When we mention Dubai, many people see a beautiful picture of azure beaches with yellow sand, palm trees, and skyscrapers. Indeed, Dubai can be considered as the oasis in the desert, and not only literally. Dubai is the real oasis for people who launch business and various start-ups. In a relatively short time, this city has become the real center of innovative technologies.
A well-thought-out policy in the area of business development and attraction of tourists led to the fact that the country's economy is no longer so much dependent on fossil resources. Zero tax rate on profit and the absence of restrictions on the moving of capital resulted the fact that the city is among the leaders in terms of its growth. Local authorities are not anxious to set ambitious goals.
One such goals is to make the city of Dubai the best place in the world for start-ups and innovative technologies. In order for it to happen, a whole set of measures has been developed which, apart from zero taxation, includes the development of the qualifying environment – banking services, offices, warehouses, communications, roads, and other infrastructure is provided to startups and foreign investors.
All this has already given the evidence – the number of interesting, innovative projects which have already been implemented in the city or are in the process of implementation. Already, more than $3 billion of investments have been attracted to the countries of the region for innovative technological projects, and this figure continues to grow year by year. There are several reasons for such popularity of UAE:
- There is a number of developing countries close to Dubai, with a population of more than 2 billion people, for example, India. In Dubai, smart and active people have much more opportunities than at their native countries.
- Communications are developing rapidly in the Emirate of Dubai, and the level of implementation of digital and information systems in the region is close to the world's leaders, such as Singapore, Hong Kong, Tokyo, etc.
- There are programs of government support for innovation projects.
According to statistics, the average income per person in the country is $40,000 (nominal GDP), that is, the purchasing power is very high. The local administrative procedures are simplified so much that when registering a company, it's easy to go through the entire registration procedure in several days and to get resident visas for shareholders and employees, which further stimulates the flow of investment and skilled personnel.