New Delhi: Dubai seeks to woo tech talent from India to foster a startup ecosystem as part of its goal to double its gross domestic product (GDP) by 2033, Hadi Badri, the chief executive of economic development at Dubai’s Department of Economy and Tourism, said in an interview.
Under the Comprehensive Economic Partnership Agreement (CEPA), the UAE, of which Dubai is a part, and India plan to expand non-oil trade to $100 billion by 2030, from just $50.5 billion in April, he said.
Dubai is in talks with Indian manufacturers who are looking at the emirate as a distribution hub, he added. “The ties have come on the back of the CEPA agreement that allows acceleration of 30%-plus trade growth.”
Indian companies and non-resident Indian-owned entities generate around one million jobs in the UAE, according to Dubai Chambers. “And this is something that we can build on. The UAE’s acceptance into the BRICS economic bloc is also, I think, another stepping stone that will allow even more to be done between the UAE and India,” Badri said.
In fact, businesses in Dubai are more interested in making new investments in the economy. “One of the key areas that they’re looking to strengthen teams is around digital talent, people who understand computer science, data scientists and so on. As tech entrepreneurs, they are contributing to the ecosystem in Dubai. It has gathered some good momentum.” Over 83,000 companies of Indian-origin businesses are registered with the Dubai Chamber of Commerce, accounting for 25% of the chamber’s total membership, he said.
“I met the Lenskart co-founder as it is already in Dubai; I think they came in two-three years ago, and are using Dubai as a platform to expand in the region. And this is the formula that we see a lot of businesses take.”
With Dubai allowing 100% foreign ownership in most of its economic sectors, with over 30 free zones, a favourable tax environment, streamlined business processes and top-notch logistics infrastructure, and its strategic location near India, achieving a $100 billion non-oil trade volume with India is possible, Badri said.
“I think, discussions with the chambers were very positive. They also have the appetite to increase this connectivity between India and the UAE. So, we expect some kind of potential partnerships and collaborations to come out of this. When you meet the chambers and businesses, it is always the case that the business-minded people in India have appreciated the way, or always liked the way, emirates like Dubai have treated them,” Badri said.
