In the midst of global uncertainty, Dubai is emerging as a safe haven for innovators and startup investors in the tech industry, according to experts at a recent business briefing hosted by the British Chamber of Commerce Dubai (BCCD) at the DIFC Innovation Hub.
Sharing their own experiences of establishing and scaling a startup, UAE-based entrepreneurs, Khawar Mann OBE and Omair Ansari, joined in a panel discussion alongside funding expert Youcef Oudjidane, to explore ‘The Tech Shift: Transforming Finance, Credit, and Mobility Services.’
CEO and Co-founder of Auxilium, an award-winning, tech-enabled employment and business expansion consultancy, Mann is at the forefront of promoting the region’s position as a global mobility hotspot. Auxilium specializes in Employer of Record services, company formation, residency services, compliance, and market entry, to enable businesses to scale efficiently while navigating complex regulatory landscapes.
Mann explained that, “The outstanding quality of life, economic prospects, long-term residency opportunities and ambitious national visions are attracting businesses to the region in volume. We combine regional knowledge and technology-driven solutions to meet the growing demand for seamless, support services to manage talent internationally.”
Omair Ansari, CEO and Co-founder of ABHI, is another disruptor in the field, with his transformative embedded fintech business delivering financing and payroll solutions to provide employees with easy access to their earned salary at any time of the month. ABHI has gained recognition from Hub71 and Endeavor UAE and was the first to be awarded the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region.
Explaining his motivation, Ansari said that, “We wanted to bring tech in to disrupt the market where it wouldn’t be expected. Focusing on the credit side of financing in emerging markets, ABHI aims to be at the forefront of creating a revolution in this field.”
As tech founders gravitate to the region, the funding landscape is also evolving rapidly, with the UAE being seen as a safe place to invest in new businesses against a backdrop of global disruption.
Youcef Oudjidane, Managing Partner and Co-founder of venture capital firm, BYLD, commented that, “Ten years ago, most UAE startups were funded locally. Today, they’re increasingly attracting international capital – a testament to the ecosystem’s global rise. Similarly, while startups in the region once focused primarily on local problems, many of today’s founders in the UAE are building for global markets. The startup I co-founded, Elevate, is a good example of both: we have raised millions of dollars from US-based investors, generated all of our revenue from outside of the UAE, and yet chose to headquarter the company here simply because we want to live here.”
As more British businesses look to establish a foothold in the region, BCCD CEO, Katy Holmes, says the rapid acceleration of Dubai’s tech sector holds a wealth of opportunity.
“Technology is one of the most promising and fast-moving sectors in Dubai today, and we see great potential for UK companies to contribute and thrive here. This was the Chamber’s first BCCD Tech Business Briefing, following the launch of our dedicated BCCD Tech working group, which brings together leading voices and innovators from within our membership. We look forward to welcoming even more UK tech businesses into our network, enriching cross-market dialogue and creating new synergies within this dynamic and diverse sector,” Holmes added.
