A city that began its developmental journey as a local township has now become an international hub for business and investment. Yes we are talking about Dubai. Often called as “city of the future”, Dubai has achieved this status with a determined mindset, a clear vision by entrepreneurial leadership to achieve international excellence and a constant drive towards innovation.
According to Dubai Innovation Index 2018 that is measured by Dubai Chamber of Commerce in collaboration with Price water house Coopers; Dubai ranks 14th among 30 global cities in innovating performance, outperforming top business destinations such as Shanghai and Berlin.
The significant improvement in Dubai’s skill and talent score is due to the government’s long term innovation strategy that supports knowledge-based economy. Government has also launched various initiatives such as National Innovation Strategy in 2014, Dubai Partners for Innovation in 2015 and Dubai Global Innovation Center to foster innovation on all segments in society.
Dubai Chamber further plans to invest Dh100 million in innovative projects and initiatives in order to improve UAE economic competitiveness.
According to Shaikh Ahmed bin Saeed Al Maktoum- President of Civil Aviation Authority,
“Dubai is determined to be among the most innovative cities and emerge as a global innovation hub”.
Al Maktoum believes the only way to build a great history in UAE is through innovation as it is one of the key decisive factors for Emirates development and is a crucial measure of economic performance.
Let’s look at the areas where innovative strategies have already been applied and how you can benefit from them as an entrepreneur.
- Smart Dubai: A program initiated with the aim to make Dubai the most technologically advanced, connected, sustainable and smartest city in the world.
- Dubai Future Accelerator’s Program: This is a program which will bring together world’s top innovators who will help in deriving innovative concepts with a focus on development, cutting edge technologies and start-ups.
- Museum of the future: It will start in 2018 and explore advancements in health-care, science, education, and energy and information technology.
- Blockchain Technology: Blockchain technology is not just for cryptocurrency (bitcoin). The technology will be introduced in various fields such as roads, transport, energy, health and education. Blockchain technology will enhance service delivery in govt. by saving more than 25 million hours of productivity each year.
- Passenger Drones: In a recent world Government Summit 2017, Dubai Roads and Transport Authority (RTA) displayed their design for flying drones that will carry individual passengers. The drone can carry one person having 100 kg weight and flight can continue up to 30 minutes or 50 km, with a speed of 160km/ hr. Passenger drone is expected to launch as early as in July, 2018.
- Volocopter: World’s first autonomous air taxi also had its first world premiere test flight in 2017.
- 25% of Dubai’s buildings will be 3D printed by 2030
- One of the world’s largest healthcare facility is in Dubai. Dubai Health Care City has 160 clinical partners across 150 specialties and licensed professionals from around 90 nations.
- Dubai has most attractive medical tourism program. In 2015, 300,000 international medical students visited Dubai. Dubai Health Authority aims to raise the figure to 500,000 by 2020. It is expected that medical tourism will contribute USD 708 million to the economy by 2020.
- UAE is the second country that has introduced vaccination for Hepatitis-C. The chances of cure are 97%. The vision of Smart Dubai is to build happiest community. If a person in another country doesn’t have medication for Hepatitis C, he can come to Dubai to get access to that. The happiness level of that person, his parents and his family would be tremendous thus fulfilling the required purpose.
- UAE is always 2nd or 3rd country to register most innovative drugs which are approved by FDA worldwide. 6 initiatives are also released to reduce the price of drugs.
Dubai Canal Project: It is an extension of Dubai creek that links Business Bay with Arabian Gulf. The project is expected to complete in 2023 that will include 200 water homes built on stilts, marinas and floating restaurants.
- By 2030, 25% of transportation journey will be smart and driver-less.
- Dubai Design District: Also called D3, its aim is to boost local design industry. An urban hub for local artists, architects, fashion designers and musicians to interact with international design community.
- Dubai Internet City: It is a recent digital innovation center established in Dubai that focuses on smart technology, robotics and wearable tech. Workshops and seminars are also conducted in Digital Acceleration Center to innovate ground-breaking new technologies.
How Dubai Became Global Hub for Innovation?
It is due to government support, state of the art infrastructure and strategic global position of Dubai that has established this city as global business hub. With a progressive forward approach, Dubai government contributes towards a reliable and operational infrastructure. It actively supports liberal business outlook, robust governance and international outlook. The overall mission is to amplify power of innovation that benefits not just government and businesses but citizens as well.
Take On the Opportunity
Dubai is a hotspot for new business startups. If you want to capture the markets of Asia, Africa and Europe; take on the opportunity provided by this city. Numerous free zones, tax exemptions and quick low cost start-ups present an ideal climate for new investor.
For new business setup in Dubai, contact us to get our business formation services and support.