• Thursday, March 28, 2024
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Investors urged to harness global digitisation, empower startups, SMEs

Investors urged to harness global digitisation, empower startups, SMEs
The Annual Investment Meeting (AIM), a platform for Foreign Direct Investment (FDI), has kicked off in Dubai. On the sidelines of the meeting was the Future Cities Show, which witnessed the presence of H.E. Abdulla Alsaleh, undersecretary of Ministry of Economy along with President of Bolivia, Evo Morales, and President Muhammadu Buhari of Nigeria
Speaking at the opening ceremony, Adeeb Al-Afifi, director of the National Programme for SMEs and Projects, Ministry of Economy, says AIM Startup offers a great platform to business, entrepreneurs, banks and financial companies to network and connect with right individuals.
“AIM has started today under the theme – Harnessing Global Digitisation to Empower Start-ups and SMEs, and in partnership for National Program for SMEs and Projects as both are the fruits of innovative ideas that help in boosting the national economy.
This event is a great opportunity for startups and young companies to know more about investment opportunities and close them,” Adeeb Al-Afifi states. 
A 2018 survey conducted by Bayt.com and YouGov Siraj showed that 71 percent of respondents below 35 would want to become entrepreneurs compared with 58 percent of those aged 35 and up who said they would consider entrepreneurship.
Walid Farghal, director-general of Strategic Marketing and Exhibitions, organiser of AIM Startup, notes that the UAE was a fertile ground for startups against the backdrop of its steady economic development and numerous business incentives and support in line with Vision 2021.
The UAE’s economy is predicted to expand to 3.7 percent in 2019, as per the latest estimates of the International Monetary Fund, while the government continues to develop an entrepreneurial ecosystem conducive to startups.
“We have a number of young talents in the country who are eager and inclined to use their skills in establishing unique startups with significant socio-economic impact. AIM Startup is a platform to give them an international venue to meet and engage with investors, expand their networks, and learn and explore opportunities as they work to turn their dreams into a reality by starting their own businesses,” Farghal says.
At the AIM Startup event, young entrepreneurs from different parts of the world exhibited their innovations at while the Future Cities Show focused on five leading future city solutions, namely AI, blockchain, smart infrastructure, smart mobility, and sustainability. It also provided a platform to ensure that the latest technological projects had the opportunity to secure medium- to large-scale investments.
In addition to the UAE, the start-up scene in Saudi was a highlight of discussion on the first day of the event. Saudi is the most promising market in the region with a lot of scopes for startups and small business enterprises. Currently, there are 950,000 SMEs in the region and it is anticipated that SMEs contribute to around 35 percent of the GDP.
The global market for smart city information and communications technology (ICT) is forecasted to hit the $994.6-billion mark by 2023 from $476.7 billion in 2018, representing a compound annual growth rate (CAGR) of 15.8 percent, a report by BCC research showed.  The report attributed the exponential expansion to the rising number of smart cities worldwide in light of the rapid urbanisation rate, booming population, and calls for sustainable development.