Establishing a reputation as the location that has reinvented luxury and does so still to this date. Dubai has proved to be the futuristic city that everyone wants a piece of. From its rapidly expanding IT industry to its space programme focused on the future, the emirate progresses to inspire and draw like-minded people who want to improve the conditions of the world's markets.
A hub of Financial Paradise
Investors looking for opportunities can find plenty in Dubai. Over three billion people reside in the Middle East, Africa, and South Asia (MEASA) region, which also boasts a rising tide of trade and investment. MEASA's increasing need for a comprehensive and advanced financial service gives a chance for forward-thinking financial industry businesses.
Dubai International Financial Centre (DIFC) 2.0 headed by Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, Prime Minister, and Ruler of Dubai, aims to triple the size of its operations and, more importantly, to create the ideal environment for businesses and individuals to innovate and grow.
This will not only help the emirate's ardent goal to improve the growth of its human capital, but will also support the center's present registered businesses.
Home for innovation
Dubai is the top city in the world for FDI and technology transfer in Robotics and AI industries. The region also has a dynamic government agenda that is developing a live experimental testbed for ideas like flying manned transport and Hyperloop technologies.
One of the many efforts is Dubai's Blockchain Strategy 2020, which is now being deployed across eight major industries, including education, finance, real estate, and more.
The goal of the city's 3D printing agenda is to establish Dubai as a technology center. It concentrates on three major industries: construction, healthcare, and consumer goods. The goal of this ambitious effort is to 3D print about 25% of the emirate's buildings by 2030.
Every region of Dubai's diverse economy displays a culture of creativity and innovation. It enables the city to adopt cutting-edge concepts and technological advancements to support its plan to create a more advanced and sustainable model for contemporary cities.
The UAE is setting a precedent for others to follow in the renewable energy sector. While the Middle East and North Africa (MENA) region's electricity needs are expected to rise by over 100% over the next ten years, there are presently more than $100 billion worth of renewable energy projects either planned or in the works in these regions.
Recently declared its intention to become the first nation in the MENA region to attain net-zero carbon emissions by 2050.
The UAE has promised to invest US$163 billion in renewable and clean energy projects by 2050 to achieve this target.
Business and Trade
Within the first half of 2021, Dubai's non-oil foreign trade volumes increased 10% year over year (YoY) to 48 million tonnes. As the emirate’s largest trading partner, China is a strong driver of Dubai’s growth, contributing US$40.8 billion to the economy in 2019. India is the emirate’s second-biggest trading partner, contributing US$36.8 billion in the same period.
The city attracts outside investors owing to five business-friendly regulations: an entrepreneurial policy model, a favorable tax environment, strict financial controls, a healthy level of competition in the market, and legislative autonomy.
The emirate's objective is to advance the economy and embrace a system dominated by industries based on technology and scientific research. Steady innovation policies, a commitment to invest in the future, and the aim to be the world's most technologically advanced nation are driving principles of the country's soaring yet sustainable growth.
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