Indian tech turns to Dubai as startup funding, digital economy policies go into force, Dubai Chambers boss says

“What recently caught my attention was the increase appetite of Indian tech companies setting up their international base here in Dubai,” Lootah said.

“Prior to that, a lot of these companies used to go to Western countries, especially the tech companies. What made the shift is the availability of funds when it comes to tech startups, in addition to a lot of policy reforms around the digital economy sectors, that really made it easier for them to have a base here in Dubai,” he explained.

In September, it was revealed that during the first half of 2023, the Dubai Chamber of Commerce, a part of the Dubai Chambers umbrella, disclosed that Indian investors ranked highest among nationalities contributing to new company registrations.

There was a significant 39 percent year-over-year growth in new firms joining, with 6,717 new Indian-owned companies joining in H1 2023, compared to 4,845 in the same period last year.

Out of the 30,146 new companies registering with the chamber in H1 2023, Indian companies made up 22.3 percent of the total.

The cumulative number of Indian companies registered by the end of June 2023 reached 90,118, underscoring the significant role played by Indian businesses in fostering the sustainable growth of the emirate’s economy.

Dubai aims to have a “friendly business environment”

Reflecting on his year-long tenure, highlighted the institution’s commitment to aligning with the approved strategies.

“Since day one, the priorities were how we can ensure that Dubai will continue to have a friendly business environment,” he said, adding that along with this, Dubai Chambers aims to “activate and improve the engagement with the private sector, around policy and advocacy and how we can ensure that the engagement is very effective.”

He also explained that the non-profit public entity aims to put some programmes and initiatives to help companies to explore and do business as well as grow globally.

In addition, Lootah explained that the entity also aims to support international investors and put some systems in place to ensure more inflow of foreign direct investment.

“All of the services that we have in Dubai Chambers – be it services provided to external clients or internal clients – are improving through excellent systems and standards for a unified experience for people,” he said.

Dubai as a global hub

Speaking of Dubai’s position as a global hub, the CEO attributed the success to continuous improvement and a proactive approach.

“Dubai always sets the bar high,” he said, highlighting the importance of challenging and improving the business environment to maintain a global position.

Regarding strategies for continued success, the PCEO mentioned the expansion of international offices, he said: “We expanded our offices from 12 to 25 last year, and by the end of year we are aiming for 30 offices.”

The purpose of these offices is to provide market intelligence, facilitate global business, and support foreign direct investors in Dubai, he added.

Discussing future collaborations, the CEO outlined three key areas of focus. The first area involves giving more attention to family businesses in the emirate through the Dubai Centre for Family Business, he explained.

The second involves restructuring international offices for greater impact and building partnerships with international chambers.

The third area concentrates on the digital economy, positioning the emirate as a global hub for tech startups.

When asked about the integration of innovative technologies, the CEO emphasised the global misconception around AI and its potential impact on traditional sectors.

He expressed his belief that such technologies would have a more significant impact on traditional industries, citing examples like using AI for recruitment to enhance efficiency and reduce human error.

In addition, the President and CEO highlighted the importance of teamwork and engagement with stakeholders. “Engagement is very important. The more you cooperate with stakeholders, the better impact you will have,” he concluded.