Dubai has produced a majority of the region’s unicorns, including Careem, Kitopi and Emerging Markets Property Group (EMPG), in just under two decades. The city’s success story is rooted in its world-class infrastructure, robust business support, and dynamic incubator and accelerator programmes. These are reinforced by forward-thinking initiatives and legislation crafted to empower innovators to launch, grow and scale their companies.
Aside from homegrown start-ups, countless more have moved their global headquarters here. Unicorn-valuated players like Swvl (est. 2017), Telegram (est. 2013) and Binance (est. 2017) illustrate the pull-factor of the city’s digital ecosystem.
Global hub for the digital economy
Dubai plays a pivotal role in moving the UAE’s digital economy forward by embracing and pioneering innovative concepts and technologies – including the metaverse, Web3, blockchain, AI and digital assets. Its smart city solutions, high internet and smartphone penetration, and an agile government increasingly make the city a preferred tech haven on the world stage. New incentives like long-term residency for investors and entrepreneurs, and remote work visas, further cement Dubai’s value proposition for digital enterprises and start-ups.
Favourable business climate and international relevance
A melting pot of cultures, Dubai offers the ease of doing business in English. Other incomparable benefits include zero income tax, strong access to capital, supportive government services and a mindset that fosters digital enterprise. These, along with the high quality of life, help attract and retain top talent to the city.
As Dubai sets its sights on becoming the leading hub for digital economy, it also aims to be among the top 10 metaverse and cryptocurrency economies in the world. The notion is not a distant one – the city has already been crowned the blockchain capital, given the government’s active integration with the platform across its operations.