The emphasis of the new Dubai is on creating a knowledge-based economy. To this end, it has ushered in many reforms, including issuing long-term visas to attract global talent. In fact, the Golden Visa program has become a hit with many young tech-savvy people aspiring to become entrepreneurs. So what attracts them to Dubai? “Digital infrastructure” is the simple answer.
The tech-savvy young people, no doubt, are closely watching Dubai’s evolution as a knowledge-based economy and the emirate’s efforts to create infrastructure to augment the process. The recent intervention by the Dubai Chamber of the Digital Economy to improve the digital business infrastructure is one such initiative that ignites their enthusiasm.
“We have recently formed four new committees as part of this strategy. The new strategy for the next 2 years will consolidate our position as a global leader in the digital economy. It will also open up hundreds of exciting business opportunities, ”says SE Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications.
The goal, says Al Olama, is to transform Dubai as a market of choice for foreign digital investments and the best global talent. “We have several initiatives and plans in the pipeline,” says the minister, refusing to go into details. All he would say is that the new strategy is just preparatory work to attract 300 digital startups to the emirate over the next two years.
To complement the solid infrastructure it has on the ground, Dubai has also strengthened its soft infrastructure through a series of progressive and forward-looking measures starting with issuing long-term visas, allowing for 100% ownership for up to four and a half workweek days by aligning the country’s working hours more in line with Western nations.
The Dubai Chamber of the Digital Economy is also proposing further improvements and changes to existing laws and policies to ensure the growth of the digital economy and improve the emirate’s digital business infrastructure. “We want to further improve our workplace to attract global digital companies. So, we are planning an international conference “, informs the minister.
President and CEO of the Dubai Chamber of Commerce and Industry, Hamad Buamim says, Dubai is determined to pursue excellence. Dubai 10X, for example, is one such initiative that aims to position the emirate’s government entities 10 years ahead of the rest of the world, in all sectors, according to Buamim.
“The initiative covers a wide range of projects, including Digital Silk Road, which leverages blockchain technology to simplify global trade. With these initiatives, we have been able to see a dramatic improvement in our performance on global competitiveness indices.” adds Buamim who believes Dubai’s infrastructure sector is poised for further growth in the days to come.
The recent announcement of Dubai Maritime City (DMC), DP World’s purpose built maritime hub costing AED 140 million to improve logistics sector efficiency is a project that highlights how Dubai is constantly investing to strengthen its infrastructure . “Innovation, constant development and excellence are the key pillars of Dubai Maritime City”, confirms Sultan Ahmed Bin Sulayem, Group President and CEO, DP World.
Recalling that the UAE’s push for artificial intelligence (AI) has been in the works for over 20 years, Al Olama meanwhile is thrilled that the country is rapidly gaining ground on the journey to become the global AI leader. We want global talent, he says, pointing to the “Projects of the 50” which aim to engage 100 programmers and programmers every single day for the next 365 days.
“Any of these programmers can contribute to established companies or create their own companies and grow and become CEOs,” adds Al Olama. The UAE, according to him, has over 30,000 programming experts and is determined to bring more. This explains why young people with entrepreneurial dreams are excited to explore opportunities in Dubai.