The pioneering media campaign launched by the UAE under the slogan “Invest in the UAE”, which toured global cities such as Cannes, Munich, Paris, London, Zurich, Geneva and New York, with the aim of inviting entrepreneurs and people with promising ideas from around the world to come to the UAE, invest in it and turn their ideas into reality, consolidates the UAE’s position as a global centre and destination for innovation and entrepreneurship.
The campaign, which began with a message from international star Idris Elba, calling on innovators, creators and investors around the world to invest in the UAE, represents an opportunity to stand and learn about the great advantages enjoyed by the integrated economic environment and the strong capabilities enjoyed by the country, which have made it the most attractive destination for talents in the world.
The UAE’s exemplary investment environment explains the remarkable successes achieved by investors and business owners in various fields. Among the many success stories, the journey of Magnus Olsson, co-founder of Careem, stands out as one of the facts that reflects the UAE’s ability to stimulate success, as it has been able to attract a diverse group of talents from around the world and create a uniquely dynamic business environment.
A landmark and a stimulating environment for entrepreneurship
Olsson arrived in the UAE in 2006, driven by a sense of adventure. After suffering a health problem in 2011, he shifted his focus to developing a purposeful project that would serve the region. His efforts led to the founding of Careem, a comprehensive app that offers transportation, food ordering, payment, and more. Olsson and his team sought to create a world-class service in the UAE and the Gulf region. The company took the initiative to give its employees stock options, in a move aimed at fostering a culture of ownership.
Careem’s success peaked when it was acquired by global technology company Uber for $3.1 billion in 2019, marking a turning point in the region’s startup scene. The sale not only highlighted the viability of exit strategies in the UAE, but also the supportive environment the government has created for entrepreneurship. Through the Dubai Future Foundation and Abu Dhabi Global Market, the UAE has created incubators, accelerators and funds dedicated to attracting global talent in AI, blockchain and other cutting-edge technology.
An environment that stimulates business opportunities
The UAE’s appeal is not limited to its ability to create an environment that stimulates business opportunities. Olson points out that there is something broader and more comprehensive than this important advantage. The UAE enjoys world-class levels of education, healthcare and security, characteristics that have turned it into a destination for people to go not only to work, but also to build their own lives.
The multicultural environment in the UAE plays a key role in fostering innovation by embracing different and diverse viewpoints, making the UAE an ideal destination for creativity and innovation.
Supporting startups
Danny Farha, co-founder of BECO Capital, tells a similar story about the UAE’s business landscape. Founded in 2012 as the region’s first tech startup investor, BECO Capital has played a key role in supporting startups across sectors including fintech, agritech and biotech. The company has seen significant success, including investing in Careem, which became one of the first unicorns.
Farha attributes a significant part of this success to the UAE’s business-friendly policies, advanced infrastructure, and visionary approach to adopting policies that allow full foreign ownership and profit repatriation, making it an attractive destination for entrepreneurs from around the world.
The UAE’s commitment to innovation is also evident in its significant investments in infrastructure and innovation hubs, with the Dubai International Financial Centre home to more than 700 growth-stage tech companies, while Hub71 in Abu Dhabi is a $1 billion innovation hub.
Knowledge economy
Dr. Saeed Al Hassan Al Khazraji, founder of Manhat, is bringing the concept of innovation to the UAE. His company focuses on providing food and water in harsh environments using solar-powered desalination technology. This innovative approach aligns with the UAE’s broader goals of sustainability and economic diversification.
Al Khazraji highlights the importance of leveraging the region’s unique challenges, such as rising temperatures, to develop sustainable solutions, and notes that the need for stable supplies of water and food for the UAE’s population has prompted the country to make great strides in advanced research.
The UAE’s knowledge economy is supported by numerous academic institutions, including INSEAD, NYU and Sorbonne, which play a crucial role in nurturing the next generation of scientists and entrepreneurs, further contributing to the UAE’s transformation into an influential global hub for innovation.
Economic diversification
As the UAE continues to diversify its economy away from oil, there is a clear focus on creating high-quality jobs and attracting the best talent from around the world.
The UAE’s proactive approach to fostering innovation and entrepreneurship plays a prominent role in establishing its position as a leading destination for startups and investors alike. With a thriving fintech market, growing non-oil GDP and an abundance of young and dynamic talent, the UAE is poised to shape the future of various industries, from food and transportation to energy and more.
This vibrant landscape, supported by a forward-thinking government and a thriving multicultural society, makes the UAE an unparalleled destination for those looking to innovate and succeed in the global business landscape.
The Invest.ae platform, which was launched as part of the campaign, provides the most important information, facts and investment components that the UAE provides to entrepreneurs.
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