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Wednesday, February 28, 2024

UAE leads the way as a global tech hub


Kashif Ansari speaks at the event in Dubai.

Kashif Ansari speaks at the event in Dubai.

Inayat-ur-Rahman, business editor

The global economy is undergoing a major shift towards technology, and investors are turning to countries with a strong and stable technology infrastructure and a workforce ready for solid productivity, and it is clear that the UAE is in the driver’s seat. Kashif Ansari, co-founder and group CEO of Juwai IQI, the largest proptec group in Asia, revealed the news, and is also the operator of real estate super brands Juwai and IQI Global.

Ansari mentioned that Dubai has four competitive advantages such as the government’s focus on technology, a productive workforce, a strong technological infrastructure and a large presence of technology companies.

“These four advantages have greatly promoted the UAE’s ability to attract talent and foreign direct investment in the technology sector,” Ansari added.

He noted that he expects technology FDI in the UAE to be around $2.5-50 billion in the next 2-3 years.

“Investment areas in these seven areas include 5G, data warehouses, artificial intelligence, quantum computing, blockchain, robotics, cloud computing, and cybersecurity,” Ansari added.

“All of these industries hold significant value to investors and the global economy. Over the next 3-5 years, only technology-driven economies will be able to achieve higher GDP growth as digitization becomes a marker of economic development and progress.”

“The UAE is well positioned to achieve higher growth rates than many other countries.”

According to the latest report published by The Economist magazine in January 2023: The three countries of the Gulf Cooperation Council will drive growth in the next 3-5 years, namely Saudi Arabia, the United Arab Emirates and Qatar.This is predicated on a recovery in higher oil/gas prices, global investors shifting funds, investment inflows, strong domestic demand

Tech-driven workforce, banks are increasing headcount, investing in infrastructure

With Ansari’s expertise in the real estate market, he expects the Dubai real estate market to maintain its momentum, with more global sophisticated and smart investors committing their money and reaping handsome returns.


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