Dubai has made its mark together as the fastest growing cities within the region, due to its carefully honed environment of investor-friendliness and business efficiency. After decades of successfully wooing foreign investment, the town has evolved from an oil-focused economy to a dynamic and diverse business hub.
Let’s check out how Dubai has evolved with this transition and achieved this rare transition as being touted as the topmost global Smart Economy tag.
A vibrant business with rise in Entrepreneurship private firms: –
Dubai has come an extended way since its oil-dependent days before the 1970s. Where another time than half its GDP was derived from the refining industry, this percentage has now declined to but 1%.
Today, Dubai owes its growing GDP to variety of various industries, including wholesale and retail sector (25.5%), land (7.4%), manufacturing activity (9.5%), hospitality and restaurant sector (5.1%). Agriculture, electricity, gas, water, waste management, information and communication activities, also as financial and insurance, collectively contributed 17% of the GDP.
This economic diversity is on full display through the subtle free zones located throughout the town.
Foreign Investors flock to Dubai: –
Successful entrepreneurship has made Dubai the fastest growing city in UAE.
Dubai’s population has grown rapidly alongside its economic diversification. Once within the modest range of 35,000 approximately (in the pre-1960 era), its number of inhabitants has surged to three .3 million today. a serious factor of this growth is that the influx of foreign professionals meeting the requirements of the flourishing private sector.
About 40,000 new jobs were created within the second quarter of 2019, a consequence of the continued land boom and growth in other sectors like agriculture, hospitality, restaurants, brokerage, education and health. consistent with the newest reports, the entire number of individuals employed within the private sector rose to 5.1 million within the second quarter from 5.06 million within 2019.
Exceptional business support in Dubai: –
Innovative entrepreneurs have played a serious role in modernising life in Dubai.
Dubai offers comprehensive support to start-up founders, starting from mentorship and networking opportunities to government support and platforms for pitching to investors. it’s no surprise then that a lot of start-ups have begun within the city.
A positive consequence of the city’s healthy start-up culture is that it tends to enhance the standard of lifetime of its residents. Successful start-ups, like ride-hailing app Careem and Souq, have revolutionised travel within and beyond Dubai, with the corporate now serving as a serious drive behind the government’s initiative to convert the city’s taxis into eco-friendly models.
Another successful app, Derq, is intervening within the transportation sector during a completely different but equally essential way. The app uses AI and vehicle communication technology to watch vehicle driver behaviour and predict traffic accidents. It warns its users of probably dangerous drivers and thus works to stop vehicle collisions. Its information is additionally useful for traffic planners for improving highway design and management.
