The competitive nature of Dubai’s business scene may present a challenge for aspiring entrepreneurs, but the emirate’s commitment to nurturing businesses, aided by its advanced digital transformation push, can help them achieve rewarding results, according to the president and chief executive of the Dubai Chamber of Commerce and Industry. In the age of the new economy fueled by developing technology, Hamad Buamim urged businesses to constantly reinvent themselves and come up with unique solutions to meet economic demands not just in the UAE, but also in the region and around the world. He stated that collaboration between the private and governmental sectors, as well as the efforts of multinationals, corporations, and small and medium-sized businesses, will build an inclusive ecosystem that will draw more entrepreneurs to the city and the country.
“We’ve been planting the seeds for many years to make it the next Silicon Valley of this region, at the very least… and now it’s the regional home of thriving start-ups,” he says. Dubai’s economic strength, bolstered by government initiatives and the business sector’s resilience, has been reflected in global indexes. According to the first Innovation in Business Index released by the Netherlands-based financial platform Finom, the emirate recently rated among the top 35 cities in the world for attracting venture capital and start-up funding. According to the Dubai Innovation Index, released last month by the Dubai Chamber and PricewaterhouseCoopers, the emirate led the Arab world in innovation last year and ranked 20th internationally. It outperformed worldwide cities like Beijing, Shanghai, and Sao Paulo, with high scores in infrastructure, government, and society.