Ryan Mahoney (Dubai, UAE) has extensive experience of Dubai’s real estate market. He is the CEO and owner of CenCorp, a conglomerate of property-related businesses, as well as serving as CEO of Better Homes. This article will look at how Dubai and the wider UAE is investing in advanced technology to futureproof the economy.
As the UAE prepares to enter a new post-oil era, it is diversifying its economy by embracing sustainable innovation. During the pandemic, with people all over the world confined to their homes in their millions, the virtual world gained traction as a safe haven where visitors did not need to wear masks or stay socially distanced, free from the invisible threat lurking in the real world.
One of the most important lessons the pandemic drove home was that communication is essential to human wellbeing and survival. For humanity to prosper, this new reality requires communication with each other, with devices, and even between devices.
The COVID-19 pandemic forced humankind to take a bold leap into the future. Over the last two years, unprecedented progress has been made, paving the way for a fully-fledged industrial revolution capable of reshaping the global economy.
With an ever-growing population of remote workers around the world, society’s hope resides in digital devices and machines capable of transmitting people’s thoughts and emotions via cables and networks to loved ones and colleagues near and far. This will further be cemented as the next generation continues to have their personalities molded virtually via distance learning and other digital interactions.
In 2021, Dubai’s government committed $272 million to the Future District Fund, an initiative created with the aim of attracting more tech company listings, including establishing 1,000 digital companies over the next five years.
Today, Dubai enjoys a global reputation as the trading and commercial hub of the Middle East. Seeking to capitalize on the IPO rush that is currently sweeping the MENA region, Dubai aims to establish 10 state-owned entitles as part of a broader government strategy to double the size of its financial market.
The Future District Fund was established to support emerging start-ups in the tech sector, encouraging successful digital companies to list on the Dubai Financial Market. Having established itself as an ‘evergreen venture capital fund’ anchored by the Dubai Future Foundation and the Dubai International Finance Centre, the Future District Fund aims to put half of its investments in start-ups, with the other half going to venture capital funds with a local focus.
The Future District Fund’s ultimate objective is to support the UAE’s digital economy, leveraging the latest technology to develop the country’s future economic landscape.
