How DubaiĄŻs D33 Agenda Is A Compelling Opportunity For Indian Talent
Are you wondering why worldĄŻs top businesses are converging to Dubai? What's there in the city that has attracted so many entrepreneurs?from around the world. A perfect bridge between Asian and African markets, a congenial environment for investors and startups; and a second home to a large number of expats from across the globe, Dubai has it all on offer.??
?The next 10 years are going to be even more robust for the city as a business hub. Realising its significance to be the gateway for international trade and commerce, Dubai authorities have set their eyes on an unprecedented growth.?
With the recently launched Dubai Economic Agenda (D33), the city wants to position itself as the topmost global cities of the world by 2023. The top companies - working on technology, sustainability, health and food etc. - have either migrated or have plans to move sections of their working units to Dubai. Indian companies are not far behind in realising the Dubai Dream.
What is D33 Agenda?
The Agenda 2033 aims at raising the value added of the industrial sector and promoting export growth, contributing to sustainable economic growth, and achieving self-sufficiency in several key sectors and industries, including manufacturing.
It seeks to integrate new generations of Emiratis into the private sector, making Dubai a hub for skilled workers, the fastest growing and most attractive global business centre, and an international hub for global multinational companies (MNCs) and national SMEs.
Target?AED1 trillion!
President and CEO of Dubai Chamber of Commerce, Mr. Mohammad Ali Rashed Lootah, is pretty confident that Indian businesses have a very bright future in the hospitable work environment in Dubai.?
Ą°With the new Agenda set to enable the increase of private sector investment from AED790 billion over the past decade to AED1 trillion by 2033, it provides an incentive for Dubai and Indian businesses to leverage the CEPA facilities as well as the strong bilateral trade prospects between the two parties, said Mr Lootah.
About 83,000 Indian companies operating in the UAE currently are a part of the Dubai Chamber of Commerce. The new companies are choosing Dubai because the city gives easy access to other markets in the middle east and north Africa.
What's in store for Indian Businesses?
Ą°An Indian business setting up in Dubai will have better access to Africa, Europe and North America, alongside the myriad advantages DubaiĄŻs laissez-faire market offers any business, from its favourable tax regime and world-class regulatory framework to its comprehensive visa offerings and wide-ranging government-driven business support network,Ąą said Mr Lootah.
Dubbing Dubai as the Silicon Valley of the region, LenskartĄŻs Middle East Business Head, Aina Garg said that things like Golden Visa and Flexible Foreign Ownership are encouraging Indian companies to set up operations in Dubai.?
Ą°We see a lot more Indian companies coming to Dubai due to the growth potential of the MENA region with access to global talent and better funding prospects (investments hitting an all-time high in 2022),Ąą she said.?
Not only the established businesses, but the city is also encouraging startup culture. Any new idea that promises innovation and a sustainable future is welcomed by the authorities.?
Ą°The UAE has created a conducive ecosystem that helps new startups to set up quickly and get access to the market. Semi-government entities like Dubai Chambers have been providing support and guidance if required in setting up a branch or a new company in the UAE. So, we feel that the ecosystem in Dubai is really welcoming for startups like us to innovate and disrupt,Ąą says Amreesh Kher, Chief Partnership Distribution Officer, Turtlemint, an Indian insurtech company that expanded into Dubai in 2022.
