Why is Dubai the right place for your Tech company!

We live in an age of information and technology, with the number of IT companies in developed and developing countries increasing by the day. And if you're an entrepreneur with a business idea who wants to start a company, look no further. Dubai often referred to as the "city of the future," as well as a well-known centre for industry research and development, should be at the top of your list.

Dubai offers exciting opportunities and a favourable business climate. Dubai's pro-business attitude and support for businesses of all sizes have resulted in a robust, vibrant economy. Not only does the city have a thriving community of start-up accelerators and regulatory sandbox schemes for the development and testing of new tech business models, but it is also ranked first in global foreign direct investment and major sections in emerging technological sectors.

As the Middle East's technologically-based start-up scene grows, the UAE's commitment to becoming a global leader in technological advancements has made Dubai home to some of the region's hottest enterprises. 29 of the 100 start-ups shaping the Fourth Industrial Revolution are based in the UAE, with nearly half of them based in Dubai! Not to mention that foreign nationals benefit from 100 percent ownership, tax breaks, and customs duty exemptions, to name a few important factors when compared to other countries.

To elaborate on why Dubai is an appealing start-up hub for entrepreneurs from all over the world,

- It is simpler to start a business.

- Relaxed Foreign Ownership and Visa Requirements

- Technology and Capital Investment

- A Constantly Expanding Economy

- Pioneer in adopting cutting-edge trends and technologies

Furthermore, Dubai is a forerunner in adopting the latest trends and technologies while developing an enabling ecosystem that enables businesses across sectors to innovate with long-term strategies in AI (Artificial Intelligence), Blockchain, Metaverse, and IoT. (Internet of Things). The government is working hard to make Dubai a smart, intelligent, responsive, and personalized city of the future!

A summary of some of the most recent technologies adopted by the UAE.

Blockchain

Blockchain is a method of storing data that makes it difficult or impossible to change, hack, or manipulate. It is a digital log of transactions that is duplicated and distributed across the entire network of computer systems that comprise the blockchain. Each block on the chain contains several transactions, and whenever a new transaction occurs on the blockchain, a record of that transaction is added to each participant's ledger. DLT (Distributed Ledger Technology) is a decentralized database that is managed by multiple people.

Why so much hype around the blockchain?

There have been numerous attempts to create digital money in the past, none of which have been successful. The main issue is one of trust; if someone creates a new currency, how can they be trusted knowing full well that they can give themselves some amount and/or steal someone else's money for themselves? This problem was solved by employing a type of database known as 'Blockchain.'

Most normal databases, such as SQL Database, have someone in charge who can change the entries; however, Blockchain is unique in that no one is in charge; it is run by the people who use it!

According to H.H. Sheikh Mohammed bin Rashid Al Maktoum, "Dubai will be the first city fully powered by Blockchain under the Dubai Blockchain Strategy, which is the result of a collaboration between the Digital Dubai Office and the Dubai Future Foundation to constantly explore and evaluate the latest technological innovations that demonstrate an opportunity to deliver more seamless, safe, efficient, and impactful city experiences."

AI (Artificial intelligence)

A branch of computer science is concerned with developing intelligent machines that can perform tasks that would normally require human intelligence. Simply put, artificial intelligence is the simulation of human intelligence processes by machines, particularly computer systems. As the hype surrounding, AI has grown, vendors have been scrambling to demonstrate how their products and services integrate AI. AI necessitates a foundation of specialized hardware and software for designing and training machine learning algorithms. Although no single computer language is synonymous with artificial intelligence (AI), a few stand out, including Python, R, and Java.

According to the UAE National Strategy for Artificial Intelligence 2031, there are plans to transform the UAE into a world leader in A.I. by investing in key people and industries! "We want the UAE to become the world's most prepared country for Artificial Intelligence," His Highness Sheikh Mohammed bin Rashid Al Maktoum said.

The UAE aims to be one of the world's leading AI nations by 2031, creating new economic, educational, and social opportunities for citizens, governments, and businesses, and generating up to AED 335 billion in additional growth.

Metaverse

An internet iteration as a Single, Universal, and Immersive Virtual World made possible by the use of Virtual and Augmented Reality headsets! The metaverse is a three-dimensional, hyper-realistic virtual-reality arena in which users interact with one another in computer-generated environments such as stores, learning environments, and conference rooms, among other things. Social media, augmented reality, virtual reality, video games, and other cutting-edge technology are all incorporated.

Its development is linked to the advancement of virtual reality due to ever-increasing demands, having originated in the 1992 science fiction novel Snow Crash. Some of this technology's components have already been developed and used in online video games. Popular names include World of Warcraft, Minecraft, and Fortnite, all of which have already incorporated the metaverse. Recently, in 2021, the technology behemoth Facebook renamed itself 'Meta' and announced its commitment to developing a metaverse!

Since 2017, following the acquisition of the VR company AltSpcaceVR, Microsoft has implemented metaverse features such as virtual avatars and virtual meetings in Microsoft Teams.

The metaverse can be accessed via general-purpose computers and smartphones, as well as augmented reality, mixed reality, and virtual reality. Current hardware development is centred on overcoming the limitations of VR headsets and sensors, as well as increasing immersion through haptic technology. Interoperability is a major concern in metaverse development, stemming from transparency and privacy concerns.

Microsoft recently adapted this for HoloLens 2 in 2019. (a pair of mixed reality glasses developed and manufactured by Microsoft)

According to a May 20th article, the Dubai Metaverse Strategy, announced earlier this month by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, aims to increase the metaverse sector's contribution to the emirate's economy to $4 billion by 2030. It also intends to increase the metaverse's contribution to one percent of the emirate's GDP.

IoT (Internet of Things)

The best way to define IoT is as an interconnected network of computing devices, mechanical and digital machines, items, and people with Unique Identifiers (UIDs) and the ability to transfer data without the need for any human-to-human or human-to-computer interaction.

IoT is defined as any natural or man-made object that can be assigned an IP address and transmit data over a network, such as a person with a heart monitor implant, an animal with a biochip transponder (wireless communication, monitoring, and control device that detects and responds to incoming signals), an automobile with built-in sensors alerting the driver about low tyre pressure, or any natural or man-made object that can be assigned an IP address and transmit data over a network.

Organizations across a wide range of industries are increasingly turning to IoT software development to improve operational efficiency, better understand customers in order to provide better customer service, make better decisions, and increase the value of their businesses.

The Smart Dubai Internet of Things Strategy is a comprehensive plan to secure and promote Dubai's digital wealth while also providing efficiency and peace of mind to all city residents, visitors, business owners, and government officials through a citywide partner network. The plan began with the announcement of two major initiatives led by Smart Dubai to promote secure information sharing and exchange via the Internet of Things.