Dubai Innovation Ecosystem Attracts Indian Entrepreneurs Boosting Startup Growth

10 Sep, 2023

Dubai Innovation Ecosystem Attracts Indian Entrepreneurs Boosting Startup Growth

Dubai, with an ambitious target to double its GDP by 2033, is actively courting Indian tech talent to invigorate its burgeoning startup ecosystem. Hadi Badri, the chief executive of economic development at Dubai’s Department of Economy and Tourism, underscores the significance of this endeavor, particularly within the framework of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE, of which Dubai is a key part, and India.

Under CEPA, the UAE and India are set to elevate their non-oil trade from $50.5 billion (as of April) to an impressive $100 billion by 2030. This bilateral agreement has opened doors for Indian manufacturers eyeing Dubai as a strategic distribution hub, fostering economic symbiosis.

Moreover, Dubai Chambers reveals that Indian companies and non-resident Indian-owned entities are pivotal in generating approximately one million jobs in the UAE. This employment synergy forms a solid foundation for further collaboration. The UAE's inclusion in the BRICS economic bloc further augments prospects for closer ties between the UAE and India.

Dubai's allure is not confined to trade; it's also becoming a magnet for investments. Businesses are keen on bolstering their workforce, with a particular focus on digital expertise encompassing computer science and data science. The tech entrepreneurial spirit is on the rise, infusing fresh energy into Dubai's entrepreneurial landscape.

Remarkably, over 83,000 Indian-origin companies are registered with the Dubai Chamber of Commerce, constituting a quarter of its total membership. Established players like Lenskart have already set up shop in Dubai, leveraging it as a launchpad for regional expansion. This approach is increasingly becoming the favored formula among businesses, as Dubai's ecosystem gathers momentum and offers a fertile ground for growth.