Three points you will get to know in this article:
- Dubai aims to provide the necessary connectivity and support for growth and scaling to the digital economy, emphasizing its non-selective approach towards sectors.
- Mohammad Ali bin Rashed Lootah expressed these views at the opening ceremony of the Expand North Star event, hosted by the Dubai Chamber of Digital Economy.
- Mohammad Ali bin Rashed Lootah, president and CEO of Dubai Chambers, believes that Indian startups can make meaningful contributions to the UAE’s goal of increasing the digital economy’s contribution to the UAE’s non-oil GDP to 20% within 10 years.
Mohammad Ali bin Rashed Lootah, serving as the President and CEO of Dubai Chambers, is optimistic about the potential of Indian startups to play a significant role in realizing the UAE’s ambitious target of elevating the digital economy’s share in the country’s non-oil GDP to 20% over the next decade.
According to Lootah, “When we assess the digital economy in India, we view every sector and technology-related aspect as active participants and contributors to the city’s GDP growth. This holds true as long as Dubai extends the necessary connectivity and support for fostering expansion and scalability. Hence, we refrain from adopting a highly selective approach or restricting our opportunities by favoring any specific sector,” he emphasized.
He addressed the audience during the grand opening of the Expand North Star occasion, meticulously coordinated by the Dubai World Trade Centre (DWTC) as an integral segment of GITEX Global and graciously hosted by the Dubai Chamber of Digital Economy. This remarkable event is presently unfolding at the enchanting Dubai Harbour, spanning from October 15 to 18.
Under the banner of Expand North Star, there is an exciting enclave known as ‘India Central’ where over 300 vibrant Indian startups are showcasing their innovative products and business concepts, all gathered under one dynamic roof. It’s noteworthy that while some of these startups were part of the previous editions, the count of enthusiastic participants has remarkably tripled this year. Notably, a substantial number among them have already secured Series B funding, marking a significant leap in their entrepreneurial journey.
“Our objective is to foster expansive development across diverse fronts, establishing Dubai as a prominent global center for the digital economy. The triumph of Expand North Star serves as a promising indicator, solidifying the strong bond shared between the UAE, particularly Dubai, and India. This connection extends beyond governmental ties, resonating deeply within the business sphere,” emphasized Lootah, underlining the robust rapport that transcends administrative echelons to flourish within the realm of commerce.
He also highlighted a significant transformation in the types of companies that have either established a presence or expanded their operations in India.
“Dubai is attracting a considerable influx of companies, with a noteworthy portion hailing from India, particularly in the tech sector. This shift is noteworthy when compared to a few years ago when a majority of incoming companies belonged to more traditional industries,” shared Lootah.
Over the recent years, a striking 87% of technology startups in the MENA region found their roots in Dubai. What’s even more remarkable is that 30% of these tech startups have successfully navigated through all funding stages, as per Lootah.
“Numerous Indian enterprises are undoubtedly cognizant of this fact. Consequently, they are collaboratively engaged with their Indian counterparts to craft narratives of triumph. It’s my belief that this collaborative effort is propelling the surge in the presence of Indian companies on this front,” Lootah affirmed.
The mesmerizing Expand North Star gathering has drawn the attention of over 1,800 startups hailing from 100+ countries, accompanied by a remarkable assemblage of 1,000 investors, wielding a collective financial prowess exceeding a staggering $1 trillion.
Moreover, this momentous occasion heralded the commencement of the App Olympics competition, seamlessly integrated into the vibrant tapestry of the Create Apps in Dubai initiative. This exciting competition beckons the global tech startup community, inviting those with a penchant for establishing their footprint in the dynamic landscape of Dubai.
Mohammad Ali bin Rashed Lootah, CEO of Dubai Chambers, believes that Indian startups can contribute significantly to the UAE’s goal of increasing the digital economy’s share in the non-oil GDP to 20% within 10 years. He emphasizes that Dubai aims to be a global hub for the digital economy, supporting growth and scaling in various sectors. The Expand North Star event, hosted by the Dubai Chamber of Digital Economy, has seen the participation of over 300 Indian startups, indicating the strong relationship between the UAE and India. Dubai’s attractiveness to tech companies and its success in funding tech startups further solidify its position as a digital business destination.
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