Innovation is the key that unlocks business opportunities and business stability in a complex and challenging market climate. On a competitive edge, the concept of design has been embraced and adopted by every future market segment. Situated in the Middle East Region, the United Arab Emirates is regarded as one of the world’s most transformational business grounds, absorbing millions of global ex-pats worldwide. Whether a businessperson seeks to establish its business roots or grow a based business, the UAE acts as a foundation for all. To embrace emerging technologies and boost economic development, the king of Dubai, Sheikh Mohammed bin Rashid Al Maktoum has to provide us with a National Innovation Strategy, which prompts investors to come forth and incorporate a business in the UAE. This article will cover the Innovation Strategy’s insights designed to leverage your company’s growth exceptionally well.
In 2014, Sheikh Mohammed bin Rashid Al Maktoum established the national Innovation Plan to turn the UAE within seven years into one of the most creative nations. The nation has declared 2015 as the "Year of Creativity" following the government steps. The TECOM Free Zone has created a new series of laws for innovation-based businesses that can find a floor in the Dubai Internet City and Dubai Design Districts. Down the road, numerous business sectors have implemented innovation techniques to speed up progress.
It is considered that SMEs are the cornerstone of every economy. The government-initiated innovation strategy has opened new doors for both SMEs and established business entities to develop innovative models to boost their business potential and grow exponentially. The upcoming Expo 2020 is supposed to be a basis for cooperation, concentrating on maximizing market prospects in the UAE. Let’s have a look.
Expo 2020, launched by the Government of the UAE, has turned out to be an occurrence that will take place for six months. International routes for business establishments, benchmarks, and partnerships are expected to be paved each day. The pavilion sets the ground for 192 countries to feature their narratives and deliver a world-class experience to its tourists. According to a study, the event would boost the UAE’s economy at its maximum, producing a direct profit of $24.2 Billion along with 2,77,000 job opportunities for small, medium, and large-sized corporations. The next step to embrace economic growth is Vision 2021.
The National Strategy-Vision 2021
Vision 2021 was established by the Emirates Government to be recognized as one of the world’s most innovative countries. The primary focus embraces three elements that include:
1. Creating an Innovation-Focused Ecosystem
Providing the correct framework allows projects to be carried out in a much easier manner. With this in mind, the Emirates Government looks forward to building a new framework to succeed in the ambitious plans designed in all possible areas. Focusing more on this, they look forward to building a regulatory framework that would:
- Help ease the legal proceedings
- Foster incubators for entrepreneurship
- Set up a high-class technology infrastructure that promotes innovation
- Proceed with novel financing solutions and establish applicable regulations
2. To Develop and Establish Innovation Champions
The next process focuses on developing and building innovative minds responsible for driving out the later pioneering moves. The study’s creative culture focuses on retaining the right talents in the world when it comes to implementation. The Government is taking several measures to develop innovative organizations and industries to infuse the key to innovation at an early level, which will target various industry sectors that are transforming each of them.
The Government acts as the voice of a country with excellent convincing power when dealing with the people. The UAE Government is making several efforts to incorporate innovation into becoming a global leader.
3.To Focus on Distinct Sectors of Business
The Government of Emirates focuses, in addition to the above regions, on individual sectors to infuse technology and creativity to strengthen each of them and boost market opportunities.
Transportation plays a significant role in developing the economy in one of the nation's most prosperous business sectors. The area has robust network coverage, be it roadways, airways, or waterways. The airlines in the UAE fly at 75 international airports. Moving on to the channels, it manages 65 seaports across six continents. The government has taken several approaches by infusing creativity into it to uplift the transport industry. The government plans to automate 25 percent of transport by 2030, which will slash costs by 44 percent, saving AED 900 million per year.
This strategy provides more business opportunities for investment owners looking forward to investment in Dubai’s transportation business. The potential will turn out to be double in size as high-end technology, and Artificial Intelligence will back it. On the other hand, there exist opportunities for individuals to work as a tourist guide, for which they initially need to acquire a Dubai Tour Guide License.
The country is nowhere behind when it comes to the Aerospace Industry. The developed nations of the world are deeply involved in the acquisition of groundbreaking techniques in space exploration. When it comes to the United Arab Emirates, the zone has invested a total amount of AED 20 Billion in space technology. The country is seeking to send the first Arabic-Islamic crewless mission to Mars by 2021. Moreover, the government has called for developing the largest space center of the MENA Region in Abu Dhabi.
Considering all potential possibilities, the National Research Agency has encouraged space research development for businesses looking forward to establishing and developing satellite communications technology.
Technology has become a lifeblood for every citizen in today’s world. Be it personal or professional front, the impact of technology has transformed an individual’s whole lifestyle. Moreover, it has brought a massive shift in the way businesses take place. Free Zones like Dubai Internet City (DIC) has been continuously driven by global investors and owners who want to set up a technology business. Abu Dhabi recently obtained its first Artificial Intelligence News Anchor.
It can be seen that the nation has been striving to become the popular AI and Tech-hub of the world. Investing in Dubai's technology market has proved to be a lucrative choice for entrepreneurial investors, and the National Innovation Policy is taking steps to promote a variety of opportunities in the tech sector.
The foundation of an economy is education. It paves out myriad ways for the growth and achievement progress of a nation. The UAE government is establishing grounds for a spectacular education system that would be the first step in a digital revolution. The region has specific reasons, such as Dubai Academic City (DAC), Dubai Knowledge Village (DKV), to facilitate the number of educational institutions in Dubai, helping educational institutions come forward and set up their academic centers. These regions are widely selected by investors preparing to invest in the UAE's education market.
One of the booming business industries in the UAE turned out to be the health market. The Government has taken sufficient steps in the same area to infuse technologies. Health tourism has also improved the medical industry in the UAE to a significant degree. Free zones such as DuBiotech (Dubai Biotechnology and Research Park) provide businesses with an ultimate forum to come forward and develop a healthcare and medicine sector.
Through promoting medical research and using emerging technologies such as robotic surgery and telemedicine techniques, the government intends to grow the pharma and biotechnology industry. The UAE is the perfect forum if you are searching for a company to invest in the health sector.
We all know that water shortage has become one of the most urgent environmental challenges in need of immediate attention. The Emirati government has acknowledged it as a mission to address the problem and has uncovered strategies to pursue viable solar energy use alternatives. The National Innovation Plan has taken a step forward to increase awareness and improve water production to fulfill the needs to present and support the strategies. Simultaneously, it opens up many doors for start-ups, medium and large-scale businesses to start a business in Dubai, dealing in the same industry.
10.Renewable and Clean Energy
Energy demand has been gradually growing in the global economy, but the current supply is comparatively smaller. It is a disturbing appeal for the world to look at it and innovate options for the same. The government has taken on a host of ventures in the UAE, such as Masdar, Mohammed bin Rashid Al Maktoum Solar Parks, and the Emirates Nuclear Energy Company, which will create a base for global innovation.
The UAE can be said to be a game-changer on the verge of changing itself. The government's continuous efforts have contributed a great deal to transform the UAE from 'Land of Desert' to 'Land of Industry' Company establishment opportunities are humongous and should appeal to all priority industries. The exciting point is that it takes less time to hit the next level, even though an investor begins a small-scale enterprise.
As a professional business analyst who is well-versed in the legal cases and business organization procedures in the UAE, Commitbiz is here to assist you in the business setup process to concentrate more on the primary business operations.
As a leading business consultancy, our business consultants are responsible for recognizing the organization and adapting correctly to tailor-made solutions. Do contact us to have a word with our professionals; we’d be delighted to help.