Month: August 2023

Travel & Explore

Why travelers visiting Dubai may enjoy happy hour when the alcohol tax is eliminated

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Due to its immense appeal, Dubai is expected to welcome around 13 million foreign visitors between January and November of 2022. People travel from all over the world to enjoy the world-class dining establishments, shopping in opulent malls, tanning on the sandy beaches, and drinking in the numerous bars in the city.

Even though Dubai is known for being the “party capital” of the Gulf and as a popular vacation spot, alcohol regulations have made enjoying your favorite cocktail in the city a costly and coveted treat. However, Dubai declared on January 1st that it will remove both the 30% alcohol tax and the licensing fee that foreign visitors and residents previously had to pay in order to purchase alcohol from retailers for personal consumption. Licenses are still only available to non-Muslims who are above age of 21.

For locals and tourists alike, this is a big shift even though drinking in public areas like parks, beaches, and shopping centers is still prohibited. Additionally, driving while intoxicated or drunk could result in a fine or jail time.The action was taken because Dubai is facing increasing rivalry from its neighbors, especially Saudi Arabia, which is making significant efforts to develop its own travel industry. Historically, Dubai has been able to draw in more tourists than other Gulf countries, in part because of its more lenient stance toward guest laws. The World Travel and Tourism Council estimates that foreign tourists spent more than $29 billion in Dubai in 2022.

During the tax’s implementation, “Dubai became a global tourism magnet because it has so much to offer tourists that the alcohol pricing was never an impediment,” says Magdalena Karolak, an associate professor of humanities and social sciences at a UAE university. Karolak claims that the new regulations are consistent with other recent social trends. These include changing the weekend from Friday and Saturday to Saturday and Sunday; allowing food establishments to operate during the day during the holy month of Ramadan with much less restrictions; and establishing a new family law for non-Muslim expat citizens.

“All things considered, these societal shifts make Dubai a desirable place to live permanently rather than just as a popular vacation destination,” claims Karolak. Notably, the new rule eliminated the documentation and costs residents had to pay in order to apply for a liquor license.

regional effects
However, there can be a drawback to the modifications. Karolak notes that because of the prohibitions on alcohol, there are less crimes related to alcohol in Dubai, such as drunk driving and disorderly conduct.

It’s unknown how long the new regulations will last. According to Karolak, the modifications will be implemented through the end of 2023 as a trial. “And, without a doubt, extending them or not will rely upon the effects that are felt in the emirate,”

The creator of the restaurant review website FooDiva.net, Samantha Wood, is based in Dubai and thinks the new project will give the city’s tourism industry a “fantastic boost.”

According to Wood, CNN, “we’ve witnessed alcohol distributors reduce their prices by 30% across both trade and retail.” When orders for new stock begin to arrive, “the consumer is, naturally, expects restaurants to comply and lower prices on their alcoholic beverage lists by the same amount.”

However, she has a suspicion that certain restaurants’ prices won’t fully reflect the tax drop. “I worry that a lot of eateries will take advantage of this chance to lessen the effects of other growing expenses and inflation, such as the impending introduction of corporate tax,”

Wood claims that the action should also attract foreign wine and spirits businesses, who had previously considered the emirate to be too expensive, to show more interest in Dubai.

“This new initiative is a smart move that will enable authorities to keep an eye on the circumstances and see if restaurants play ball by lowering prices, but it’s important to note that it’s only for one year,” she says. “I’m hoping restaurant owners will see the big picture and quickly and sufficiently reduce prices.”

Travel & Explore

In Dubai, hundreds of drones are illuminating the night sky.

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Recent years have seen Dubai’s spectacular fireworks displays set several world records. Fireworks and laser exhibitions were seen all around the United Arab Emirates to welcome in 2023, with the Burj Khalifa being the location of the world’s largest laser display.

However, the aerial lights aren’t done yet. The city’s light extravaganza, which includes more than 500 drones, is elevating its holiday spectacles to a whole new level.
Skymagic is a UK-based company that now has a presence in Singapore. They specialize in drone-based light shows that have been seen all over the world, including at Queen Elizabeth II’s Platinum Jubilee celebrations in 2022 and in Zurich, Switzerland and Sydney, Australia.

Senior creative at Skymagic Ollie Howitt said, “We think of the sky as the largest canvas that there is to tell our tales, so the technology is very much influenced by that.”
The group is in Dubai, organizing two nightly performances at Blue waters Island, next to the Dubai Marina, from December 15 to January 29.

The two five-minute shows share a common theme of Dubai and both use 3D animations. The first depicts a day in the life of a tourist, beginning with visuals of Dubai International Airport and transitioning into animations of the city’s most famous landmarks. With a robot that goes on a journey which explore city in the future.

Over half a million people are expected to watch the drones light up the Dubai sky during the holiday season. Project manager for the show Suhail Maitreya says months of planning go into organizing a big live event like this.

According to Maitreya, “We get on the site about 10 days prior the first show and we run trials every night in advance. We begin preparing as early as July, so about six months in advance.” We begin by operating one drone, then five, and finally twenty. The complete fleet of more than 500 drones takes to the air three days prior to the first presentation, at which point the show begins to take shape.

Eco-friendly displays
According to Skymagic, the drones weigh between 200 and 500 grams, making them far smaller than delivery drones. “In terms of weather conditions, our newest fleet is quite good since it is far more wind and rain resistant than it has ever been. (which) is always something to take into account while organizing a drone display, according to Howitt.

Drones may also be a more environmentally friendly option than fireworks, which can leak harmful metal particles into the atmosphere and harm both the environment and human health.

“Its main advantage is that it leaves no trace. According to Maitreya, it is entirely sustainable. “I believe that in the future, drones will be used in an increasing number of cities throughout the world.”

Technology

UAE’s e& capital is leading a $60 million fundraising round for expand its eSI Airalo’s intentions tM marketplace.

head dubai August 3, 2023 No Comments

Airalo, the eSIM marketplace that seeks to grow its global presence, has raised $60 million in series B funding led by e& capital, the investment arm of the multinational technology conglomerate that used to be known as Etisalat Group, based in the United Arab Emirates.

The US start-up Airalo said in a statement on Wednesday that the investment, which brings the company’s total funding to $67.3 million, was made possible by Antler Elevate, Liberty Global, Orange, T.Capital, Rakuten Capital, Singtel Innov8, Telefonica Ventures, Sequoia Capital India, Surge, KPN Ventures, and I2BF Global Ventures.

According to the company, the financial infusion will be used to support Airalo’s expansion objectives, which include growing its global team and scaling its community of millions of members.

Additionally, it will utilize the money to launch a brand-new connectivity service called Airalo Partners for businesses and organizations.

Kushal Shah, the managing director of Abu Dhabi-based e& capital, stated, “We have total faith in Airalo’s ability to grow its user base, bolster its diverse team, and provide its most recent offering, Airalo Partners, a revolutionary networking solution for global companies and organizations.”

“We are ecstatic to assist Airalo in their endeavor to establish themselves as the indisputable global gateway for instant connectivity. We believe Airalo has the potential to become a necessary travel companion.”

Virtualized subscriber identification modules, or eSIMs, are substitutes for subscriber identity modules, which are mostly found in mobile devices like smartphones. They are specific to a particular mobile network and contain user identity, namely a mobile number.

Users can activate eSIMs online, saving them from the hassle of physically switching or moving SIM cards from one device to another.

Samsung Electronics with its Galaxy lineup, Google with its Pixel devices, and Apple with its iPhones are all significant providers of eSIM services.

According to Fortune Business Insights, the global eSIM market is expected to increase at a compound annual growth rate of 21%, from an anticipated $1.21 billion in 2023 to $4.62 billion by 2030.

Co-founders of Airalo Abraham Burak and Bahadir Ozdemir stated, “By offering very inexpensive and readily available connectivity all around the world, Airalo has alleviated the issues and enhanced the experience of millions of travelers.”

“We will be able to build the global gateway to instant connectivity with the support of this new investor consortium.”

Since its founding in 2019, Airalo has provided eSIM packages in more than 200 nations. There are plans to support 53 languages soon, and currently, the website and app are available in 22 languages.

Technology

Even with practice, humans “cannot detect deepfake speech.”

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Humans can only correctly recognize 73% of deepfake speech samples, according to a study.

According to a study, humans are unable to distinguish over 25% of deepfake speech samples.

This is the first study to look at how well humans can detect artificially produced speech in languages other than English, and it was published in PLOS ONE.

Deepfakes are a type of synthetic media that mimic the voices or looks of real people. They belong to the class of artificial intelligence that is generative.

In order to duplicate authentic sounds or sights, this type of artificial intelligence (AI) uses machine learning to instruct an algorithm the patterns and features of a data collection, such as a video or audio recording of a real person.

Present-day pre-trained algorithms are capable of replicating an individual’s speech with just a three-second audio clip, whereas previously they needed thousands of voice samples.

These open-source algorithms are not only easily available, even for a novice user, but they are also simple to train—possibly in a matter of days.

The IT giant Apple recently unveiled a software function for its iPhone and iPad devices that allows users to clone their voices with 15 minutes of audio, which is a noteworthy advance.

Using a text-to-speech algorithm, the researchers at University College London created deepfake speech samples in Mandarin and English for their study.

This system produced 50 deepfake speech recordings in each language after being trained on two public data sets.

The samples were purposefully distinct from the ones that were used to train the algorithm so that it wouldn’t just replicate the initial input.

A total of 529 individuals were exposed to both artificially created and actual samples in order to test people’s capacity to distinguish between the two.

Only 73% of the participants were able to correctly recognize the fake speech; this percentage only slightly increased when they received training on deepfake speech recognition.

Lead author of the study Kimberly Mai from UCL Computer Science said, “Our findings indicate that humans have no ability to accurately identify deepfake speech, whether or not they have undergone training to help them identify artificial content.”

“It begs the question of whether humans would fare poorly when identifying deepfake speech generated with more advanced technology now and in the future, given that the samples we used were created with relatively old algorithms.”

In order to combat the risks presented by artificially created audio and visuals, the researchers are currently working on developing more advanced automatic speech detectors.

Although generative AI audio technology has advantages, like improving accessibility for those with speech disorders or those who might become voiceless due to sickness, worries about its possible exploitation by criminals and governments to damage individuals and societies are growing.

Speech deepfakes are frequently found using AI-powered detectors. They encounter a lot of examples of both actual and phony speech throughout training, Ms. Mai said to The National.

By means of this procedure, the detectors acquire patterns that enable them to differentiate synthesized speech from authentic instances.

According to our research, we shouldn’t rely too much on the AI-powered sensors that are now available on the market.

“Although they are proficient in recognizing instances of deepfake speech that resemble training samples, such as when the speaker identity remains the same, their performance may deteriorate when the test audio undergoes alterations, such as when the speaker identity changes or the surrounding noise level increases.”

An example of this may be found in a 2019 event when the CEO of a British energy company was duped into sending hundreds of thousands of pounds to a phony supplier by utilizing a deepfake audio recording of his boss’s voice.

Senior study author Lewis Griffin of UCL Computer Science stated, “We’re on the edge of seeing numerous advantages as well as risks, with creative artificial intelligence technology becoming advanced and many of these tools openly available.”

“We must acknowledge the promising developments that lie ahead, even as organizations and governments must design plans for dealing with the incorrect application of these instruments.”

Regarding the creation and application of deepfake speech detectors, Ms. Mai said, “Because the deepfake speech detectors can be adaptable to shifts in audio, it is vital to assess them in various situations, for example, various speakers, noisier environments, or varying accents, in order to minimize false positives and negatives.”

Technology

Dubai founded $10 million is raised through LVL Wellbeing. Funding headed by the Multiply Group division

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The business intends to release an Arabic version of its app in the second half of 2023 and will be incorporating Multiply’s HealthierU marketplace into its platform.

Dubai founded As part of its goals for worldwide expansion, LVL Wellbeing raised $10 million in a series A fundraising round, which it will utilize to expand its offerings and attract additional clients in the GCC.

LVL stated in a statement on Wednesday that the investment, which was spearheaded by MG Wellness Holding, a division of the technology-focused holding firm Multiply Group in Abu Dhabi, will be used to launch preparations to enter Saudi Arabia as part of a worldwide expansion strategy.

Additionally, it will make it easier for LVL to include Multiply’s HealthierU platform, an online marketplace that links consumers with certified advisers from wellness centers and clinics throughout the UAE and the rest of the world via cutting-edge telemedicine, into LVL’s operations.

Chief executive Gary Blowers stated in the statement that further features, such as an Arabic version of the LVL app, are in the works and will be released in the second half of 2023.
He continued, “To help our members prioritise their wellbeing whether at home, at work, or on the road, we will also be investing more in creating unique, totally immersive experiences in corporate settings.”

Many people now prioritize their wellbeing since it unifies physical and mental health, leading to more comprehensive methods of promoting health and preventing disease.

Additionally, the US Centers for sickness Control and Prevention link it to a host of health, work, family, and financial advantages, including a lower chance of sickness, illness, and injury, improved immune system performance, quicker recovery, and longer lifespans.

The popularity of digital wellness providers has increased as people look for easy solutions that provide them multiple specializations and that they can access from any location.

According to Statista research, the digital fitness and wellbeing industry is expected to generate $146.8 billion in revenue in 2027, up from a projected $96.94 billion in 2023, at a compound annual growth rate of around 11%.

We will be able to work together to provide our members and clients with the most comprehensive preventative measures health and wellbeing services thanks to HealthierU’s integration into the LVL Wellbeing ecosystem, Mr. Blowers stated. “We’ll begin with more expansion in the United Arab Emirates, then expand our focus regionally, and ultimately worldwide.”

The series finale for the LVL Following a number of new business alliances, including one in the hospitality industry that would aid in the company’s expansion in Halifax, Canada, Dubai, Abu Dhabi, and Riyadh, LVL announced an investment round.

According to the statement, this would also act as a launchpad for the company’s upcoming wave of worldwide client base expansion. “The company has developed alliances and collaborations with some of the largest organizations in the area, all of which prioritize worker well-being and create measurable returns on investment,” the statement from the corporation stated.

Food & Beverages

Agenda for food systems and agriculture (COP28)

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As part of the process to develop the action agenda for this year’s climate conference, the UAE COP28 leadership unveiled their Agenda on Food Systems and Agriculture. During the final day of the Food Systems Summit in Rome, the COP28 chair, Mariam bint Mohammed Almheiri, the UAE’s minister of climate change and environment and leader of the COP28 food systems, called on governments to demonstrate “leadership” by executing the first Leaders’ Declaration on Food systems, agriculture, and climate action.

In line with their Nationally Determined Contributions (NDCs), National Adaptation Plans (NAPs), and National Biodiversity plans and Action Plans (NBSAPs), national governments are urged by the Declaration to harmonize their national food systems and agricultural plans. Additionally, it will honor nations that are setting the standard by putting food systems at the center of the climate process.

Furthermore, the chair of COP28 urges a broad coalition of stakeholders in agricultural and food systems to quicken ongoing projects related to agriculture, food systems, and climate action. The declaration comes after the UAE government recently pledged in its third update of its second NDC to expedite steps to decrease domestic emissions by 40% by 2030, comparing to the business-as-usual scenario.

The chair of COP28 urges all parties to think about increasing their goals by revising their NDCs, fulfilling past pledges like investing $100 billion for climate change, and supplying what is required for COP28, such as funds and contingencies for loss and damage.

A flagship project that is backed by procurement and financial commitments has also been started as part of this partnership to encourage more widespread implementation of regenerative agriculture across diverse food landscapes. This effort will be co-chaired by the Boston Consultancy Group (BCG), the World Business Council for Sustainable Development (WBCSD), and the United Nations High-Level Champions on Climate Change.

According to COP28 Food Systems Officer Mariam Almeirhi, “The COP28 chair’s pledge of prioritising food systems shows a commitment to addressing pressing global challenges.” COP28 seeks to bring about revolutionary change to guarantee a sustainable future for all through financing mobilization, engagement of non-state actors, scaling up creativity, and national leadership mobilization.

Not only are food systems essential for addressing societal demands and facilitating climate change adaptation, but they also contribute significantly to global greenhouse gas emissions—up to 33% of total emissions, based on the most recent data. In addition to contributing to the loss of biodiversity and ecosystems, current techniques use 70% of fresh water and may have detrimental effects on health in certain situations.

Leveraging national and international mechanisms, such as the Agricultural Innovation Mission for Climate (AIM for Climate), the CGIAR, as well the Commission on Innovation for Climate Change, Food Security, and Agriculture, the COP28 chair called for action to boost innovation in food and agriculture in order to promote both development and climate action.

The chair will choose investments in a select few high-impact technologies in collaboration with partners, with an emphasis on smallholder and climate-vulnerable populations and producers. improving promising appropriate technologies, techniques, and creativity can help all actors in the global food system to adapt and mitigate to increasing risks from rising temperatures and climate shocks. Traditional agricultural practices have a positive impact on food systems and help us respond to the realities of climate change.

The COP28 chair will complement COP26, COP27, and UN food systems initiatives by collaborating with the UN Food Systems Coordination Hub and a wide range of partners to build on the substantial momentum and activities already under way at the global, regional, and national levels in order to advance the food systems and agriculture agenda.

Keeping 1.5°C within reach and adapting food systems quickly to climate consequences are key components of the COP28 agenda, which emphasizes equitable development, sustainable livelihoods, and human well-being. The Global Goal on Adaptation, which is also being advocated for adoption at COP28, places a strong emphasis on food systems and agriculture, according to the COP28 Chair.

Food & Beverages

With the aid of celebrity chefs like Pierre Gagnaire and Gordon Ramsay, global cuisine, and now its own Michelin Guide, Dubai hopes to become a dining destination.

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  • Dubai wants to establish itself as a center for luxury by growing its fine dining industry. It helped to rank first in the Middle East with a Michelin Guide.
  • Gordon Ramsay and renowned French chefs have been drawn to the emirate, and today’s creative homegrown chefs offer fusion cuisine that represents the global aspect of the region. Although French chef Renaud Dutel never imagined that his work would take him to Dubai, the United Arab Emirates, he has discovered that the city is developing into a culinary center.
    Dutel is happy to have “taken the risk” five years after accepting an invitation to work at a posh restaurant in the Gulf financial and tourism center known more for its skyscrapers than its culinary scene.
    Sitting next to a skillet of sizzling lobster, he remarks, “I think Dubai is at the starting point, but is on the way toward becoming one of the top places in the world to come to dine.” Stay is a Michelin-starred restaurant serving French cuisine and is located on the city’s famous man-made Palm Jumeirah island.
    There are almost 13,000 eateries and cafes in Dubai, some of which are already well-known worldwide.
    The first Michelin stars were given to 11 restaurants in Dubai in 2022, and more are expected to join the esteemed group this year. Michelin’s top rating of three stars was attained by only a few, including Yannick Alléno’s Stay, which received two stars.
    Issam Kazim, who works in the tourist and economy department of the local government, stated that Dubai’s gastronomy scene has made the city one of the world’s most vibrant and diverse culinary centres.
    Not as rich in gastronomic history as other Arab states, the United Arab Emirates (UAE) is a five-decade-old federation of seven emirates on the eastern coast of the Arabian Peninsula.
    Historical trading connections with modern-day Iran and Korea have had a significant influence on the meat-heavy Emirati cuisine.In contrast to many Western culinary traditions, it did not experience the “gastronomization,” according to Loïc Bienassis of the European Institute for the Cultural and Historical Study of Food. Still, he believes, it “can be done.” “And political will has a part to play.”
    The city has developed a distinct culinary identity since foreigners now make up a large majority of the native Emirati community.
    Moonrise’s co-owner and head chef, Solemann Haddad, characterized the cuisine as having three distinct flavors: Arabic, Japanese, and European, with a final touch of “100% Dubai.”
    At the age of 27, Haddad, who was born in the city to Syrian and French parents, was awarded the coveted Michelin star in 2022.

    He claims that his recipes capture the multicultural essence of Dubai by fusing ingredients like date syrup with chutney.

    Dubai has become a hub for business and luxury, and now it’s drawing some of the biggest names in food from around the globe, like Alléno and fellow Frenchman Pierre Gagnaire.

    He claims that a fresh, youthful generation of domestic chefs is emerging. “Many of them are becoming well-known throughout the world.”

    In addition to chefs, several of Dubai’s rising culinary stars are restaurateurs, such Omar Shihab, who was born in the United Arab Emirates into a Jordanian family.

    This year, Boca, the restaurant he established, received a Michelin Green Star for sustainability.

    Shihab gets the majority of his goods from the United Arab Emirates, which is remarkable considering that the nation imports more than 80% of its food.

    “Let’s face it, we live in the desert,” he says, “but through our sourcing policy, we prioritise local ingredients.”

    Some 30-40 per cent of fruit and vegetables served at Boca come from hydroponic Emirati farms, and up to 80 per cent of the fish is sourced from the UAE or nearby shores, says Shihab.

    He claims, “We don’t have either local or regional suppliers” for meat and poultry, but we do make sure the farms we depend on are known by name. We know a little bit about their practices, no matter where they are in the world.”

entreprenuership

Dubai: The Upcoming Center for Entrepreneurs and Technologists

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The United Arab Emirates’ Dubai is quickly rising to prominence in the Middle East as the preferred location for innovators and businesspeople. Due to its hospitable environment and supporting ecosystem, Dubai has become a vibrant destination for startups and rising technology firms, drawing in entrepreneurs from all over the world. Due to its advantageous location, first-rate infrastructure, and business-friendly legislation, Dubai is quickly becoming as the Middle East’s equivalent of Silicon Valley or even New York.

The United Arab Emirates is ranked 16th in the world by the Global Entrepreneurship Index 2021, with Dubai playing a major role in this rating. Several elements, such as financial backing from investors, government assistance, and an expanding number of bright and driven entrepreneurs, are what drive Dubai’s entrepreneurial scene. The city is a great area for entrepreneurs to start their enterprises since it provides a variety of encouragement and assistance programs for startups, such as loans, incubators, accelerators, and co-working spaces.

The friendly attitude of Dubai toward immigrants is one of the main factors contributing to its growth as a center of entrepreneurship. With visa laws that make it relatively simple for entrepreneurs and other innovators to obtain residency permit qualified workers to enter the city, Dubai has made it simple for skilled and talented persons to come there.

Due to this, Dubai has seen a sharp increase in immigration as a result of the bright people and businesspeople who are opting to settle there from all over the world.

The Dubai Chamber of Commerce and Industry reports that between 2014 and 2019, the number of startups in Dubai surged by over 120%, and there are currently over 30,000 of them in the city. Dubai attracted more than $3 billion in capital from local entrepreneurs in 2020, making it the second-best city in the world for startup funding. This is a reflection of the increasing interest from investors in Dubai’s startup scene and its future potential as an innovation hub.

Additionally, disruptive technologies like bitcoin, blockchain, and satellite technology are seeing Dubai emerge as a leader in these areas. The Dubai Blockchain Strategy and the Dubai Futures Accelerators program are two of the city’s latest efforts to encourage the adoption of these technologies. Due to these measures, Dubai has drawn some of the top tech businesses and entrepreneurs in the world, further solidifying its standing as a center for disruption and innovation.

Immigration statistics also confirms this trend, indicating that more innovators and entrepreneurs are relocating to Dubai. After Sydney and Melbourne, Dubai was the third most popular location in the globe in 2019 for billionaires to relocate, according to a research published by New globe Wealth. The study also showed that Dubai saw the greatest net inflow of millionaires in the Middle East in 2019—1,000 millionaires. The city’s growth and prosperity have been further propelled by the migration of wealthy individuals, which has led to a boom popular for high-end products and services and greater investment.

In summary, Dubai is quickly emerging as the center of entrepreneurship and creative thinking in the Middle East, attracting top talent and investment with its advantageous location, business-friendly atmosphere, and government assistance. The city has established itself as a global leader in these domains thanks to its dedication to cutting-edge technologies and disruptive industries like blockchain, satellite technology, and cryptocurrencies. As the city develops further, it presents never-before-seen chances for investors, inventors, and businesspeople to take use of the Middle East’s enormous potential. Dubai is positioned to emerge as the Silicon Valley of the Middle East, a thriving and dynamic center of invention and creativity because to its distinctive fusion of tradition and modernity.

entreprenuership

Things Business Owners Should Think About Before Growing in Dubai

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Venture capitalists from all around the world are drawn to Dubai, the United Arab Emirates’ booming city. Due to its advantageous location, business-friendly legislation, and business climate, Dubai may provide exceptional prospects for driven individuals seeking to grow their businesses.

I made the decision to move my venture capital organization from Canada to Dubai in 2019. The venture capital and private equity sectors, in my opinion, are far less competitive than those in North America, which implies that there are more options and equity flexibility when it comes to supporting entrepreneurs. I’ve learned from this experience that entrepreneurs considering relocating their company to Dubai should weigh the advantages and disadvantages of doing so.

Possible Benefits Of Conducting Business In Dubai
The possible tax advantages and company rules in Dubai are among the biggest draws for entrepreneurs looking to expand. Dubai has a tax climate that is favorable to businesses. The United Arab Emirates declared in 2022 that it would impose corporation taxes for the first time. “The the nation’s statutory tax rate will be 9% for taxable earnings beyond 375,000 UAE dirhams ($102,000), and zero for taxable income up to that amount,” according to CNBC, in an effort to encourage small firms. In my view, this can help business owners maximize their earnings and reinvest them to grow their operations more quickly. Furthermore, according to CNBC, there are no taxes on personal income, real estate, or equity investments, which might make Dubai a desirable location for business owners looking to optimize their gains in financials.

Additionally, the government has created free zones for foreign investors that provide specialized assistance and expedited processes. These free zones offer a number of benefits, such as the capacity to repatriate cash and profits, exemption from corporation and income taxes, import and export tax exemptions, and 100% foreign ownership. This simplicity of setup, in my experience, frees up entrepreneurs to concentrate on running their main businesses and making a name for themselves.

Dubai might also present beneficial networking chances. According to my observations, the city draws workers from a variety of backgrounds, which promotes a multicultural workplace culture that fosters creativity and teamwork. In order to expedite the growth of their business, entrepreneurs can leverage a vast network of like-minded individuals, potential clients, investors, and mentors.

In my opinion, Dubai offers a special benefit to business owners in the technology and e-commerce industries as well: the chance to enter comparatively unexplored and less competitive regions. Even while other big IT hubs may already be overcrowded, Dubai is still growing into a significant force in the e-commerce and technology industries. Entrepreneurs can establish themselves as leaders in their sector and gain market share by being innovators and providing creative solutions.

Businesses looking to grow in Dubai can take advantage of this ecosystem and its progressive programs that promote innovation and creativity.

Difficulties To Get Ready For
As alluring as this may sound, there are a few challenges that business owners in Dubai may encounter when they first set up shop. Understanding the regulatory and legal framework and overcoming cultural differences seem to be the two most frequent obstacles you may encounter.

It takes time and effort for entrepreneurs to get the gist of local business practices and culture before they can overcome cultural gaps. You can achieve this through networking with nearby business owners, going to cultural orientation seminars, and doing in-depth study. You can also close the divide among you and local practices by hiring personnel who is deeply culturally aware.

Organizing Yourself to Succeed
Take these things into account before opening a store in Dubai: Does the Dubai market have a need for your good or service? Can you operate within the legal and regulatory framework and adhere to its rules? Do you possess the tools and abilities needed to start and maintain a presence in Dubai?

If all the pieces fall into place and you’re prepared to relocate your company to Dubai, start by obtaining legal and financial counsel to decide on the best legal structure for your company and your visa, register the company, and establish your financial framework. The next stage would be to establish your business by choosing appropriate facilities or office premises to begin your new venture.

As a business owner who has experienced the relocation process to Dubai, I have put up a few pointers to make sure everything goes smoothly.

• Carry out in-depth industrial market research. Does it have a market? What kind of competition is it? Are there other business owners in your sector with whom you could collaborate and expand?

Speak with a financial specialist. Should you move to Dubai, would your savings exceed your expenses? Does moving your company abroad make sense financially?

• Establish internet networks. Make a virtual relationship with entrepreneurs you find on social media who currently reside in Dubai. If you have established mutual ties, networking with local entrepreneurs after your move will be considerably easier.

For business owners, expanding to Dubai may have many benefits, but there may be some difficulties along the road. It’s crucial for entrepreneurs who are thinking about starting a business in Dubai to conduct due diligence, get in touch with industry professionals, and expand their network in order to position themselves for success.