NEW DELHI - Indian startup companies can leverage the UAE’s position as a strategic trade hub to expand their reach in new markets, especially in the Middle East and Sub-Saharan Africa, said a top Emirati diplomat.
The UAE has formulated the Startup and Innovation Strategy and the country is creating a business model out of it, Dr. Ahmed Al Banna, the UAE Ambassador to India, said at an event in New Delhi.
The Indian startups can come and participate in the UAE’s initiative and emulate successes of the Emirati startups, he said in his keynote speech at a roadshow organised by Dubai Startup Hub, an initiative of Dubai Chamber, and Dubai Technology Entrepreneur Campus, a wholly owned tech-startup hub by Dubai Silicon Oasis Authority.
Al Banna mentioned the example of two successful Emirati startups, which were acquired by multinational giants. First one was Careem, which was acquired by Uber for US$3.1 billion and second one was Souq, which was bought by Amazon for US$580 million.
The ambassador said that the UAE-India bilateral trade continues to soar. "Today it is worth US$60 billion, making India the second largest trading partner of the UAE, while the UAE is India’s third largest trading partner – after China and the US," he said.
He recalled the two visits of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to India in 2016 and 2017, and the two visits of Indian Prime Minister Narendra Modi to the UAE in 2015 and 2018, which have witnessed the signing of many significant Memorandums of Understanding, MoUs.
Omar Khan, Director of International Offices at Dubai Chamber of Commerce and Industry, said, "India is not only a market of strategic importance to Dubai and Dubai Chamber, it has also become a key source market for Dubai’s growing startup ecosystem. The country has become a test bed for blockchain, artificial intelligence and smart city solutions, and we have seen many Indian startups enter the Dubai market in recent years that have brought with them innovative business concepts."
Dubai Chamber launched Dubai Startup Hub in 2016 as an online platform to connect startups, entrepreneurs, developers, venture capitalists and students, enabling them to learn about new opportunities and create new partnerships that stimulate economic growth.
New Delhi was the first leg of Dubai Startup Hub roadshows to India and the next roadshow will take place in Bengaluru on 26th June.
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