The competitive nature of Dubai's business scene may pose a challenge for budding entrepreneurs, but the emirate's dedication to nurturing businesses supported by its advanced digital transformation push can help them reap rewarding results, the president and chief executive of the Dubai Chamber of Commerce and Industry said.
Hamad Buamim called on entrepreneurs to continuously reinvent themselves in the age of the new economy powered by emerging technologies and come up with innovative solutions to address economic demands not only for the UAE, but also for the region and the world.
Dubai is not easy. There's quite a lot of competition being an open city and this creates challenging yet very rewarding entrepreneur journeys
Hamad Buamim,
president and chief executive of the Dubai Chamber of Commerce and Industry
Collaboration between the private and public sectors, alongside the work of multinationals, corporates and small and medium-sized enterprises, will create an inclusive ecosystem that in turn will attract more entrepreneurs to the city and the nation, he added.
“Dubai is not easy. There's quite a lot of competition being an open city and this creates challenging yet very rewarding entrepreneur journeys,” Mr Buamim said at the opening of the TiE Global Summit at Expo 2020's Dubai Exhibition Centre on Wednesday.
“We have been planting the seeds many years ago so it can become the next Silicon Valley of this region at least … and now it is the regional home of thriving start-ups.”
Dubai's economic strength, spurred by government initiatives and the resilience of the business sector, has been reflected in global indexes. The emirate recently ranked among the top 35 cities in the world when it comes to attracting venture capital and the funding of start-ups, the first Innovation in Business Index from the Netherlands-based financial platform Finom showed.
Last month, the Dubai Innovation Index, a report developed by the Dubai Chamber and PricewaterhouseCoopers, revealed that the emirate last year led the Arab world in innovation and was positioned 20th globally. It ranked ahead of global cities such as Beijing, Shanghai and Sao Paulo, scoring high in the areas of infrastructure, government and society.
The upwards trajectory in Dubai's economic expansion is also mirrored in the Dubai Chamber’s membership, which welcomed about 16,000 new businesses in the first nine months of 2021, an increase of 5.8 per cent, pushing its total membership to 275,000.
Existing regional start-ups made the strategic decision to move and relocate to Dubai to fuel their growth at the earliest stages, Mr Buamim said. Being at the centre of the Middle East, Africa and South-East Asia, the emirate is a gateway to serve a population numbering in the billions, among which are some of the youngest and brightest minds.
“Dubai is known for its diverse and maturing ecosystem in this economy, whether it's incubators or accelerators. It also has very vibrant, smart and advanced government services that support the business community,” he added.
Success stories such as ride-hailing service Careem and e-commerce platforms Souq.com and Noon.com are among the home-grown start-ups that Mr Buamim cited as a blueprint for aspiring entrepreneurs.
Feedback from more than 12,000 entrepreneurs that have gone through Dubai Chamber programmes revealed that they have come out more resilient, Mr Buamim said, and they will continue supporting businesses and aid economic growth.
Mohamed Alabbar, founder of Emaar Properties and e-commerce platform Noon.com, said Dubai's business scene has cultivated a no-fear culture, inspiring entrepreneurs to push themselves further to progress not only for personal success but also for the wider benefit to society.
“If you are not able to dream, you'll never do it. The pandemic taught us that we will never stop and we will never close,” he said.
Mr Alabbar also challenged entrepreneurs — those who have enjoyed success and who are in a position to have this emulated by others — by giving back.
“You have a duty besides having the money and success; what are you doing about it? Are we delivering? Are we paying back?”
In June, Dubai's Chamber of Commerce was restructured and split into three separate entities: the Dubai Chamber of Commerce, Dubai Chamber of Digital Economy and Dubai International Chamber. They will be responsible for boosting international trade, advancing the digital economy and protecting the interests of entrepreneurs and business owners.
The TiE Global Summit, which runs until Thursday, aims to foster entrepreneurship through mentoring, networking, education, funding and incubation, with a focus on giving back to the community and nurturing the next generation of entrepreneurs.
The Written World: How Literature Shaped History
Martin Puchner
Granta
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Easter%20Sunday
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Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Brief scores:
Newcastle United 1
Perez 23'
Wolverhampton Rovers 2
Jota 17', Doherty 90' 4
Red cards: Yedlin 57'
Man of the Match: Diogo Jota (Wolves)
Killing of Qassem Suleimani
Results
2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly
3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson
3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi
4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar
4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer
5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
GREATEST ROYAL RUMBLE CARD
The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27
50-man Royal Rumble
Universal Championship
Brock Lesnar (champion) v Roman Reigns
Casket match
The Undertaker v Rusev
Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos
Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy
United States Championship
Jeff Hardy (champion) v Jinder Mahal
Singles match
Triple H v John Cena
To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed dual clutch
Power: 710bhp
Torque: 770Nm
Speed: 0-100km/h 2.9 seconds
Top Speed: 340km/h
Price: Dh1,000,885
On sale: now
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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THE BIO
Favourite author - Paulo Coelho
Favourite holiday destination - Cuba
New York Times or Jordan Times? NYT is a school and JT was my practice field
Role model - My Grandfather
Dream interviewee - Che Guevara
Tori Amos
Native Invader
Decca
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
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Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Kandahar%20
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Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
Health Valley
Founded in 2002 and set up as a foundation in 2006, Health Valley has been an innovation in healthcare for more than 10 years in Nijmegen, the Netherlands.
It serves as a place where companies, businesses, universities, healthcare providers and government agencies can collaborate, offering a platform where they can connect and work together on healthcare innovation.
Its partners work on technological innovation, new forms of diagnostics and other methods to make a difference in healthcare.
Its agency consists of eight people, four innovation managers and office managers, two communication advisers and one director. It gives innovation support to businesses and other parties in its network like a broker, connecting people with the right organisation to help them further
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
