Dubai is the port city and financial hub of UAE. Due to its Freeport status, the city has enjoyed investment from commercial ventures from around the world. This has led investors from different sectors such as property, oil and gas and information technology to invest here. It is also one of shopping and fashion hubs in the Middle East.
In recent times, Dubai has seen a sizeable investments from IT giants and startups. Though it has its very own internet city for more than 10 years, recent developments indicate that Dubai is fast turning into an IT hub in the region. If early signs are anything to go by, Dubai is all set to become a regional IT hub at the least. Whether we’ll see Dubai turning into yet another Silicon Valley in years to come, it’s too early to tell. However, there are signs that IT entrepreneurs are taking keen interest in investing and developing Dubai a hub of IT activities. Here are some interesting developments indicating the fate of Dubai in years to come:
Under the ruler ship of Sheikh Rashid Al Makhtum, Dubai has already become a huge financial and business hub. Still, there is a long road to travel. The DWC Free Zone is perhaps the first step to turn Dubai into a major hub for different business and financial activities. At its core, it is an ideal way to encourage entrepreneurs to pave way for attracting foreign investments in different sectors. For instance, startups are given freedom to choose a particular area in the city to initiate their business.
Upon visiting Dubai, you’ll find entrepreneurs from all over the world. From shops to hotels to night clubs, Dubai has it all. Employers enjoy a tremendous opportunity to do business in Dubai. As such, it is the go to places for people from different ethnicities and cultures. This is one place that never runs out of investment opportunities. Dubai remains busy all year long. Entrepreneurs offer good salary and incentives which is why most people look forward to get employment in Dubai. Above all, the place is a startup haven and fresh startups get a firm footing in the market in almost no time. All signs indicate that Dubai is just the right place to become the technology hub of this region. Impact Of Dubai Silicon Oasis On Technological Startups
As discussed, the sole purpose of setting up this city was to facilitate all types of startups. The government established investor and startup friendly legislations to pave way for an investor and startup friendly environment.
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The Dubai Silicon Oasis is a government controlled free zone authority that provides incentives and assistance to tech startups looking to operate within Dubai. The 72 square km facility has made huge capital investments to facilitate IT industry as well as fresh startups. Moreover, it is equipped with state of the art technologies such as fiber optic network, latest tier 3 data center comprising of 120 racks for housing servers and a high tech infrastructure providing up to 1600 megawatts of uninterrupted electricity to the entire facility. Other salient characteristics of the DSO include uninterrupted water supply for up to 160,000 people, and a separate sewerage management system with on location pumping stations. The planned expansion plan is already underway and the facility is about to get a facelift.
The Dubai Silicon Oasis Authority is well aware of the importance accommodating new IT startups and is taking initiatives at promoting their businesses. For this purpose, the DSO establishment is providing several benefits to these entities. Though most of these are meant to promote fresh startups, other It entities operating in the technology park are also actively utilizing them. Some notable benefits are as follows:
- Strict IP laws
- Up to 100% repatriation of the invested capital
- Streamlined customer clearance
- Fast processing of employee visa
- Accessing regional pool of talented IT engineering and technical professionals
- Support for integrated modern online e-business models offering proficient services
- Dedicated business support services
- Immediate support and license processing for fresh IT startups
- Cutting edge IT infrastructure and facilities with latest data center
- Very low cost of operations
- Zero income and corporate tax