Apart from offering an attractive ecosystem for setting up businesses and smart entrepreneurs globally, this year’s District-2020 (Expo’s future vision) gave 85 smart entrepreneurs from 27 countries an opportunity for a soft landing and to participate in the infrastructure alongwith operation costs subsidy for two years.
The Expo-2020 Dubai crossed the milestone of 20 million visitors (70% from the UAE) despite the delays due to COVID-19 restrictions, the event was termed as the biggest in the recent history of the Arab world. At least 192 countries showcased the best their nations have to offer.
The 85 entrepreneurs will be collaborating with major key companies, Siemens Energy, DP World, and Terminus technologies for tech-driven solutions as a part of District 2020’s global entrepreneurship program scheduled in the fourth quarter of 2022.
The Agenda
One of the main objectives of the facilitation is stressed to provide an ecosystem that not only stimulates futuristic innovation but brings together small and medium companies. Such as institutes, research laboratories, investment capital, and major international companies.
Although the measures supporting budding entrepreneurs highly focus on bringing fresh thinking to the perspective, therefore an intent to promote innovative solutions to the mainstream technological ecosystem exists.
As the Global Start-up Ecosystem Report 2021 suggested the country has climbed up seven spots ranking at 11th position. Among the 100 emerging ecosystems, Dubai is the second-largest economy in the Arab world and the topmost in the MENA (the Middle East and North Africa) region.
The start-ups employ nearly 42 percent of the workforce in the UAE. Amounting to 40 percent of the gross domestic product of UAE. Most of the firms (95%) in the country are SMEs or start-ups. Seven start-ups established in the country in the past have emerged as the top 10 startups in the Forbes Middle East List of the 50 most funded startups in the Middle East.
Government cooperation
In recent years, the pro-innovation and experimental friendly entrepreneurship models the country has adopted in the form of economic diversification strategy have created different idea launchpads, incubations, and innovations on a grand scale. The country is home to 17 accelerator programs, 12 incubators, and seven co-working spaces.
The emphasis of the Dubai establishment to support entrepreneurship was palpably visible in 2021 when the Dubai government released the economic stimulus package of AED 7.1 billion ($1.9 billion), such a huge package was specifically aimed to support emerging companies and the business setups in Dubai.
The supportive policies adopted by the Dubai government have paved the way for the mushrooming of new businesses, and major business’s broader access to the MENA region. The government’s encouragement of entrepreneurship has ensured the country takes a lead in artificial intelligence, blockchain strategy, and innovation strategy.
The latest landmark law, allowing 100 percent, foreign ownership of companies and long-term visa services has been a great plus to the entrepreneurship in the region.
