What made Palo Alto-based early-stage deep-tech venture capitalist look toward the Middle East region for expanding its footprint?
In Asia, there are many new startups and companies that have the perfect conditions to grow. Of those who applied for a new BRL license, the number of licenses was up by 58% by the end of Q1 2022. Dubai’s free zones are predicted to contribute $68 billion to Dubai’s GDP by 2030. In an effort to reach the goal, Dubai plans on investing in infrastructure and policy reforms so that the free zones can achieve economic opportunities and sustainable growth through service industries, instead of oil development.
The UAE has more than 50 free zones. 23 of these are in Dubai, which allow for 100% foreign ownership, and tax exemptions. Some of the UAE’s most notable start-ups are Souq (acquired by Amazon), and Careem, which was acquired by Uber. There is high economic growth in this region because of its position between two financial centers. Entrepreneurs looking to bring innovations from the west will find it promising with this region.