CITY FOCUS | DUBAI
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or decades , Dubai has attracted professionals from all over the world , largely thanks to lower taxes , less crime and year-round sunshine .
But in recent years , the city has become a magnet for overseas tech startups looking to scale – with founders and professionals from as far afield as London , San Francisco , Delhi , and Moscow relocating to the emirate .
And this is only likely to increase , according to Dubai-based tech entrepreneur and international investor , Dr David von Rosenvon Hoewei – best-known for founding Lottoland , a new-concept gaming and gambling service with 600 + workers and 18 million customers .
“ The next generation of tech entrepreneurs will ditch the traditional tech startup hubs in Europe and North America in favour of Dubai ,” says David – who is also the founder of VonRosen , the members-only , fully webbased fashion label that sold Apple ’ s Steve Jobs his iconic turtleneck sweaters .
This exodus of UK and European entrepreneurs to Dubai has already begun , he tells Business Chief , with North America soon to follow if the current opportunity imbalance continues .
David points to the economies of the traditional business hubs like London and San Francisco as stagnant and says their outdated policy frameworks are falling to keep up with the rate of innovation that is taking place in the tech world .
“ The UK is still grappling with the fallout of Brexit , which has been hugely challenging for entrepreneurs and startups alike . It ’ s now harder to attract talent from Europe and restricted access to EU markets has damaged London ’ s appeal as a tech and finance hub .
“ We saw that recently with Arm opting to float on the NYSE instead of a dual listing .”
But it ’ s not only the push factors from these markets leading to a tech exodus – but the magnetic pull of Dubai .
According to David , tech companies need three things to succeed – talent , capital , and business-friendly regulations – and Dubai has all three , in bucket-loads .
The emirate has consistently ranked among the top 20 globally for its business-friendly
116 September 2023