CITY FOCUS | DUBAI
DUBAI ’ S STRONG ECOSYSTEM OF TECH FIRMS AND ADVISORS IN THE CITY OFFERS AN INTIMATE CONNECTIVITY THAT IS VERY RARE IN A CITY OF THIS SIZE
Andrew Horbury Managing Director , Cavenwell Group
Before long , Telegram moved to Dubai , “ where they were welcomed with open arms ” and now the app is worth an estimated US $ 30 billion business and is the first Middle Eastbased company to rank in the top 10 of the Global Unicorn Index 2023 .
There are now around 4,000 startups in the UAE and the number of scaleups in Dubai surged 26 % in 2022 , with the emirate now home to 40 % of scale-ups in the MENA region .
Plans are to scale further . Dubai is aiming to double its digital economy GDP contribution to 20 % by 2031 , and is looking to lure 300 digital startups by 2024 , and support 30 companies in becoming global unicorns .
“ It is only a matter of time before Dubai generates more unicorns than Silicon Valley or London ,” David declares .
Dubai dynamism As the Managing Director of Cavenwell Group , a Dubai-based provider of corporate services for the digital sectors , Andrew Horbury says he is seeing a significant rise in entrepreneurs , startups and businesses looking to relocate to Dubai – and while many are below the age of 30 , the demographic is broadening . Andrew recalls a conversation he had recently with a seasoned financial services guy with more than 30 years of experience in the city of London . “ He was looking to relocate to Dubai and launch a startup in the investment space because he sees such a big opportunity here .”
People always assume the reason for relocation to Dubai is low tax , but it is far more than just that , adds Andrew . “ As well as
120 September 2023