Dubai is attracting some of the most talented people because of their business-friendly policies as well as measures. The city is not only perceived as a hub for entrepreneurs but shaping up to be one with their ongoing initiatives which are being taken by the government.
Dubai has a business-friendly environment with many policies and initiatives. With many encouraging programs in place, the city is perfect for entrepreneurs. The city houses 10,000 start-ups, from small to medium businesses.
Dubai provides start-ups with a variety of benefits and is home to the most developed infrastructure in the world. They have also enacted policies that make it easier for foreign entrepreneurs to start businesses here. The city is a hub for many great ideas and start-ups.
The city offers a variety of benefits for entrepreneurs and start-ups such as incubators, accelerators, and venture capitalists. Users can test out their ideas knowing that they are in the right place to do so.
How Dubai is fostering entrepreneurship by creating startup incubators
Dubai is home to a great financial infrastructure, enabling young start-ups to grow. One third of investors and venture capital firms are in the city, making it a hospitable environment for budding entrepreneurs. Sudhir Syal, CEO of Lenskart Middle East, also commented on this subject, saying that Dubai provides great tax benefits and is responsive government to new entrepreneurs. “The promise of Dubai as a business hub holds true. Dubai provides great finance and tax benefits. It’s also a very supportive and responsive government to young entrepreneurs and new enterprises which are scaling [up]," according to Sudhir Syal.
There are many financial assistance options available for start-ups and entrepreneurs in Dubai. Start-up incubators provide a space for partnerships between investors and entrepreneurs and also offer financial assistance to start-ups.
The government, private enterprises, and institutes promote entrepreneurship by providing entrepreneurship courses to students. The Dubai Future Foundation partnered with other entities to promote entrepreneurship, and launched the DFA initiative to help nurture start-ups.
Dubai's infrastructure provides a slew of community events throughout the year. From exhibitions to conferences and everything in between, it offers a great place for investors and start-ups to converge.
Women entrepreneurs also benefit from being able to collaborate with other female entrepreneurs and other people in the space.
UAE's contributions to entrepreneurship
According to the Global Entrepreneurship Index, The United Arab Emirates achieve the first rank in the world when it comes to the best place to start a business. It has done so due to its opportunities, strong infrastructure and support. In fact, more than 94% of the market is comprised of small and medium-sized enterprises with 86% of its private workforce employed by them. The UAE has also pledged USD 272 million for SMEs that are based in its strategic sectors.
Start-ups in the city have played an important role in its growth and will be an integral part of its success.
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