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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

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      • CES 2017
      • Election Results
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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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        • Agrofood
          • All
          • Agriculture
          • Environment
          • Food

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Dubai grows entrepreneurship through technology

              OBG

              August 2, 2016
              in Economy, IT & Telecom
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              A solid regulatory base, strong government support and rising demand from a young population are fueling Dubai’s efforts to foster technology-driven entrepreneurship.

              This push dovetails with the government’s Smart City initiative formally launched in March 2014, which looks to harness technology for social and economic development, particularly in key areas such as telecoms, tourism, utilities, education, buildings, public safety, transportation and health care.

              The UAE ranked 19th  – an increase of one spot from the previous year ¬– in the 2016 Global Entrepreneurship Index, which collects data on entrepreneurial attitudes and a country’s economic infrastructure.

              Smart start-up opportunities
              To help encourage the uptake of technology to achieve its Smart City goals, the government has developed a number of incubators to foster start-ups.

              In its first year of operations, the Dubai Technology Entrepreneur Centre (DTEC) – one of the largest incubators and co-working spaces in the region – attracted more than 500 start-ups from 62 countries.

              Since its launch in March 2015 DTEC has facilitated more than Dh50m ($13.6m) in investments for the start-ups operating under its umbrella, according to press reports, as well as offering mentorship through partnerships with tech companies such as SAP, Intel and Microsoft, among others.

              Recently, efforts were given a boost by a public-private partnership launched by the Dubai Chamber and IBM, which also falls under the emirate’s Smart City initiative.

              Unveiled in mid-May, DubaiStartupHub is an online platform hosted on IBM Cloud which connects tech start-ups, entrepreneurs, developers and venture capitalists to accelerate innovation, as well as economic development.

              With access to more than 2bn consumers in the region and beyond, Dubai is well placed to serve as a focal point for tech-based growth and development, according to Dubai Chamber’s senior vice-president of the institutional support sector, Essa Al Zaabi.

              Growth potential
              While there has been substantial growth so far, opportunities for start-ups still abound, with many moving into the travel and hospitality, food and retail sectors, according to Louis Lebbos, founding partner of tech hub and start-up facilitator AstroLabs.

              “There is a lot to do going forward. Dubai is on the global radar and is in a good position to consolidate companies and talent from the broader region,” Lebbos told OBG.

              Though the region’s tech sector is in an early development stage, Lebbos noted that Dubai has advantages over its neighbors due to its international openness and well-developed infrastructure and logistics network. Stakeholders also point to the established rule of law and the regulatory framework as a competitive advantage.

              “There are no issues in terms of regulation as the government is keen to develop the sector,” said Ulugbek Yuldashev, founder and managing director of Awok.com, a Dubai-based e-commerce platform. “Full regulation for the e-market is already in place.”

              Dubai’s generous tax scheme, which includes no income taxes for companies and individuals, free trade policies and special economic zones targeting particular industries are also a draw for entrepreneurs, according to local media reports.

              That said, the introduction of a value-added tax in 2018, as well as ongoing discussions regarding introducing income tax for companies, are likely to change the current tax situation in the coming years.

              Moreover, some zones – such as the Dubai Internet City and Dubai Media City – do not impose the same work visa requirements found elsewhere in Dubai, which enables freer movement of employees, a key benefit for international companies.

              Venture capital is also an expanding segment of Dubai’s burgeoning entrepreneurial sector.

              “Five years ago there was no venture capital sector at all in the region, just a few super angels. Today, there is between $1bn and $2bn available. Funding is really important and these ventures need to be equity-financed,” Dany Farha, CEO and managing partner at BECO Capital, told OBG.

              Despite the emirate’s advantages and the potential for strong returns, Dubai’s entrepreneurs need to take a long-term outlook, according to Omar Kassim, CEO of sales portal JadoPado.

              “E-commerce is a marathon and a long-term commitment,” Kassim told OBG. “You cannot get in, make money, and leave. We are still some way from explosive growth in the near term.”
              Oxford Business Group
              2 August

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