Core Story
- The Emirate is the only city amongst the Middle East positioned very high for possessing a favorable business tax system, logistics as well as the technology ecosystem.
- As per the recent data, the DUBAI is the only metropolitan amongst the Middle Eastern territory that ranks amongst the top global cities for entrepreneurs within globally.
- As per the survey done by 200 global cities from E-commerce firm Oberlo that had ranked the terminuses on factors that support healthy start-up ecosystems, like that of the economic freedom, technology infrastructure, logistics, female entrepreneurship and Markets as well as Capital access.
Universally, Emirates got entered into the 59th position with overall valuation score of 59.9. The emirate also held the top global position for its beneficial business tax system and ranked substantially at number six for logistics and overall number 23 for its technology ecosystem.
Dubai is also the only city amongst the topmost cities globally for a swifter firm build up with an incorporation rate of 4.5 days, the study stated out.
In the Economic Freedom index, Dubai recorded 79.9, whereas London came first with an 88.7, trailed by New York and San Francisco at 86.8 and 86.6 points respectively.
The emirate graded at number 35 for admittance to venture capital, as comparatively to London and San Francisco, which graded first and second respectively.
The UK Metropolis graded maximum overall for entrepreneurial triumph in study, followed by New York and San Francisco.
Oberlo’s Head Researcher, Cristian Heidarson, stated out that; “Dubai is a candidate to become a top 10 global start-up hub in the future because it leads the region in female entrepreneurship, lower taxes and innovation.”
He also further added “Nevertheless, to reach its full potential the emirate needs to grow its locally educated human tech capital and keep up the support and funding of its startup ecosystem.”
The Marketing Manager of Oberlo, Audrey Liberge, stated out that; “We conducted this study precisely because we wanted to help entrepreneurs identify where to go and experiment next, opening their eyes to places they may not have considered before as well as established entrepreneur-friendly cities. We hope that the results provide inspiration for the new generation of entrepreneurs when setting up their next business venture.”
Despite the economic mayhem triggered by the COVID-19 pandemic throughout 2020, Dubai Economic Department delivered 42,640 new business licenses – a 4 percent upsurge over the quantity granted in 2019.
Dubai declared recently it is in addition further incentive for businesses looking to operate in the emirate by curbing out the government measures for doing commercial by 30 percent.
The initiative was declared by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, and is designed at fusing the emirate’s status as a global investment and commercial terminus. The directives will be executed within the forthcoming three months.
Sheikh Hamdan stated that the Dubai will endure to aid the business segment overcome any influence from the existing COVID-19 catastrophe and reveal new growth prospects, in addition to introduction of new initiatives that can fast-track recovery.
The UAE is prevailing graded at 16th position out of 190 nations in the latest “Ease of Doing Business report” issued by the World Bank.
