The UAE President’s stake in the midst of the Make it in the Emirates summit has set a new beacon of hope, not only for the country’s economic revival but also for a paradigm shift in regional investment strategies. With a clear emphasis towards attracting more capital and fostering technological innovation, the summit marks a pivotal moment in the UAE’s journey towards becoming a regional technology hub. This expansive agenda also underscores the government’s commitment to diversify its economy, boost national innovation, and population growth. Proposed changes to the Corporate Fiscal Code and the good governance of oil and gas as part of the summit agenda are reflection of the government’s aspirations to develop the economy and review and adjust UAE policies.
The Make it in the Emirates summit is not just a face-off on ideas, it is a recurring plea for business leaders to explore the UAE’s unique dimensions. An emphasis on basic research, venture capital, and regional infrastructure development has already set a precedent in the UAE’s roadmap. The focus on the development of high-tech sectors and deepening the level of digital technologies is an essential element in this journey. The inclusion of the Chairman of the UAE Central Bank and the CEO of the National Bank in the summit agenda reaffirms this commitment. The summit’s agenda also reflects the UAE government’s focus on building a collaborative ecosystem that fosters innovation, bridges gaps in the technology supply chain, and creates enduring on-the-job training.
During the summit, various key industries such as oil and gas, mining, and financial services were discussed, highlighting their potential for technological advancement and diversification. Major economies such as Bahrain and Qatar have already signaled their intention to bring technology startups to the UAE. Additionally, the recently established Free Zones are seen as de facto incubators of a new scalpel for innovation. By reducing taxes and implementing light regulations, these incubators offer a win-win scenario for entrepreneurs and for the Emirati banks. This innovation and technology ecosystem in the region is a source of inspiration for many countries in the Middle East and highlights the UAE’s unique place in the global economy.
