Dubai consolidates its position as a preferred hub for high-tech companies
Since Dubai Internet City (DIC) was established in 2000 in Dubai, the Emirates has become one of the world's preferred destinations for new economy companies. Recently, a number of high-growth, value-added companies, which have recently enabled new technology, have chosen DIC to establish their regional operations.
The latest company to set up shop in Dubai is US content delivery network and DDos mitigation company Cloudflare. Earlier this week, Cloudflare announced Dubai as its new headquarters in the Middle East region to support its growing EMEA operations. The main objective of the new office is to provide a base to support Cloudflare's team in the region and Turkey. The Dubai-based team is tasked with helping the company increase brand awareness, acquire and support customers and recruit new talent.
Dubai's booming talent pipeline and technological innovation has helped the emirate quickly position itself as a hub for new-age companies, including established multinationals and start-ups. Ammar al-Malik, CEO of DIC, welcomed Cloudflare to the community of companies located in DIC and pledged to offer the company its enabling platform. "Several industries have undergone rapid digital transformations and have witnessed increased cloud adoption. This calls for a secure and reliable digital infrastructure, given the potential opportunities. Cybersecurity is critical to the technology sector, with the global cybersecurity market poised to reach a value of $317 billion by 2027, according to Mordor Intelligence," he said.
Cybersecurity company Cloudfare, dedicated to protecting internet properties from malicious attacks, has data centres in 270 cities and 100 countries around the world, including 27 data centres located in the Middle East region and Turkey. From its new headquarters in Dubai, Cloudflare will prioritise launching new data centres, increasing market share by building partnerships and expanding its customer base, as well as helping the local team manage business growth and provide better service to customers.
Earlier in May, Sheikh Mohammed bin Rashid al-Maktoum, Vice President, Prime Minister and Ruler of Dubai, took the lead in forming a senior committee to establish the Dubai Metaverse Strategy, a plan dedicated to enhancing the country's position as a global technology hub.
The senior committee, chaired by Sheikh Hamdan bin Mohamed bin Rashid bin Rashid al-Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, will oversee the emirate's successful development in the technology sector, as well as review the nation's progress in the digital economy. Thanks to the innovative services and the regulatory and legislative framework presented by the Dubai Metaverse Strategy, the emirate will enhance its status as the best city in the virtual space. To further improve the legislative environment, the emirate passed a new Virtual Assets Regulation Law in March to ensure investor protection and transparency.
Over the past year, Dubai issued more than 72,000 new trading licences, a growth of almost 70% compared to 2020. This reaffirms Dubai's position as a global business hub and reinforces its position as a successful model for business sector recovery.