Knowledge-based economy
The UAE has been focusing on creating a knowledge-based economy, harnessing technology and innovative ideas. The nation’s ambitions are primarily being driven by Dubai which is home to over 10,000 small and medium startups. The UAE is aiming to create 20 unicorns or startups valued at over $ 1 billion in the next nine years.
It is already a leader in the MENA region in terms of tech-transformation, digital-acceleration and embracing innovative ideas.
Liberal policies
The nation is working systematically and methodically to achieve the target of creating 20 unicorns in nine years, a senior minister said. He believes the UAE has an edge over other countries because of its multicultural population and liberal policies. According to experts, Dubai is miles ahead of other cities in the MENA region in harnessing new ideas and tapping young talent. This is due to annual startup contests like Dubai Startup Hub’s Smartpreneur competition series.
