Thanks and how about the successful unicorn startups that's being counted as Dubai based. Careem for example seems to be building up massively.
Careem is pretty good but if you look it there is nothing that they are doing, which isn’t from some place else in the world. Now they are pushing towards being a super app in the ME and they have the most favourable odds for it. Also, careem now shares tech centre with Uber which is based out of Berlin, while only business staff & product managers sit out of Dubai. Unlike Uber, they are more favoured in the ME. Is there anything specific that you are looking at in terms of input?
What do you mean by shares tech center with Uber ? Nothing is shared. Dubai also has engineering and over 250 folks in tech
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The govt. is partnering a lot with emerging markets to enable companies to setup shop in Dubai and also invest. They have one of the biggest sovereign funds in the world so they are leveraging its might. Innovation largely is lacking, while government is keep on adopting automation, it’s not something which is born out of the Middle East. They are very good at adopting or implement it once identified from across the world. For e.g. they have face recognition based immigration for business class travellers travelling from emirates terminal which is adopted from China’s face recognition based payments. The Middle Eastern economy was facing a slight liquidity crunch even before the pandemic and that has only accelerated the fall. So much so that Dubai has finally announced a proper citizenship plan for people with STEM degrees to look at long term growth. If you have a 10year horizon then starting up in Dubai can be a pretty good incentive and the funds can help you connect with pretty much anyone in the world. Hope this helps :)