the directives of Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and Ruler of Dubai, to spearhead economic diversification and ignite sustainable economic growth. We are committed to create a vibrant business environment and provide the opportunities to promote excellence.”
The fund is set to contribute around AED 3 billion to the emirate’s GDP during the implementation period and will run for eight years, extendable for two additional years.
It will also provide more than 8,000 jobs for emerging talents, thus strengthening Dubai’s position as a regional centre for entrepreneurship and financial technology (fintech), innovation, and venture capital, and ensuring that it attracts investors and entrepreneurs from around the world.
The launch of the venture capital fund was approved during a meeting of the Executive Council.
Chairing the meeting, Sheikh Hamdan bin Mohammed added: “With a flexible legislative system, robust financing tools, an effective regulatory environment, and most importantly, dynamic public and private sectors, Dubai has established itself as the city of entrepreneurs and risk-tolerant investors.
“Dubai has been able to attract the best talent and investors from around the world to forge partnerships and mutually benefit from the tremendous opportunities offered. In short, Dubai nurtures bold ambitions.”
Dubai Council takes measures to boost real estate efficiency and transform tourism
In May 2022, the Dubai Council approved a comprehensive restructuring of the Land Department in a bid to improve real estate and launched a set of new development projects to transform the emirate’s countryside into a tourism destination.
The decisions were taken during a meeting of the Dubai Council chaired by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai in the presence of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and First Deputy Chairman of the Dubai Council; and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Second Deputy Chairman of the Dubai Council.
The Dubai Council approved the comprehensive restructuring of the Land Department in order to enhance Dubai’s leadership and competitiveness in the real estate sector and raise operational efficiency by no less than 20 percent, the state-run news agency, Wam, reported.
Sheikh Mohammed said: “We seek to transform Dubai into the world’s best city in the world to live, work and invest. The constant development of government services is vital to achieve this goal and ensure Dubai maintains high levels of global competitiveness.
“We are committed to further enhance government operations in Dubai, so that we can provide the best possible environment for the economy to flourish and ensure the greatest quality of life for citizens and residents.”
Transforming Dubai’s countryside into a tourism destination
Sheikh Mohammed bin Rashid also directed the launch of a new development project for the emirate.
The project seeks to develop the countryside of Dubai, and transform it into cultural, tourist, and environmental destinations.
The initiative will see the development of a number of areas in Dubai, including Al Faqa, Al Lusayli, Al Habab, Al Marmoom, Al Awir, and Margham, among others.
This project will also support a series of development projects to upgrade the level of services and facilities, and to involve the people of these areas in generating economic opportunities.
Future residential neighbourhoods in Dubai
Additionally, the Dubai Council also launched Sheikh Mohammed bin Rashid’s vision for future residential neighborhoods for Emiratis.
The first stage of this initiative will include Al Khawaneej, Al Barsha, Al Mizhar and Hatta areas, in addition to a series of plans that will be announced in the coming months, the state-run news agency, Wam, confirmed.
The Commissioner-General of Infrastructure was assigned to work on submitting final studies and announcing the details within a month.
Dubai Municipality restructured to create $2.72 billion in economic opportunities
The Dubai Council also revealed a new comprehensive structure for Dubai Municipality that supports Dubai’s priorities, future directions, and development plans in various sectors.
The restructuring aims to transform Dubai Municipality into a specialised institution that adopts a private sector mindset to provide high-quality municipal services.
It also seeks to enhance its ability to keep pace with global changes in the areas of environment, climate change, circular economy, and the acceleration of partnerships with the private sector.
The restructuring aims to create economic opportunities worth $2.72 billion (AED 10 billion) within five years, reduce operating costs by 10 percent, and increase the quality of services by 20 percent.
UAE partners with startup Deel to fast-track foreign workers visa
The UAE government is partnering with payroll and onboarding startup Deel to expedite the process of issuing work visas to foreign nationals.
Under the partnership, Deel will be able to offer its customers, which include the likes of technology giants Coinbase and Shopify, access to different UAE visa options, and an expedited way of securing one.
Visa categories offered under the partnership also include the country’s long-term visa options, Golden and Green visas. The company will also facilitate flights and accommodations, and will provide health insurance and onboarding support, it said in a release.
Deel has partnered with the UAE’s Office of AI, Digital Economy, and Remote Work Applications for the new service.
“The UAE’s agility enables it to strive to become one of the most prosperous nations by pioneering its digital economy. The UAE adopts emerging technologies and enables skilled talents to achieve the UAE centennial 2071 vision of digital transformation,” Omar Sultan Al Olama, minister of state for AI, digital economy, and remote work applications, said.
Sheikh Hamdan launches ‘Dubai Global’ to cover five continents
The aim of Dubai Global is to strengthen Dubai’s position as a global business hub by establishing a network of 50 offices around the world.
Dubai Global will also support companies based in the emirate by providing them with logistical support to expand their operations in more than 30 promising markets.
The network of 50 offices will operate as part of Dubai Chambers and in partnership with several government and semi-government entities in Dubai.
The initiative aims to attract investment, talent, and new business to Dubai, and help Dubai-based companies explore economic and commercial opportunities in 30 new global markets.
The commercial representative offices will provide specialised services such as market research which includes detailed information about each market and its working mechanisms.
The offices will also provide establishing and starting-up services including logistical support and detailed information on commercial globalisation, aiming to “globalise” Dubai companies and promote their expansion in new markets.
The network of global offices will also create cross-border business opportunities by organising business-to-business meetings, corporate and government meetings, along with global and regional events such as international business forums.
Follow us on
