With the post-oil era looming, the UAE is preparing to diversify into a sustainable and innovation-driven economy. The region has recently launched a UAE Strategy for the Fourth Industrial Revolution and established a Ministry for Artificial Intelligence, positioning itself to attract direct foreign investment in its advanced technologies sector.
In recent years, Dubai has also made impressive advances in the development of its specialized industries including aviation, mining, military, renewable energy, and the communication technology sector.
The Future District Fund
Dubai recently unveiled its Future District Fund, a $272.3 million package designed to support the region’s technology companies and promote the listing of these businesses on the emirate’s stock market.
The aim of the fund is to support Dubai’s digital economy and develop future economic sectors (such as proptech), which property professionals such as Ryan Mahoney of Dubai, UAE, know is likely to fundamentally change the landscape of the real estate industry.
The Home of the New Economy
As part of the development of the Future District, the Dubai World Trade Center, Emirates Towers, and Dubai International Finance Centre will become directly connected via a bridge. This will make the area the largest district in the Middle East that is dedicated to promoting and developing the new economy.
The Fourth Industrial Revolution
The mass optimization of production had a direct impact across the previous three industrial revolutions: steam, electricity, and electronics. The fourth industrial revolution will center on new technologies, such as cloud computing, blockchain, artificial intelligence, and the Internet of Things (IoT). Digitization is likely to impact all sectors, from healthcare and education to finance, food, and energy, generating improved production processes.
Since the UAE was established in 1971, it has sought to develop an advanced industrial and technological sector. In terms of the former, the UAE has become the model that developing countries look to in terms of advancing their own industrial sectors.
Building a Community
The CEO of the Dubai Future District Fund, Khalfan Belhoul, has spoken about how the fund will help to bring about an interactive platform that will link government and investment agencies with start-ups, entrepreneurs, and innovators. Using the facilities, finance options and initiatives offered by the fund, it is hoped that some of the most promising emerging sectors will be developed and their contribution to the overall economy of Dubai enhanced.
For more information about the Dubai Future District Fund, take a look at the embedded PDF.