Dubai Ranks Among Top Global Hubs for Talent & Innovation

The Digital Revolution is growing huge alternatives for towns and countries to unharness new assets of innovation-led expansion. BCG recognized large information and analytics in addition to synthetic intelligence as the most up to date fields for relocators in Dubai.

Aspiring tech hubs will have to enact measures that each create traction briefly and that maintain expansion and building at some point. The United Arab Emirates—96% of whose tech team of workers consists of immigrants—exemplifies some great benefits of a well-planned, complete technique for creating a tech hub that deploys each short- and long-term levers. In a brand new file titled ‘Turning a Tech Hub right into a Talent Magnet’, Boston Consulting Group (BCG) studied 11 tech hubs around the globe that proceed to thrive via attracting virtual ability from past their borders. In explicit, BCG analyzed the methods and mixture of insurance policies Dubai has been converting to draw ability has fostered sturdy shopper relationships around the area since 2019, and already has a confirmed monitor report in handing over game- companies for main private and non-private organizations.

“Successful digital hubs need lots of digital talent—an immediate scarce commodity. The global shortage of technology workers will reach 4.3 million by 2030. And that was before the onset of the COVID-19 pandemic, which heightened demand for digital services. Dubai recognized this appeal very early on in the game, attracting tech experts from every four corners of the world,” mentioned Faisal Hamady, Managing Director and Partner, BCG.

“A big catalyzer in ability enchantment is Dubai’s ongoing visa choices which might be a primary within the area and additional grounded the hub as one in all excellence. These come with industry visas, below which foreigners can download a long-term visa as a part of the Golden Visa machine but in addition far flung paintings visas and their assigned digital running program for start-ups and marketers wishing to live within the UAE all of the whilst running out of doors the UAE.”

According to the survey, Dubai sticks out as a pace-setter in 3 waves via combining short- and long-term levers. First, for a few years it effectively attracted main era firms with an competitive company tax fee incentive capped at 0. Smaller tech firms adopted with UAE operations. Moreover, it boasts a UAE’s Golden Visa and a pathway to citizenship for world buyers and best ability from around the globe, offering them with visas for as much as 10 years – subsequent to a contemporary paintings visa scheme which permits workers from in all places the sector to paintings remotely from the UAE. The one-year visa, thought to be first of its sort within the area, supplies the chance for marketers and abilities to innovate within the UAE’s secure and tasty industry surroundings, with get right of entry to to all of the essential products and services together with world-class utilities and telecoms.
Second, it introduced a number of projects to draw ability with the abilities wanted via industries focused via the federal government, similar to agriculture era inside the town’s 10-point motion plan for the Dubai Future District, a brand new area devoted to the advance of the longer term economic system, in addition to an AED 1 billion fund to give a boost to new economic system firms who can energy Dubai’s long run expansion. For the long run, the federal government encouragement main world universities to determine native campuses to draw best scholars and inspire the youngsters of the present employees to stay within the UAE for his or her upper schooling.

Juergen Eckel, Managing Director and Partner, and Regional Head of BCG Digital Ventures mentioned “The report highlights that a feature of successful hubs is a range of policy tools. To win the digital talent challenge, policymakers need a clear vision of their hub’s current strengths, the key industrial sectors they aim to develop, and the type of workforce they need. And Dubai has done just that. Attracting digital talent requires insight into the factors that motivate skilled tech workers to move to new locations. Armed with this knowledge, policymakers can continue working with stakeholders in the local digital ecosystem to develop and execute strategies to build and nurture dynamic, resilient tech hubs that can spur innovation and economic growth for decades to come.”

Part of a longtime BCG community, which has operated around the Middle East for 15 years, BCG Digital Ventures, a part of the BCG X tech-build and design industry unit, not too long ago opened within the area, introducing a brand new hub of company venturing ability and cementing its dedication to the GCC.

“In addition to combining short- and long-term levers, we identified three other key that those other cities and nations can learn from the leading tech hubs we studied. These include developing and cutting a strategic plan, building on existing strengths, leveraging anchor companies to build broader exe hubs. With the right mix of policies that leverage existing strengths and enhance their appeal to digital talent and leading tech companies, cities and nations can nurture dynamic tech hubs that will become vibrant centers of international business,” added Rami Mourtada, Partner & Director, BCG .

To cope with ongoing inflationary pressures, the UAE now gives make a choice startups administrative center area with two years of loose hire, offering medical health insurance for workers all of the whilst making it more uncomplicated for incoming ability to score paintings visas. Among different projects, it established incubators similar to Dubai’s Area 2071 and recruited project capital companies from around the globe to determine native places of work as a testomony to Dubai’s dedication to behave as a sustainable world heart of excellence.

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