Over the transformative first few decades of the 21st Century, innovation has emerged as a key element in the growth and development of nations and cities. In this new age, pre-existing practices like transfer of technology are no longer a sustainable solution, since different areas have a variety of regional and cultural factors affecting their most urgent challenges. Only a culture of innovation can facilitate a state’s efforts to solve these challenges and provide its population with all that they need to build a more prosperous future for themselves and their nation.
Even in a world where innovation is held is such high regard, Dubai stands out with its drive and overarching ambition to become a global innovation hub. A whole range of factors reinforce and amplify Dubai’s potential to become one of the most innovative cities in the world:
Dubai is a young city with a bustling, energetic, and ambitious population. The city’s high quality of life is one of the major reasons that it is able to attract and retain highly competent professionals. This competency and competitiveness has allowed Dubai to maintain its momentum even during global low-growth years. Dubai’s well-known favour for entrepreneurship and support of young businesses has also resulted in new job opportunities and attracting quality talent.
- A Motivated Leadership
The leadership of Dubai has made great efforts to ensure that innovation becomes a key cultural element in all its commercial, industrial, professional and administrative agendas. A few examples would be initiatives like the National Innovation Strategy and the Mohammed Bin Rashid Center for Government Innovation to “stimulate and enrich the culture of innovation” within the emirate. This also holds true across the country, where innovation is seen as an overarching theme across the UAE’s Vision 2021.
One of the biggest factors that limits cities in their endeavour to build a more industrial and innovative society is the lack of quality infrastructure. Dubai, on the other hand, has a whole array of infrastructural facilities to facilitate the growth of businesses across industries. Dubai’s many Free Zones also provide the kind of easy business set up support that is rarely available anywhere else. Further, the administration has done away with a lot of the red tape that is usually associated with establishing a new business.
Dubai has highly enviable location at the centre of global trade routes connecting Asia, Africa and Europe. Businesses across industry verticals are offered incredible opportunities and easy access to a market of more than a billion. Dubai has taken great measures to exploit its natural geographical advantages with high-capacity seaports and airports to rival the best in the world.
As Dubai reinforces its commitment to innovation through large-scale government initiatives and infrastructural projects, it fosters an environment that has the capacity to ignite and sustain a culture of creativity across the country and the region. Businesses operating in the UAE will find a welcome atmosphere to initiate and experiment with new and innovative ideas and practices in their respective industries.
If you are a business looking to take advantage of this atmosphere of innovation of business set up in Dubai, it would be smart to take the help of an established company formation agent to guide you through the process.