Will Dubai Be the Next Tech Hub in Eurasia?
As the geopolitical landscape becomes increasingly globalised, the opportunities for growth of an increasing number of nations grows. Eurasia - technically the globe’s largest continent - offers brick-and-mortar and digital companies alike with the ability to reach the population of 93 countries that make up this landmass, which sits on the Eurasian Plate.
As the digital landscape expands, so does the demand for future-forward technology for consumers and tech investors. North America has Silicon Valley as its best-in-class tech hub, but what country - and city, for that matter - can Eurasians back as its future innovative tech metropolis?
The United Arab Emirates (UAE) is a country of 9.45 million people as of 2018. As a country that’s rapidly becoming a tourism hot spot offering visitors massive artificial islands and luxurious skyscrapers to explore, one of the country’s largest cities, Dubai, is setting itself up to become a tech destination, too.
Why Makes Dubai Different?
According to Visit Dubai, entrepreneurs in the city created a stunning 16,800 new businesses in 2016 alone. Dubai is a rapidly-growing city who have set their sights on creating a name as an innovative technology hub, and who are putting in the money to propel their plans. The site mentions that the city is “investing billions of dollars to make this goal a reality.”
However, it’s important to consider why tech is the avenue of industry being pursued. As the price and demand for oil dissipates, the city and country are taking initiative in keeping their economy booming. In addition to Dubai’s investment in tourism as an industry, they’re creating fresh grounds for tech accelerators and startups.
As compared to the globally-renowned Silicon Valley, Dubai is able to take a different approach to growth, as outlined by Armin Rosen in Forbes. The UAE is governed by a monarchy whose voice still carries immense impact on its citizens, and the economy overall. With a voice like that, rallying behind the decisions of the monarch is almost inevitable, allowing the monarchy to make economic decisions with far-reaching impact.
Why Is Dubai Choosing Tech Over Other Opportunities?
The digital landscape is ever-expanding at this point in time, and with the top 5 tech companies (Apple, Amazon, Facebook, Microsoft, and Alphabet) being valued at over $3 trillion dollars in 2018, the opportunity for tech success is growing. A tech hub such as the one in Dubai may be a necessity for countries lacking in other resources or industries, especially as the green revolution becomes increasingly relevant.
Dubai’s oil production reached its crescendo in 1991, meaning the country had to consider other types of revenue to keep their economy growing. Now, with a newfound focus on expanding their reach through technology, tech-based startups and enterprises alike should look towards Dubai as a sector for new innovations and opportunities. Well on their way to become one of the world’s smartest cities, Dubai’s continued and unique tech industry development will be worth considering as industries continue to change around the globe.