The term technology is derived from the Greek words "techne" and "logos," and it refers to a set of parameters that includes strategies, skills, procedures, and processes that are used to deliver products or services. With the development of the internet, the implementation and delivery process has become more flexible. By penetrating all possible industries, the emerging digital transformation has paved the way for a better lifestyle for humanity, with a global market value of around $5 trillion in 2019.
With the advancement of the internet, the implementation and delivery process has become more adaptable. By penetrating all possible industries, the emerging digital transformation has paved the way for a better life for humanity, with a global market value of around $5 trillion in 2019.
GLOBAL SITUATION
In today's world, one of the most important measures for businesses is innovation and agility. The tech industry has raised the bar for doing business by requiring every business entity to embark on a digital transformation journey to stay competitive. Enterprises have started to use emerging technologies such as Blockchain in 2019, according to predictions. The illustration is representative of the global IT industry.
UAE SCENARIO
In the MENA region, the United Arab Emirates is one of the most attractive markets for information technology. The government has launched smart city initiatives to make the process of establishing a company easier for both domestic and international investors. According to a report by the International Data Corporation, the smart city initiative is expected to generate $2.7 billion by 2022. Dubai serves as a focal point, and because it is easily accessible, it is the preferred location for IT entrepreneurs and investors.
PAST
When it comes to the IT industry, the UAE has stood out as an emerging business platform for the past 15 years. Every business sector, including retail, hospitals, healthcare, and food and beverage, has been focusing on enhancing its online presence to capture the global market. The nation made a strategic move in 1999 by establishing Dubai Internet City, which serves as a leading technology business hub, to boost the industry and establish Dubai as a well-known tech-ground. The year 2013 was a remarkable year for the UAE's IT market, which grew to around AED 15.8 billion in 2013 and crossed USD 17.2 billion by 2016.
PRESENT
With continued efforts, the UAE has become one of the most lucrative platforms for the IT industry. The government has taken several strategic steps to expand and attract more business to the region to increase revenue. Artificial intelligence and robotics, a technologically advanced move, are in high demand.
Moving forward, it can be said that the IT domain has been steadily increasing its level to capitalize on the industry's growth. In the technology sector, Dubai Internet City (DIC) has become a major contributor to the nation's GDP. 5
DUBAI INTERNET CITY
Dubai Internet City (DIC) is a major contributor to the IT industry in Dubai. The Dubai Internet City, which was founded in 2000 as a member of TECOM Investments, is a dynamic international community of IT companies that are developing various strategies to target several neighboring regions. It is the world's largest ICT cluster, offering a comprehensive ecosystem, infrastructure, and a welcoming environment to business investors, entrepreneurs, and Fortune 500 businesses seeking to excel in the IT industry. The DIC encompassed more than 1.5 million square feet of prime commercial office space, with over 1400 businesses employing over 10,000 people.
Microsoft, Oracle Corporation, HP, IBM, Dell, CISCO, Siemens, and other global tech giants have chosen the Free Zone as an investment ground due to the region's numerous advantages.
Core Activities Carried out in Dubai Internet City
The following are some of the main operations carried out in Dubai Internet City:
Software
Internet and Multimedia
Telecommunication and Network
IT Services
The following are the business activities that are related to the above-mentioned activities.
To start a business in DIC, the steps mentioned below are to be followed.
To the Free Zone Authority, submit a business license application, along with the proposed business plan and passport photocopies of all shareholders, employees, and directors.
The DIC Authority will review the application and send the applicant a provisional approval letter with a list of requested legal documents.
The applicant must approve the provisional approval letter, sign it, stamp it, and return it to DIC.
Within 15 working days of receiving the Provisional Approval Letter, submit all legal documents [different sets of legal documents are required depending on whether the applicant is a corporate body, a branch of a foreign or UAE corporation, or an individual].
DIC will review the legal documents, give the applicant a Customer Confirmation Letter, and inquire about the availability of the requested office space.
The DIC must receive a signed and stamped Customer Confirmation Letter from the applicant.
DIC will send an invoice for the initial payment after receiving the Customer Confirmation Letter (fee for license and registration and 34 percent rental of the total annual lease).
Following receipt of the initial payment, DIC will issue a Personnel Sponsorship Agreement as well as an office space Lease Agreement.
DIC will issue a trade license allowing the company to begin trading after receiving the signed and stamped Lease and Personnel Sponsorship Agreement.
Following the issuance of the trade license, DIC will issue an invoice for the outstanding lease rental amount, which will be paid in two installments (33 percent first instalment payable after four months from the initial payment date, and 33 percent second instalment payable after four months from the date of payment of the first instalment).
Dubai is a growing platform for aspiring entrepreneurs, working professionals, and industry professionals to establish their businesses. In 2018, the City of Gold received Dh 38.5 billion in foreign direct investment, a 41 percent increase over the previous year. In 2019, more than 6,700 business licenses were issued, making Dubai the best business ground in the world.
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