With an increasing number of projects choosing to start their company or open up a new branch in the city, Dubai is fast becoming a globally recognized technology hub. Of course, it is not yet at the level of Silicon Valley, Seattle, or London; but over the past decade, Dubai has seen steady growth in the number of tech companies domiciled along its ultramodern business districts. This didn’t happen by chance, rather, it is the result of painstaking work by the government and stakeholders to make the city attractive to companies at the forefront of cutting-edge technological innovation.
For founders in the AI and Blockchain sector looking for financial and strategic support for their projects, there’s no better time to start building up a presence in the Dubai tech scene. Everything you need to succeed is already in place; a flourishing ecosystem, local talent, clear and unambiguous regulation, and venture capital funding. Yes, you can now access funding opportunities as a Dubai-based company in AI and Blockchain – if you’re wondering why investors are choosing Dubai, then continue reading.
Why Tech Investors are Focused on Dubai
There are several factors that combine to make Dubai an optimal choice as the next major tech hub in the world. For one, it’s located in a vantage point between the east and west, allowing companies and investors in the city to tap into markets around the globe easily. Furthermore, the city is dotted with advanced infrastructure, including modern office buildings, seamless transportation links, and world-class airports. This is highly advantageous for industries, like tech, that seek global connectivity.
On a similar note, the city’s financial profile makes it so that there are several wealth funds and family offices local to Dubai. So, in addition to external funding from the US, China, and Europe, tech companies can also count on the wealth that exists inside the emirates. Indeed, the government of Dubai has gone to great lengths to provide an enabling environment for tech startups. There’s clear direction on how these companies are regulated, what agencies oversee their operations, and what they can/cannot do. At the same time, the tax policy in Dubai is business-friendly and this has gone a long way in attracting talent from all over the world, in addition to encouraging local talent to remain in the city.
All in all, it is no surprise that frontier sectors like artificial intelligence, machine learning, and blockchain technology are increasingly seeing Dubai as a viable location for a headquarters or regional office.
Advancement of Artificial Intelligence and Blockchain in Dubai
A recent survey by Coursera and YouGov reveals the UAE to be a leading nation when it comes to AI awareness. 94% of residents in the country have some familiarity with artificial intelligence and 51% of the UAE workforce interacts with AI tools during the course of their work. That’s not all, 9 in 10 businesses believe the technology will be essential for future growth and 8 in 10 are ready to integrate AI tools.
These numbers tell a story similar to what’s visible in real life, and from the minute one enters the UAE, they interface with AI tools at the airport’s border control. The message is clear: this is one of the most advanced countries in the world, with a population that’s already familiar with cutting-edge tools. As a result, the market is ripe for explosion, and investors understand this.
It’s not just AI, the UAE is also at the forefront of blockchain development and mass adoption. The country is one of the few in the world with a clear direction on blockchain regulation, and this has made it attractive to both companies and investors alike. Dubai, in particular, is renowned for its warm reception towards the groundbreaking framework. The city published its first blockchain strategy in 2016, when most governments in the world weren’t even aware of the technology’s existence.
Final Note
Despite this head-start, Dubai is not slowing down, and as you read this, hundreds of new blockchain companies are being incorporated across the city to take advantage of the local ecosystem, access to funding opportunities, government support, and increasing adoption by residents.
If you’re a founder in the artificial intelligence and blockchain tech scene and are wondering how beneficial it could be for you to register your company in Dubai, you’re not the only one. Every week, we get hundreds of requests along this line, and we’re always on hand to provide the guidance you need. To learn more about the Dubai company formation process and what it entails, click this link to book a consultation with our in-house expert. The meeting is virtual, will only take about 15 minutes, and is completely free. Book your slot now!
