Markets, innovations, and businesses in the UAE are on the rise! The nation has been working to achieve excellence in various fields and it shows in the recognition we have received from the global rankings. According to the 2022 Agility Emerging Markets Logistics Index, The UAE ranked 3rd most competitive emerging market out of 50 internationally. For business fundamentals, the UAE came on top. A country’s overall competitiveness is ranked based on its logistical strengths, business climate, and now, digital readiness.
UAE is considered to be an emerging market with numerous new industries taking off, ranging from small businesses to large corporations. This is seen by higher liquidity in local debt and stock markets, increased trade volume and foreign direct investment, and the home creation of contemporary financial and regulatory institutions. A developing country is crucially shifting to a modern, industrial economy with a greater quality of life.
The current trend in the UAE market is startups and small and medium businesses. Over the years, the UAE and particularly Dubai have become a hub for ideas and initiatives to be nurtured into established companies and brands. Small and medium businesses and startups now have the support and resources to grow to their full potential. As a result, they are now able to take part in events and programs that are tailored to help them gain knowledge about the business world. The Government of the UAE has aided in the structuring and funding of these businesses, directly or indirectly. Furthermore, because of these startups, many existing industries within the UAE have also been able to gain traction.
With the evolution of technology, startups and small to medium-sized firms have made significant contributions to the technology industry in the areas of artificial intelligence (AI), virtual reality (VR), and 3D innovation! It also helps that the government has been focused on presenting the nation as the Middle East’s technology capital and has shown promises of modifying rules to make IT innovation and investment simpler and more dependable.
The fintech industry is one worth mentioning. The rise of financial technology has been unstoppable since the start. Fintech is being adopted by a growing number of people and nations throughout the world. The industry’s products and services are growing rapidly. Fintech firms are making the financial system much easier and faster to use. Convenience, sustainability, and growing concern for health and cleanliness are driving the rapid rise of the fintech business.
According to an IBS Intelligence research, the UAE is home to over half of the region’s fintech firms. The major examples of the UAE’s financial services and fintech success are Abu Dhabi Global Market and Dubai International Financial Centre, two significant UAE financial free zones. According to the World Bank, it is the easiest place to do business in the Middle East and Africa.
In terms of growth, fintech is exceeding other financial sub-sectors globally. Business in fintech surged about 90% between 2020 and 2021, compared to roughly 80% in the next most active subsector, wealth management and private banking. As the financial services business expands, this more granular perspective demonstrates that fintech is at the forefront. The worldwide fintech sector is expected to develop at a rate of roughly 20% per year over the following four years, reaching a market value of $305 billion by 2025.
EdTech is another industry gaining momentum. It is a mix of “education” and “technology,” and it refers to hardware and software meant to improve student education outcomes by enhancing teacher-led learning in classrooms. The Middle East and Africa edtech and smart classroom market are expected to reach Dh26 billion by 2027, owing to the widespread use of edtech-focused products and solutions in classrooms throughout the region.
With the increase in distance learning, Edtech businesses are advancing their applications and platforms to help instructors and students relieve stress. Many provide low-cost or free textbooks to students in need, while others assist in making the online learning process as pleasant and efficient as possible. Coded Minds, Enuma, Kids Science, and Lingokids are a few examples.
Furthermore, another sector of the healthcare business is adopting innovative techniques in a much better way. One of the primary causes is the engagement and management of the regulatory authorities. Since its inception, UAE healthcare has undergone digital transformation. Among the early examples are the implementation of e-prescriptions and digital revenue cycle activities in Dubai. Artificial intelligence (AI) in radiology has reached a point of maturity and stability. Machines have many talents that humans do not, but also things that still require human touch and knowledge. When we mix these two, we eventually achieve collective intelligence and better results.
With the advancement of technology, it is now easy to obtain a doctor’s consultation. Because of apprehensions and concerns that accompanied Covid-19, healthcare has now made online consultation choices available for less severe situations that do not need extensive medical treatment. This is beneficial for a variety of reasons, due to the fact that there is no direct interaction between the doctor and the patient, this greatly benefits the disabled population. Those who cannot afford to travel or physically appear for an appointment can receive consultations for minor ailments from the comfort of their own homes.
Industry that is currently thriving and gaining excellent traction is the eCommerce industry in the UAE. The country has one of the rising internet consumption rates in the world, and one of the best areas to start an eCommerce business in Dubai. The largest B2C eCommerce market is in the United Arab Emirates (UAE). It is also an eCommerce leader in the GCC, catering to more than 60% of online buyers. Dubai’s excellent growth in the eCommerce industry, along with its superior eCommerce marketing tools, makes it a good place to do business online.
According to a survey, the UAE’s e-commerce sector is expected to grow 60% from 2021 to more than $8 billion by 2025, as customers throughout the region continue to migrate toward online purchasing.
Additionally, the print industry is also currently a highly significant element of the UAE market, and Humd understands how vital the print industry is to the survival of any organisation, which is why they are combining their industry knowledge with technology to develop a solution that will transform the way the print industry operates in the market in the long run! With the advent of markets in the UAE, humd aims to make use of this opportunity to assist the print industry.
With the help of technology and their collective experience within the print industry for over 20 years, Humd is working towards becoming GCC’s first printing marketplace. A marketplace that connects clients seeking to print and customise items with vendors around the UAE. They enable clients and offline suppliers to organize their orders while also giving them the ability to adopt a digital portal. This not only allows these businesses to reach a wider audience, but it also simplifies their job, allowing them to focus on what they do best: printing! With humd, the customers have nothing to worry about when it comes to printing, they may rest assured that their orders are taken care of from the initial design stage to the product delivery.