Dubai is helping tech start-ups to script global victory stories, Crown Prince says

Dubai’s radiant entrepreneurial ecosystem is enabling technology start-ups to script global success tales, according to the emirate's Crown Prince, Sheikh Hamdan bin Mohammed.

Sheikh Hamdan made the remarks following a ending up in Pavel Durov, the principle executive and founder of Dubai-based instant messaging firm Telegram.

“Dubai’s ability to give a productive, growth-oriented environment for technology start-ups is validated by the fact that most the world’s most enjoyable and successful digital firms like Telegram have chosen to perform their ventures from the emirate,” Sheikh Hamdan said. “We continue steadily to welcome great skill and suggestions to Dubai, which offers a nurturing ecosystem for their development.”

Telegram, that provides cloud-based quick messaging and VoIP services is valued at a lot more than $20 billion. It is expected to possess one billion dynamic users monthly by 2022 from 570 million users currently, according to a declaration by the Dubai Media business office on Saturday. The business's popularity, like that of competitor Transmission, has soared in new weeks after users expressed personal privacy concerns about Facebook-owned WhatsApp's adjustments to its service conditions.

“The start-up ecosystem, advanced infrastructure and business-friendly legislation made available from Dubai has made it a hub for talent and entrepreneurs aspiring to go global from all over the world,” Mr Durov said.

Telegram is among numerous successful technology ventures to have developed in Dubai recently. Others include Ride hailing company Careem, which was obtained by Uber for $3.1bn last year and e-commerce organization Souq.com, that was bought by Amazon for $580 million in 2017.

The emirate can be home to Press.net, one of the world’s major ad tech companies, Wrappup, the developer of an AI-based productivity iphone app acquired by US tech company Voicera, and Emerging Market segments Property Group - the mother or father company in back of the Bayut and Dubizzle portals.

The UAE has been ranked first in your community and fourth globally in the latest Global Entrepreneurship Index, outperforming key global economies like the US, the UK, Australia, some EU countries, China, Japan and South Korea.

The UAE also located second in an index of national governments' response to Covid-19 and its own affect on the entrepreneurial sector, based on the Ministry of Economy.