The Oasis of Innovation: Exploring Dubai's Business Landscape

Hi friends, 😄

I recently had the opportunity to visit the bustling city of Dubai on a business trip. The experience was insightful and filled with memorable moments. I am looking forward to sharing the details of my journey with you.

🛬 The Arrival: Dubai Airport and Emirates, A Class Apart

My journey began with a pleasant surprise as I landed at one of the best boarding gates of Dubai Airport, closest to the exit. Dubai Airport is unique, situated within a 7-hour flight radius of nearly two-thirds of the world's population, with flight connections to flight connections to major global hubs such as London, New York, Sydney, Beijing, Tokyo, making it a significant global hub. The airport itself is a marvel with three distinct terminals catering to different passenger groups. Terminal 3, dedicated to Emirates Airlines, is one of the world's largest buildings by floor space and boasts state-of-the-art facilities.

Speaking of Emirates, the pride and joy of Dubai, boasts an amazing origin story. Imagine this: back in 1985, they began their journey with just two leased aircraft. Fast forward to today, they command a magnificent fleet of over 270 aircraft, soaring to more than 150 destinations across six continents! This thrilling tale of rapid expansion is a testament to Dubai's audacious vision and relentless pursuit of growth.

🚖 On the Move: From Airport to Hotel

So, here’s something interesting. As soon as I stepped out of the airport, I called for an Uber. You won't believe this - Tesla Model 3s are super popular as Uber options here! They're usually the cheapest options too, under the 'Green' category. I don’t know if Uber or the Dubai government subsidizes these options, but it's clear that both the UAE and KSA are serious about going green and cutting their carbon emissions. I even asked my Uber driver if the government provides any financial incentives for using electric vehicles. All he said was that while there's no direct financial subsidy, the government strongly promotes the use of electric cars, which I think is fantastic.

And let me tell you about the highways in Dubai. They are enormous! Unlike Hong Kong where we usually have a maximum of 3 lanes per side, it's not uncommon to see a 5-6 lane highway in Dubai. It's really something else!

🍳 A Melting Pot of Cultures: The International Breakfast

So, Monday rolls around and it's time to head to the office and get to work. But first things first - breakfast. Now, I'm usually a get-in-get-out kind of breakfast guy, 10 minutes tops. But this time? It took me half an hour. Why, you ask? The options were insane!

I mean, they had everything. And I mean everything. We're talking traditional western oatmeal and omelettes, Chinese fried rice and congee, Arab labneh (that's thick yogurt, by the way), cheese, za'atar, which is a mix of herbs and spices, and khubz, their local bread. They even had Korean kimchis!

Now, I've grown up in Hong Kong, one of the most "international" cities in the world. But seeing all these food options in one place? I was blown away.

💻 The Work Life: A Peek into Dubai's Internet City

So, on the second day, I officially started my work at our Dubai office, which is located in the Internet City. You know, despite the wide roads, we got caught in traffic jams during peak hours. It's interesting because Dubai has nearly double the number of lanes compared to Hong Kong, and yet, the traffic jams are still there. From what I've observed, it seems like public transport isn't a popular choice among the residents here, leading to a lot more personal vehicles on the roads.

Dubai's Internet City, established in the late '90s, is an exciting facet of the city's strategic plan for economic growth. These 'Free Zones' were ingeniously designed to lure foreign investment and stimulate economic expansion. The perks? Companies operating within these zones enjoy a slew of benefits, including no personal income tax, no corporate tax, and the liberty to repatriate capital and profits.

In contrast to UAE's mainland, which strictly follows Islamic laws such as the prohibition of alcohol and certain limitations on business hours during Ramadan, the Free Zones offer greater flexibility. For instance, they permit alcohol consumption and do not impose restrictions on business operating hours. This freedom from traditional rules, coupled with benefits like tax exemptions and 100% foreign ownership, makes the Free Zones particularly attractive to foreign investors.

But the intrigue doesn't stop there. The establishment of Free Zones is a critical player in diversifying Dubai's economy. Traditionally, the UAE's economy was heavily reliant on oil exports. However, acknowledging the finite nature of oil reserves and the volatility of oil prices, Dubai has taken proactive steps to reduce its dependence on this resource. By crafting an alluring business environment for foreign companies, these Free Zones stimulate sectors such as logistics, commerce, and technology, thus widening the city's economic base.

As an interesting fact, the Free Zone operates on a commercial basis, kick-started with a bank loan from HSBC of $200M. It now hosts tech giants like Intel, Google, Microsoft, Facebook, Twitter, and local tech unicorns like Careem, Souq.com, and Media.net. This vibrant ecosystem stands as a testament to Dubai's visionary approach to business and economic growth.

🤝 Meeting the Service Vendors: An Experience at DIFC

You know, during my Dubai trip, I had a chance to meet some potential service vendors. They were based at DIFC, Dubai's financial hub. Surprisingly, most of the folks we met were Westerners and we had all our chats in English, this also shows how international this city is. Did you know DIFC was established back in 2004 and is now among the top 10 global finance centres? That's impressive, right?

In addition to that, Dubai is really making waves in the Web3 and crypto space. In fact, that's the main reason I was there - to give our client a hand with some chats with local service providers. With VARA on board as their local regulator and a bunch of exciting projects around stable coin and a crypto oasis, it's clear as day that Dubai is charging full steam ahead into the crypto economy. It's not just about embracing cool new tech, it's also a big part of how Dubai is mixing things up to diversify its economy.

🏙 The Master mind behind Dubai’s Miracle: Sheikh Mohammed bin Rashid Al Maktoum

A lot of what I witnessed and learned in Dubai can be attributed to one key figure - Mohammed bin Rashid Al Maktoum, or Sheikh Mohammed as he's often known. He's not only the Vice President and Prime Minister of the UAE, but also the ruler of the Emirate of Dubai. His vision and determination have been instrumental in shaping Dubai into the global city it is today.

I dove deep into the development stories of Dubai through this amazing book I read, "The Sheikh CEO: Lessons in leadership from Mohammed bin Rashid Al Maktoum" by Dr. Yasar Jarrar. It's a fantastic read that gives a great insight into Dubai's journey over the last 20 years.

One striking principle that Sheikh Mohammed put forward is "We are the business capital." This principle is fascinating because it highlights Dubai's focus on staying out of global politics and concentrating on business. This approach has really paid off, creating a prosperous environment that attracts investors and companies from all over the world.

Sheikh Mohammed also emphasized the importance of economic diversification. He recognized the risks of relying too heavily on a single sector, like oil, and pushed for initiatives to expand Dubai's economic base. This led to the development of the city's free zones, which are dedicated to specific industries and have attracted foreign investment, stimulating economic growth in sectors like logistics, commerce, and technology. This strategy of economic diversification has helped Dubai remain resilient in the face of global economic shifts and has laid the groundwork for its continued growth.

Honestly, learning about Dubai's transformation through Sheikh Mohammed's leadership in "The Sheikh CEO" has given me a whole new perspective on how Dubai has reached its current stage. It's an incredible story and a great read for anyone interested in understanding the city's development.

🎉 Wrapping Up: The Business Side and Beyond

Apart from the business side of Dubai, I also managed to experience some of the more touristy side of Dubai which I would be sharing with you guys in the upcoming episode. Stay tuned for more from my Dubai diaries!

Best,

Sherman