Expat-owned start-up businesses thrive in UAE
Dubai, October 28, 2012
Start-up businesses owned and operated by expatriates in the UAE are thriving, with all five finalists in the RSA Start-up Business of the Year category of the Gulf Capital SMEinfo Awards headed up by non-nationals.
Content Syndicate, The Brain & Learning Centre, E-Walls Studio, Saluki Media, and MyOffice have been shortlisted, with the winner to be announced at the Gulf Capital SMEinfo Awards ceremony next month.
These businesses have posted a combined turnover of close to Dh3.5 million, a healthy indication that despite difficulty in securing funding and facing other challenges, expat start-ups in the UAE are flourishing.
“We included the RSA Start-up Business of the Year Award precisely to recognise the challenges faced by entrepreneurs starting businesses in the UAE and succeeding in this highly competitive market,” said Becky Crayman, Head of Awards, Gulf Capital SMEinfo Awards.
As of the latest data provided by Dubai’s Department of Economic Development (DED), the number of trade licenses issued in July this year reached 1,426 – an increase of 9 per cent over the same period last year. This followed a hefty 17 per cent increase in the number of trade licenses in Q2 this year, indicating a higher level of commercial interest among start-ups and investors in Dubai.
The RSA Start-up Business of the Year Award will recognise the UAE-based start-up business that has demonstrated how it has created and is delivering its company vision and mission; as well as how its business concept, services and products have been developed, said a statement.
“RSA Insurance supports the growth of the UAE business community in general and is happy to help encourage the growth of entrepreneurship to boost commercial activities in the Emirates. We sincerely believe that our sponsorship of the RSA Start-up Business of the Year Award will help inspire entrepreneurs to get started with their own small businesses,” said Chris Dooley, CEO, RSA Insurance UAE & Bahrain. – TradeArabia News Service