Dubai Municipality showcases its ‘FoodTech for Safety and Efficiency’ program at Gulfood 2024

At Gulfood 2024, Dubai Municipality takes center stage to demonstrate its unwavering commitment to propelling the food sector forward through a meticulously crafted suite of integrated digital programs. These cutting-edge solutions seamlessly streamline import, export, and registration processes for food products, ensuring the highest standards of food safety and quality are meticulously upheld across the entire emirate.

Furthermore, the Municipality embarks on a comprehensive review of its existing digital services, aiming to continuously optimize and enhance their effectiveness. This ongoing review paves the way for the introduction of the groundbreaking Dubai Food Systems Excellence Programme, a prestigious initiative specifically designed to recognize and celebrate establishments that demonstrably excel in the areas of food safety, sustainability, and innovation. This forward-thinking program proudly champions responsible food practices while simultaneously propelling Dubai’s position as a leading global trade hub, ultimately contributing to an improved quality of life for all.

By actively participating in Gulfood, Dubai Municipality extends a crucial platform for educating stakeholders on the intricacies of regulations, processes, and best practices within the realm of food safety. This invaluable knowledge-sharing initiative plays a pivotal role in minimizing food waste within the region, thereby fostering a more sustainable and environmentally conscious food ecosystem. Through this multifaceted approach, Dubai Municipality unequivocally underscores its unwavering dedication to constructing a secure, sustainable, and resilient food system that will continue to flourish and benefit every member of the community.

As the world descends upon Dubai for Gulfood 2024, the ultimate food and beverage event, is this your year to turn your culinary vision into reality? Smart Zones^® UAE stands ready to be your launchpad. Our expert business setup consultants navigate the intricacies of establishing your food business in Dubai, ensuring a smooth and efficient journey. From licensing and permits to visa assistance and ongoing support, we empower you to focus on what you do best – creating amazing food experiences. Join the thriving Dubai food scene at Gulfood 2024, and let Smart Zones^® UAE be your recipe for success.

Publish 19 Feb 2024

Source: https://www.arabianbusiness.com/industries/travel-hospitality/dubai-municipality-highlights-integrated-digital-programmes-for-food-sector-at-gulfood-2024

Connect with our Business Setup Experts to know more: hidubai@smartzonesuae.com
+971 529604444 / +971 43614555

DIFC Dubai Launches Initiative For Family Business Succession And Longevity

The Dubai International Financial Centre (DIFC) recognized the increasing demand for support among family businesses and spearheaded several initiatives in early 2023. This commitment was further solidified with the recent launch of a specialized program in collaboration with MIT Sloan Executive Education and the DIFC Academy.

Titled “Sustaining Family Business Success,” the intensive program (June 24-26, 2024) equips participants with the knowledge and strategies to navigate both regional and global expansion while staying true to family values. Participants will gain valuable insights into building future-proof enterprises that can thrive across generations, earning a prestigious MIT Sloan certificate upon completion.

Recognizing the critical need for adaptability in today’s dynamic landscape, DIFC Chief Strategy Officer Christian Kunz emphasizes Dubai’s ideal position as a hub for family businesses. “Our vibrant ecosystem, strategic location, and dedication to innovation create a unique offering,” he states, highlighting the blend of global opportunities and a supportive environment conducive to growth.

With only 20% of Middle Eastern family businesses reaching the third generation, this program aims to empower and ensure their longevity, contributing significantly to the UAE’s economic prosperity. MIT Sloan’s Faculty Director John Davis echoes this sentiment, stressing the need for redefined stewardship and building agility for long-term success. He emphasizes that “the traditional model of simply preserving family legacy is no longer sufficient. Building a future-oriented and adaptable enterprise, while generating diverse value streams aligned with family values, represents the new paradigm for success.”

The program incorporates six key pillars designed to address critical challenges faced by family businesses: Future Vision, Managing Turbulence, Governance, Talent, Succession, and Multigenerational Success. This comprehensive approach aligns with DIFC’s ongoing commitment to supporting family businesses, exemplified by initiatives like the Family Wealth Centre and Family Arrangements Regulations. These resources provide dedicated services, legal frameworks, and support structures to help families preserve their legacies across borders and generations.

By launching these initiatives, DIFC demonstrates its proactive approach to empowering family businesses and fostering their sustainable growth within the region’s dynamic economic landscape.

Publish 12 Feb 2024

Source: https://www.arabianbusiness.com/industries/banking-finance/dubais-difc-launches-new-initiative-to-boost-succession-planning-longevity-of-family-businesses

Connect with our Business Setup Experts to know more: hidubai@smartzonesuae.com
+971 529604444 / +971 43614555

How Can Opening a Company in Dubai – UAE Help Me Save On Taxation?

If you run a company in US, you need to pay a corporate tax of 21%, whereas in the UK, it will be 19%, in Canada its’s 15% and Australia is 30%. Thinking how much tax you need to pay if you run a company in Dubai? The answer is – 0%. Yes, business owners in Dubai can enjoy zero percent tax, if their profit falls within AED 375,000. And if it exceeds, corporate tax of 9% will be applicable. Are you interested in opening your business in Dubai to enjoy 0% tax benefits? Then this article is for you, as we explore the various ways in which opening a company in Dubai can help individuals and businesses optimize their taxation benefits.

0% Tax on Personal Income & Capital Gains

One of the most appealing aspects of establishing a company in Dubai is the absence of personal income tax. This means that individuals who reside in Dubai and operate their business there are not subject to personal income tax on their earnings. As a result, entrepreneurs can retain a higher portion of their income, leading to substantial tax savings compared to jurisdictions with high personal income tax rates.

Corporate Tax Exemptions

Dubai offers several corporate tax exemptions, making it an attractive destination for businesses. The UAE government has implemented policies that provide tax advantages to companies operating in free zones, such as Jebel Ali Free Zone (JAFZA), Dubai Multi Commodities Centre (DMCC), and Dubai Airport Free Zone Authority (DAFZA). These free zones offer 100% foreign ownership, zero corporate tax for a specified period (generally up to 50 years), and no restrictions on capital repatriation. Businesses can take advantage of these exemptions to maximize their profits and reinvest in their growth.

Value Added Tax (VAT) Benefits

While Dubai implemented a Value Added Tax (VAT) system a few years ago, the tax rate of 5% is relatively low compared to other countries. Furthermore, certain sectors and industries are exempt from VAT, such as healthcare, education, and essential food items. By carefully structuring their business operations and considering applicable exemptions, companies can effectively manage and minimize their VAT obligations, resulting in potential savings.

Double Taxation Avoidance Agreements

The UAE has entered into Double Taxation Avoidance Agreements (DTAAs) with many countries worldwide, including major economies. These agreements aim to prevent individuals or companies from being taxed twice on the same income in both their home country and the UAE. DTAAs provide relief by allowing businesses to claim tax credits or exemptions, thus avoiding double taxation. This not only reduces the tax burden but also enhances the attractiveness of Dubai as a global business hub.

Easy Setup and Business-Friendly Environment

Dubai offers a streamlined and efficient process for setting up a company, enabling entrepreneurs to establish their business quickly. The government has implemented business-friendly policies, including simplified company registration procedures, flexible visa regulations, and modern infrastructure. These factors, combined with the absence of complex bureaucracy, facilitate a conducive environment for business growth and expansion.

Conclusion

By opening a company in Dubai, entrepreneurs and businesses can benefit from a range of tax advantages. Additionally, Dubai’s business-friendly environment, ease of setup, and strategic location further enhance the appeal of this global business hub. However, it is advisable to seek professional advice from tax consultants or business setup experts in Dubai from Smart Zones^® UAE who can provide tailored guidance based on specific business requirements and individual circumstances.

UAE Launches First Digital Dirham Payment: a pivotal financial advancement.

In a groundbreaking development, the UAE marked the commencement of its inaugural cross-border payment through the use of the ‘Digital Dirham’ on Monday. This significant achievement aligns with a broader global initiative to embrace digital representations of national currencies issued by central banks worldwide. Below, we explore the implications for financial landscapes and the global economy.

“The surge in demand for cryptocurrencies has heightened interest in digital investments, leading to discussions about a new form of digital currency known as Central Bank Digital Currency (CBDC),” elucidated Brian Deshell, a cryptocurrency trader and analyst based in the UAE.

CBDCs vs. Cryptocurrencies

“While CBDCs share conceptual origins with cryptocurrencies, they differ significantly. The key distinction lies in centralization,” explained Brody Dunn, an investment manager at a UAE-based asset advisory firm.

“Cryptocurrencies operate on a decentralized model, devoid of central control. In contrast, CBDCs are centralized digital currencies, with the central bank of the issuing country exercising control over their value.”

By definition, CBDCs bear similarities to Stablecoins, which peg their value to fiat money but are privately issued, whereas CBDCs are issued by governments.

Global Adoption of CBDCs

Research indicates that 110 countries globally are either researching or developing CBDCs, with varying stages of progress. As of June 2023, 11 countries have already adopted CBDCs, 53 are in advanced planning stages, and 46 are actively researching the topic, according to Statista, an e-research platform.

In 2020, seven central banks, including those of the US, Europe, Japan, Switzerland, Canada, Sweden, and England, expressed their intention to assess the feasibility of publicly available CBDCs. The latest addition to countries issuing CBDCs is Jamaica.

Several nations, including China, Russia, South Africa, Uruguay, Barbados, Switzerland, Thailand, and Iran, are in the process of implementing CBDCs. The UAE joined this trend in 2022 by expressing interest in issuing a CBDC.

Understanding CBDCs becomes crucial for cryptocurrency investors as they have the potential to impact the crypto market.

Functionality of CBDCs

A Central Bank Digital Currency (CBDC) is essentially an electronic form of cash that can be exchanged similarly to traditional currency. Unlike most digital payments that involve multiple intermediaries, CBDCs operate more directly, resembling the exchange of physical cash.

“While most digital payments act as instructions for a bank to transfer ‘real’ money, CBDCs cut out intermediaries, resembling the direct transfer of cash between parties,” added Dunn.

Infrastructure for CBDCs

Brian Deshell further clarified that both cryptocurrencies and CBDCs rely on networked electronic resources for transaction creation, tracking, and validation. In the case of CBDCs, a central database controlled by the central bank issues the currency and assigns a unique serial number to each e-currency. Typically, central banks peg the electronic currency to their national currency, referred to as digital fiat currencies.

The Future Potential of CBDCs

According to analysts at PricewaterhouseCoopers (PwC), the future of money is likely to involve a combination of centralized, decentralized, account-based, and token-based systems. CBDCs, stablecoins, and cryptocurrencies may coexist with traditional digital and physical currencies. Deshell also sees potential in CBDCs, envisioning them as a transformative force in the financial world, offering efficiency, security, and transparency.

Publish January 30, 2024

Source: https://gulfnews.com/your-money/cryptocurrency/uae-initiates-first-ever-digital-dirham-payment-what-it-means-1.1706629783589

Connect with our Business Setup Experts to know more: hidubai@smartzonesuae.com
+971 529604444 / +971 43614555

What prompts crypto-friendly Dubai to issue 25,000 business licenses, marking a substantial 60% increase compared to the preceding year?

In the past year, Dubai and the UAE have embraced cryptocurrencies proactively and strategically. Notably, SBID now offers a quick and seamless service for the sale of Bitcoin in Dubai, making it an instant option for clients.

Furthermore, the UAE has been diligently working towards establishing a regulatory framework to attract global investors. Initiatives like the Dubai Metaverse Strategy have given Dubai the reputation of being a crypto-friendly tourist destination.

A significant indicator of this cryptocurrency boom is the substantial increase in the issuance of new business licenses in Dubai during the first quarter of 2022. The number nearly reached 25,000, marking a substantial 60% increase compared to the previous year. The Dubai Department of Economy and Tourism attributes this growth to Dubai’s robust economic fundamentals, resilience, and sustainability.

The State of Bitcoin in Dubai

Dubai has emerged as a thriving hub for cryptocurrency and blockchain technology in the Gulf region. The city’s government actively promotes the adoption of these technologies and has introduced various initiatives to support their growth.

These efforts have attracted numerous cryptocurrency and blockchain companies to Dubai, solidifying its position in the global cryptocurrency market. SBID, in particular, plays a vital role by providing cryptocurrency solutions and facilitating the sale of Bitcoin in Dubai.

The process of selling Bitcoin in Dubai through SBID is straightforward, and it’s important to note that buying and selling Bitcoin and other cryptocurrencies is entirely legal in Dubai. SBID further simplifies the process, allowing visitors to their office to exchange Bitcoin for cash within minutes.

Moreover, SBID extends this convenience to tourists, enabling them to sell Bitcoin in their offices. Tourists can exchange their BTC for cash in various fiat currencies, including AED (dirham), US dollars, EURO, and more.

SBID’s mission is to eliminate unnecessary hurdles associated with selling BTC in Dubai, enhancing the cryptocurrency experience for everyone. In their Dubai office, they offer access to over 1,000 cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and stablecoins like USDT (Tether).

Key Reasons for Dubai’s Crypto-Friendly Environment

Dubai’s crypto-friendly stance can be attributed to several key factors:

1. Government Support: The Dubai government actively promotes blockchain and cryptocurrency technology. It has initiated projects exploring the applications of blockchain in various sectors such as finance, real estate, and transportation. Regulations have been established in the Dubai International Financial Center (DIFC) to create a secure environment for cryptocurrency and blockchain.

2. Tax Benefits: Dubai operates as a tax-free zone, meaning there are no personal or corporate income taxes. This tax advantage is highly appealing to cryptocurrency businesses, allowing them to thrive in a tax-free environment.

3. Cutting-Edge Infrastructure: Dubai has made substantial investments in advanced infrastructure, including blockchain, AI, and IoT technologies. This tech-savvy environment allows cryptocurrency companies to leverage the latest innovations for their products and services.

4. Strategic Location: Dubai’s strategic location between Europe, Asia, and Africa positions it as an ideal global expansion hub. This advantageous location simplifies operations for cryptocurrency businesses, facilitating market access and expanding their customer base.

Dubai’s government support, tax-free status, advanced infrastructure, and strategic location collectively make it an attractive destination for cryptocurrency ventures.

How to Buy Bitcoin in the UAE: A Step-by-Step Guide

Purchasing Bitcoin in Dubai and across the UAE is a straightforward process. It begins by selecting a cryptocurrency exchange, signing up and creating an account, and depositing the funds required to acquire the desired cryptocurrency.

Bitcoin is available on virtually every exchange, and other popular cryptocurrencies are typically accessible on major exchanges. For those looking to hold Bitcoin long-term, transferring it from the exchange to a Bitcoin wallet or a more secure storage method, such as a hardware wallet, is advisable to ensure the security of your cryptocurrency holdings.

1. Sign Up or Log In to Your Account:

– Start by registering for an account on your chosen exchange, providing the necessary details.

– Upon completing the registration process, log in to your account.

– During the login, you will receive an email confirming your login details.

– For added security, enable Two-Factor Authentication and choose a strong password.

– Treat your account as you would a bank account holding your funds.

– After logging in, you will arrive at the Wallet Dashboard or simply Wallet, depending on your exchange.

2. Transfer Funds from Your Bank:

– To fund your spot trading account, connect to your online banking account and initiate the financial transfer.

– Ensure that the transferred amount matches the specified amount.

– Verify the following details:

– Your account information.

– Your bank details in your exchange app.

– The exchange’s bank details in your online bank account.

– Alternatively, you can use P2P for deposits and withdrawals. Once confirmed, the exchange app may notify you that your order is in progress. Your orders will appear in the pending orders table, and you will receive an email regarding the pending fund transfer. Funds should be transferred from your bank account within minutes to a day, and you will receive a confirmation email.

3. Begin Trading:

With your account established, it’s time to purchase your chosen cryptocurrency, such as Bitcoin. Trading and buying cryptocurrency in the UAE is straightforward, but it’s crucial to understand the risks associated with cryptocurrency trading.

Crypto Exchanges in Dubai and the UAE

Dubai and the UAE offer a plethora of crypto exchanges to choose from, catering to investors of various backgrounds. Some of the notable options include:

Binance: Your Comprehensive Crypto Trading Platform in the UAE

Binance stands strong in the dynamic crypto landscape of the UAE, offering a user-friendly interface while also providing advanced features. It covers an extensive array of cryptocurrencies, including popular options like Bitcoin, Ethereum, Binance Coin, and emerging tokens.

Key Features:

– Versatile Trading Tools: Binance offers a range of trading tools, including Futures and Margin trading, suitable for both beginners and experienced traders.

– Real-Time Analytics: Stay informed with real-time market analytics to make well-informed trading decisions.

– Risk Management: Binance provides advanced risk management settings such as Stop Loss and OCO (One Cancels the Other) orders to safeguard your investments.

– Staking and Savings: Explore Binance’s staking and savings programs if you’re interested in generating passive income.

– Fees: Binance offers competitive trading fees starting at 0.1%.

– Supported Cryptocurrencies: You can trade over 350 cryptocurrencies on the platform, providing numerous investment options.

– Regulation & Licensing: Binance adheres to local regulations within the UAE, ensuring compliance with local laws.

– AED Deposit Methods: You can deposit AED through various methods, including bank transfers, credit/debit cards, and more.

Whether you’re a novice or an experienced trader, Binance offers a comprehensive and user-friendly platform tailored to the needs of UAE investors.

eToro: Your Premier Crypto Trading Platform in the UAE

eToro is a top-notch cryptocurrency trading platform in the United Arab Emirates, catering to beginners and experienced investors with its powerful yet user-friendly interface. It specializes in a wide range of assets, including popular cryptocurrencies like Bitcoin, Ethereum, and Cardano.

Key Features:

– Social Trading: eToro is renowned for its award-winning social trading features, including Copy Trading, which allows you to follow

and emulate the strategies of successful traders.

– Virtual Account: New traders can sharpen their skills using the Virtual Account, which provides AED 100K demo funds for practice.

– Market Insights: Stay informed with real-time market insights and access custom risk management tools like Stop Loss and Take Profit settings.

– Asset Variety: eToro offers diverse assets, including 70+ cryptocurrencies, 3000+ stocks, ETFs, commodities, and more.

– Regulation: The platform is fully licensed by reputable authorities like the Financial Conduct Authority (FCA), ASIC, CySEC, and other Tier-1 regulators, ensuring a secure trading environment.

– AED Deposits: Funding your account with Dirhams (AED) is seamless, with multiple payment options such as local bank transfers, debit cards, and more. Plus, eToro charges zero deposit fees for USD and offers competitive spreads.

– Fees:

– Zero trading commissions

– A fee added to the spread of 1%

Whether you’re a cryptocurrency enthusiast or a diversified investor, eToro provides a comprehensive and reliable platform for your trading needs in the UAE.

OKX: Your Comprehensive Crypto Exchange in the UAE

In the United Arab Emirates, OKX has built a strong reputation as a versatile cryptocurrency exchange that goes beyond basic trading. It’s a one-stop platform that offers spot, margin, futures, and options trading. What sets OKX apart are its unique features, including an NFT marketplace and tools to manage your DeFi portfolio. It has also garnered support from renowned personalities like Pep Guardiola.

Key Features:

– All-in-One Platform: OKX provides a full suite of trading options, making it a versatile choice for crypto enthusiasts. You can trade spots, margins, futures, and options all together.

– NFT Marketplace: OKX stands out with its NFT marketplace, allowing users to explore the exciting world of non-fungible tokens.

– DeFi Portfolio Management: Manage your decentralized finance (DeFi) investments efficiently within the platform.

– Low Fees: OKX prides itself on low fees, including no deposit or withdrawal fees, 0% maker fees, and competitive 0.2% taker fees.

– Supported Cryptos: With over 300 supported cryptocurrencies, including Bitcoin, Ethereum, Solana, and various tokens, you have many investment options.

– Regulation: OKX operates under the Dubai Virtual Assets Regulatory Authority (VARA) governance, ensuring compliance with local regulations.

– Payment Options: The platform offers diverse payment options, including local bank transfers, debit and credit cards, and digital payment methods like Skrill, Wise, and FasterPay.

Whether you’re a seasoned trader or new to the crypto world, OKX provides a comprehensive and user-friendly platform tailored to the needs of UAE investors.

Uphold: Your Trusted Crypto Platform for Transparency and Security

Uphold is a global leader worth considering for UAE residents who prioritize transparency and security in cryptocurrency trading. This versatile multi-asset trading platform operates in more than 150 countries, including the UAE, and sets itself apart with its audited proof of reserves, ensuring high transparency.

Key Features:

– Transparency: Uphold is recognized for its transparency, thanks to audited proof of reserves, making it one of the most trustworthy crypto exchanges worldwide.

– Versatile Usage: Uphold offers a range of features for easy and secure crypto trading. You can stake cryptocurrencies, use a dedicated crypto card, and explore hundreds of tokens for various purposes.

– Convenient Trading Tools: The platform provides trading tools that allow you to schedule regular transactions and place limit orders without locking up your funds, enhancing convenience and flexibility.

– Fees:

– Withdrawals and deposits are typically free.

– Card deposits incur a 2.49% fee.

– Trading fees range from 0.8% to 1.2%.

– Supported Cryptocurrencies: Uphold supports over 250 cryptocurrencies, including both mainstream and unique tokens.

– Regulation & Licensing: Uphold operates under the regulation of FinCEN and holds licenses to operate in the UAE, ensuring compliance with regulatory standards.

– AED Deposit Methods: You can deposit AED using various methods, including credit/debit cards, Google Pay, and Apple Pay.

Whether you’re a seasoned trader or new to crypto, Uphold offers a secure and transparent platform tailored to the needs of UAE investors.

Is Peer-to-Peer (P2P) Bitcoin Trading Common in Dubai?

Peer-to-peer (P2P) cryptocurrency exchanges enable direct Bitcoin trading between users, bypassing centralized or decentralized exchanges. On P2P platforms, you can view a seller’s list of available assets and make your selection. Buyers and sellers agree on the cryptocurrency’s price before completing the transaction.

While P2P exchanges are prevalent in countries with strict cryptocurrency exchange regulations, Dubai follows a different trend. Major Dubai exchanges often offer both P2P and standard trading options, providing users with flexibility. Some exchanges supporting P2P trading in Dubai include Binance, Paxful, OKX, Bybit, and KuCoin.

Crypto-Friendly Banks in the UAE

Understanding how banks in Dubai and the UAE view cryptocurrencies and crypto users is essential. Fortunately, the UAE welcomes crypto entrepreneurs, and several crypto-friendly banks permit crypto businesses to open and use fiat accounts.

For instance, First Abu Dhabi Bank (FAB) doesn’t have policies restricting customers from buying and selling crypto. While it doesn’t offer crypto trading, you can link an FAB account to a crypto exchange to facilitate Bitcoin purchases. Additionally, FAB has plans to explore Web3 and digital assets for its users in the future.

Conclusion

The United Arab Emirates, with a focus on Dubai, has emerged as a progressive and crypto-friendly environment. The government’s support for blockchain technology and cryptocurrencies, well-regulated exchanges, and the availability of peer-to-peer trading options make it a conducive space for crypto enthusiasts and investors.

The straightforward process of buying Bitcoin through exchanges or peer-to-peer platforms provides accessibility to a wide range of users. Furthermore, crypto-friendly banks like First Abu Dhabi Bank (FAB) demonstrate the growing acceptance of cryptocurrencies within the UAE’s financial landscape.

Dubai’s strategic location, robust infrastructure, and innovative initiatives position it as a global cryptocurrency and blockchain technology hub. As the crypto industry continues to evolve, the UAE remains at the forefront, welcoming businesses and individuals into this dynamic and promising sector.

Frequently Asked Questions

Are cryptocurrencies legal in the UAE?

Yes, cryptocurrencies are legal in the UAE, with the government actively supporting their adoption and use.

What are peer-to-peer (P2P) exchanges?

P2P exchanges facilitate direct cryptocurrency trading between users, allowing them to buy and sell assets directly from each other, often at agreed-upon prices.

Which crypto-friendly banks operate in the UAE?

Banks like First Abu Dhabi Bank (FAB) in the UAE are crypto-friendly and permit customers to link their accounts to crypto exchanges for Bitcoin purchases.

Publish Date: October 21, 2023

Source:

https://www.cryptopolitan.com/why-crypto-friendly-dubai-gains-25000/

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 529604444 / +971 43614555

Gitex 2023: Abu Dhabi Introduces New Centers for Metaverse Advancement and Start-up Support

The MBZUAI Metaverse Center and MBZUAI Incubation and Entrepreneurship Center aim to foster emerging technology potential.

The Mohamed bin Zayed University of Artificial Intelligence has revealed two novel establishments geared towards propelling metaverse exploration and encouraging entrepreneurship within the start-up community.

The MMC is positioned to innovate solutions that enhance user experiences and make the creation of sustainable digital environments more accessible. Researchers will exhibit progress in generating AI-powered 3D avatar content.

The MIEC is designed to empower start-ups to innovate and embrace AI within various industries. It will offer courses in entrepreneurship, acquaint startups with the local market, and provide funding prospects.

Timothy Baldwin, acting provost of the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), expressed, “The launch of these centers underscores our university’s commitment to lead in AI research and national priorities.”

“Our commitment is to cultivate a thriving AI ecosystem that strengthens industry partnerships and sets the stage for pioneering start-ups fueled by our university’s research foundations.”

The metaverse, founded on Web3, represents a virtual realm where avatars interact, potentially revolutionizing work and business operations.

By 2035, metaverse technologies have the potential to contribute $16.7 billion to the UAE’s economy, according to a recent study by Meta Platforms, the parent company of Facebook.

Sectors expected to benefit significantly from metaverse adoption include tourism, retail, property, and gaming.

Concurrently, the start-up ecosystem is expanding as companies tackle the challenges of devising solutions in an increasingly digital world, particularly in sectors such as retail, services, and commerce.

Start-ups play a pivotal role in the digital economy, and the UAE government has launched numerous initiatives to nurture their growth, recognizing technology as a catalyst for economic expansion and inclusivity.

Abu Dhabi’s tech push has drawn support from global giants like Google, Meta Platforms, and Microsoft, who operate accelerators in the region.

Start-ups globally generate a value of approximately $3 trillion, nearly matching the GDP of a G7 economy, as per Startup Genome, an advisory firm.

These launches of the MMC and MIEC follow the establishment of two new departments and four graduate programs at MBZUAI, aimed at meeting the growing global demand for robotics and computer science.

These programs aspire to further enhance the UAE’s broader AI ecosystem and solidify its position as an international hub for AI research and innovation.

Publish Date: Oct 17, 2023

Source:

https://www.thenationalnews.com/business/technology/2023/10/17/gitex-new-abu-dhabi-centres-to-support-metaverse-and-start-up-development/

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 529604444 / +971 43614555

Gitex Global 2023: World’s Largest Tech Expo, 6,000+ Innovators

Gitex Global, the world’s largest tech and startup exhibition, is set to be even bigger in 2023. With over 6,000 companies participating from around the world, it marks a 40% expansion compared to the previous edition. This year’s Gitex Global, themed “The Year to Imagine AI in Everything,” will take place from October 16 to 20 at the Dubai World Trade Centre, along with Expand North Star at Dubai Harbour, featuring more than 1,800 companies showcasing their latest innovations.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Application, highlighted Gitex’s significance as a global event where leading minds gather to shape the future of technology. He emphasized that in the age of rapid technological advancement, secure and open borders between countries are essential, and Gitex plays a pivotal role in facilitating this collaboration.

Gitex is not just about showcasing technology; it’s about enabling technology for the benefit of all. Over 50 countries will present their innovations, with the potential to become tech “decacorns” valued at $10 billion or more. The event will also address important topics, emphasizing that technology should benefit not only developed nations but also developing countries.

Trixie LohMirmand, Executive Vice President of Dubai World Trade Centre, noted that the show’s 40% growth was made possible by adding tents at DWTC and Dubai Harbour. With participation from over 250 governments in the region, Gitex will focus on Web 3.0 gaming, digital cities, AI, and cybersecurity. It will feature more than 6,000 companies and over 180,000 attendees from 80+ countries. The event boasts 1,500 speakers from over 100 countries, offering a wealth of content.

Publish Date: 10 Oct 2023, 2:35 PM

Source:

https://www.khaleejtimes.com/business/tech/gitex-global-worlds-largest-technology-startup-exhibition-gets-bigger-in-2023

Connect with our Business Incubators to know more: hidubai@smartzonesuae.com

+971 529604444 / +971 43614555