Dubai Business Forum Concludes By Highlighting Dubai's Role In Creating Visionary Businesses

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“Dubai is a place where the future happens,” said Ted Souder, a former Senior Executive at Google, at one of the first sessions on the second day of the Dubai Business Forum, powered by Dubai Chambers.

Held under the theme Shifting Economic Power: Dubai and the Future of Global Trade, the two-day Dubai Business Forum was hosted under the patronage of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The event attracted over 2,000 delegates from all corners of the globe to discuss the future of business, international trade, and investment.

Another highlight of the second day was a panel discussion titled Investing in the Future of Prosperity, which featured Noor Sweid, Managing Partner at Global Ventures, Ronaldo Mouchawar, Vice President of Amazon Middle East and North Africa, and Kathy Xiaosi Gong, co-founder and CEO of Oneness Labs. The panelists discussed the need for the digitalization of companies, and also delved into the causes of the digital divide, while elaborating on possible solutions to bring about digital equity in businesses.

According to Sweid, disruption in fintech, agritech, and foodtech was already underway, and added, “Education can benefit immensely from digitalization and new technologies, and food security could be tackled efficiently with the help of artificial intelligence (AI) and other disruptive technologies such as blockchain and the metaverse.” For his part, Mouchawar cited the example of small businesses selling on Amazon, and how they can leverage AI to scale up in basic traditional commerce, adding. “Dubai offers a very conducive environment for growth, given its focus on new technology, innovation, and entrepreneurship,” he added.

A discussion featuring H.E. Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), and Brett Armitage, Chief Commercial Officer of Kerzner International. Source: Dubai Chambers

The morning sessions concluded with a conversation between H.E. Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), and Brett Armitage, Chief Commercial Officer of Kerzner International. In this discussion, Kazim and Armitage talked about the tourism sector’s role as an important revenue generator, noting how Dubai can serve as an example for economies around the world given its success in creating a sustainable tourism industry that has emerged as a powerhouse for its economy.

“Our aim is to become one of the top three most-visited destinations in the world,” Kazim said. “Dubai is a place for leisure, business, and health for people from around the world.” Meanwhile, Armitage emphasized the importance of maintaining a balance in the hospitality landscape, stating, “We don’t want everything to be five-star, we want diversity. We have launched four-star properties like Bab Al Shams, as well as five-star offerings like Atlantis the Palm.”

The second day’s afternoon sessions commenced with a TED-style talk from Daniel Susskind, a speaker and author on the future of work and visiting professor at King’s College London. Commenting on technology such as GPT-4 and its implications for the global workforce, Susskind said, “Education needs to be ongoing to help us adapt as humans and remain relevant. Tech can assist with this, as it enables greater flexibility and access to learning resources. But we also need to be more educationally adaptable to the roles and skills we may require in the future.”

Daniel Susskind, a speaker and author on the future of work and visiting professor at King’s College London. Source: Dubai Chambers

The next session was titled Buoyancy of Dubai Capital Markets: A Hotspot for Investors, with speakers including H.E. Hamed Ali, CEO of the Dubai Financial Market and CEO of Nasdaq Dubai, and Richad Soundardjee, CEO for UAE and Egypt at China International Capital Corporation (CICC). The panel pointed out that Dubai is an attractive market for investors as well as companies seeking to go public due to its resilient and robust economic ecosystem.

Ali stated that Dubai’s prominence as a capital market can be attributed to the Emirate’s success in unlocking its assets and maintaining two-way communication between markets and investors. “What we are building in this city is unique, and we are all building it together with partners from more than 200 nationalities,” Ali said. “We would like to tap into the very significant international opportunities in China and Africa. Dubai can provide visibility and scale to companies from these markets.”

Sharing similar sentiments, Soundardjee highlighted that strong interest from Asian investors in the region’s capital market has grown over time, with many Chinese investors viewing Dubai and the wider region as attractive options for expansion beyond their domestic markets. “The UAE is top of the list for Chinese investors owing to the dynamism and diversification of this market,” he said. “The region is becoming a platform for international expansion for many of our Asian clients.”

A session titled “Buoyancy of Dubai Capital Markets: A Hotspot for Investors” featured a discussion with H.E. Hamed Ali, CEO of the Dubai Financial Market and CEO of Nasdaq Dubai, and Richad Soundardjee, CEO for UAE and Egypt at China International Capital Corporation (CICC). Source: Dubai Chambers

In an insightful dialogue on the rise of deal activity driven by fintech consolidation, Jane Prokop, Executive Vice President for Small and Medium Enterprises at Mastercard, and Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services, explored the future of the fintech landscape and its challenges. Prokop identified SME-focused fintechs as driving the largest profit margin in the current climate, and said that delivering a compelling consumer experience is key to their success. “We can’t forget there is a human being on the end, and we are seeing demand for a greater focus on the end user,” Prokop said. “Institutions that can inspire trust among their customers are the likely winners in the current climate.”

Highlighting barriers facing SME fintechs, Al Ansari discussed the need to find a more effective way to tackle issues surrounding data privacy regulations. “I dream of a day where fintech becomes more innovative, easier to manoeuvre, and seamless, so it is as easy as drinking water,” he added. Both panelists also agreed that the evolving landscape will likely result in an increase in mergers and acquisitions within the market.

Jane Prokop, Executive Vice President for Small and Medium Enterprises at Mastercard, and Rashed Ali Al Ansari, Group CEO of Al Ansari Financial Services. Source: Dubai Chambers

The final session in the forum’s main arena featured an interview with Divyank Turakhia, founder of Media.net, who discussed how Dubai’s resilient business ecosystem has supported his successful journey as a serial entrepreneur. Sharing key learnings on how to capitalize on lucrative opportunities, Turakhia said, “Each business is different- some require more capital, some require less, and will eventually grow. It is extremely important to use capital efficiently. The UAE is unique in the region due to the ability of the leadership to continually pursue their visions. As a result, they achieve their goals in a timely manner, which is not easily accomplished otherwise.”

This article is from Entrepreneur.com