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06 June 2023

Dubai's potential for entrepreneurs

By Joseph George

Dubai offers enormous potential for entrepreneurs. And the government has set the tone by being innovative, according to Arif Naqvi, Founder and Chief Executive of The Abraaj Group.

“This is not an emerging market, rather a growth market. By 2020, there will be three billion smartphones in this market,” he forecasts.

Speaking of disruptions, he said, “New industries are being developed that changes the rules of the game, so it’s important that intermediaries are removed.”

He suggested that the government allow private industry to participate. “Leave it to corporates. Let youth flourish. Allow technology to play a much greater role,” he urged.

“Unicorns are not created from space. They are created and provided the necessary conditions for growth and that is exactly what Dubai is doing. Dubai provides enormous potential for entrepreneurship,” Naqvi said.

“Freedom of intellect should be allowed so that all of us can pursue goals on a level-playing field,” he added.

This country is a great example for the region to follow and for other markets to follow, he said.