Dubai right now has a very interesting and ambitious vision to be the leading futuristic city in the world. It is quite an interesting story because for the most part, one might say that Dubai is already there. Dubai is multinational, with over a hundred nationalities operating and working here with a huge talent pool connected to the rest of the world. So it is no surprise that the city is home to one of the most entrepreneur-friendly cultures in the world, making it an ideal place for entrepreneurship in the UAE.

Dubai’s Appeal

Dubai has first-class infrastructure in every sense of the word. From a high quality of life making it a livable city attracting families, professionals, and young people who feel they can build their future here by exercising their ambition. There’s no doubt about it, Dubai is quite compelling, and that’s why it’s a magnet for entrepreneurs in Dubai from all walks of life.

The entrepreneurship ecosystem in Dubai right now has developed quite a bit. There are many startups, backed by an improving regulatory environment. From technology to banking and finance and everything in between, investment never stops pouring into Dubai, creating endless opportunities for those interested in how to become an entrepreneur in Dubai.

Beyond Dubai

It’s not just Dubai; even across the broader Middle Eastern region, from Jordan to Egypt, entrepreneurship is a focal point, and rightly so. The region is addressing the challenge of job creation. Considering Saudi Arabia’s vision for 2030, there is a huge discussion and immense strategic thinking around what is to be done post-oil.

The question is about creating alternative sources of income away from dependence on the oil and gas industry. Entrepreneurship and innovation in the technology space are being focused on today and it has set the stage for what is to come. This is where the real work started. Government assistance and an enabling environment have helped several companies scale up and become major players.

Shining Examples

Consider Careem, which has expanded across the region and into many countries. Another success story is Souq.com, which was acquired by Amazon. They’ve done so well that they’re now one of the largest companies in the tech space. This success will attract more competitors of Amazon, who will ask themselves, ‘Why is Amazon in the Middle East? There must be something happening here.’ So, it’s an exciting time for the region.

So what does it take?

Young entrepreneurs must know that it takes passion and grit to make it here. Once you have the idea that you want to build your business, everything else will fall into place. While it can seem complicated at first, you need to stick through it and build a team that can help you find your niche. It is all about differentiation and there are plenty of people that can support you. Once you know exactly what it is that you want and how you’re going to go about it, it can be done.

Many success stories in Dubai focused on problem-first, not product-first logic. In big companies today, it’s all about the products. If a product you have been using for years suddenly changes ever so slightly, it’s safe to say that a new brand manager has come onboard. They change the product, like taking the blue speckles out of Tide and turning them green, and then call it “new and improved.” This is not innovation. To make it in Dubai, you have to focus on problems.

However, one should take note that focusing on a problem should never be paired with broad-minded thinking about the target market. But the big-company wisdom doesn’t want narrow target markets; it wants big target markets, right? Because you’ve got to move the needle. Why would a big company mess around with something small?

When the founders of Nike discovered a problem, the potential solution for the problem turned out to have a very small target market. The founders who were both long distance runners realised that the shoes they were using were not meant for them. During the time, running shoes were designed with only sprinters in mind. Sprinters run around level track, whereas distance runners do not have this luxury.

From tracks that are off the beaten path to urban environments, distance runners encounter uneven surfaces, rocks, debris and so much more that gets in the way. Ultimately, they have to endure sprained ankles and even more painful splints on their shins. The solution was clear, they needed better shoes that are designed with the pain points of distance runners in mind.

Fast forward to today, and it’s clear that this line of thinking worked for Nike. First, they developed the skills needed to create shoes that only catered to this target audience. Then, they moved their manufacturing to Asia and exported them across the world. After a few athletes were given the chance to try their shoes, this led to several endorsements from John McEnroe to Micheal Jordan. Today, they are the undisputed leader in athletic footwear and so much more.

Things to keep in mind

The Middle East, and specifically Dubai, is becoming a hub not only for this region but for Sub-Saharan Africa and South Asia as well. Companies addressing challenges like financial inclusion and serving emerging markets are scaling up and becoming global players. Just look at what’s happening in India – our region isn’t far behind. If you consider the collective GDP of the Arab world, it’s larger than India’s, with 350 million people and a $2.5 trillion economy. Sure, there are challenges, but the opportunities are massive. As for the future outlook, it’s incredibly promising. Dubai is seeing a huge pipeline of early-stage opportunities across fintech, e-commerce, digital media, and B2B services, making it a hotbed for entrepreneurship in UAE.

How can SetHub help?

If you are an entrepreneur that has a vision in Dubai and you need some guidance on getting your feet on the ground here, SetHub is here to help. As the preferred business setup consultant in Dubai, SetHub has helped hundreds of entrepreneurs in Dubai establish their businesses in Dubai and the rest of the UAE. Reach out to us now and we’ll guide you through every step of the way. We know that every vision is unique, so we’ll come back to you with some tailored advice!