Dubai has been well-known for its luxury, skyscrapers, oil, and much more. It has been a middle-east destination for tourists for the past several years and continues to be so. But apart from that, Dubai has been rising the ladder and taking the place of the next big tech start-up destination. Young entrepreneurs have been moving their way for starting a business in Dubai.
With descend in the prices of oil; most people predicted a decline in its economy. But Dubai is a winner. If oil’s GDP contribution decreased to less than 2 percent, the contribution of the service sector to GDP rose to 70 percent. Let’s take a sneak peek into what is making Dubai the next big tech start-up hub.
Laws that encourage International business
Dubai’s laws regarding foreign trade and investment policies put the metropolitan in a higher position in terms of choice for tech start-ups. The city also has special zones where international investments are more encouraged.
The route to significant markets
Dubai is the much-needed gateway for Asian and Middle-Eastern markets. It is the rising hub to enter these markets that are just 4 hours flight away at max. Its geographical benefit is not hidden from those starting a business in Dubai.
Relief from taxes
Paying huge taxes can be overwhelming, especially when your business is at a nascent stage. Low taxes make it ideal for starting a business in Dubai. Tech companies like souq.com have already made its mark in the market with more than $1million of valuation.
The startup Fetcher did some amazing work by creating an app that could deliver the orders by relying on GPS services giving away the need for IP code or mailing address.
The Silicon Valley style thinking and new technologies have left no stone unturned for helping tech start-ups grow in Dubai.
As much as Dubai is being a sweet host to the big tech start-ups, it has also maintained a stiff class system wherein workers have a hard time making a living. The temperature and the living expense make Dubai unbearable to go outside during the day, but all that is nothing when compared to its whopping benefits.
In the light of all the above happening in Dubai, we can surely say that Dubai is still the new middle-east at least for the new entrepreneurs. We got a taste of its luxury; now it’s time to move on to the business advantages that the metropolitan has to offer.