The UAE has evolved into an ideal launchpad for entrepreneurs and as it stands, there are currently around 4000 startups in the UAE. It is renowned as one of the leading hubs in the world for business, investment and innovation, and a key driver of entrepreneurial activity in the Middle East.
Its progressive economy, efficient digital infrastructure, close proximity to the rest of the world, and of course friendly tax structures has made the UAE an incredibly attractive destination for entrepreneurs and aspiring startups.
Through its efforts to transition from an oil-based economy to a knowledge-based one, the UAE, and in particular Dubai, has become synonymous as a global center for innovation and growth, especially for expat entrepreneurs.
The emergence in recent years of VCs which are focused specifically on the startup space is helping to fuel the growth of the sector across the region. And it’s very much a two-way street, as larger businesses see the benefits of partnering with startups as a way to access fresh, innovative ideas.
The country’s agile legal framework allows it to constantly evolve to meet or exceed international standards, making it one of the most appealing places in the world to invest.
Not to mention the array of future-focused digital strategies by the UAE’s visionary leadership, such as Vision 2040 and Operation 300 billion, which continue to revolutionise the business and economic landscape.
As it continues embracing new technologies and promoting public-private partnerships, the country will continue to unlock more opportunities for investors and ambitious entrepreneurs.
Sustainable responsibility of entrepreneurs
With entrepreneurship comes responsibility; the responsibility of running and growing a business, the responsibility of securing employees, and very importantly, the responsibility of leaving the world in a better place.
It has never been more critical for business leaders and stakeholders to adhere to common sense ESG initiatives. There is a growing sustainability movement in the country. In fact, in 2021, the annual Arab Youth Survey found that more than half of young Arabs are prepared to boycott brands that damage the environment.
On a government level, the UAE has taken the lead in the Middle East by pledging to achieve net-zero carbon emissions by 2050. Saudi Arabia and Bahrain also have committed to going Net Zero by 2060.
However, from a business perspective, currently, two-thirds of the UAE and KSA businesses have no ESG framework in place. In the UAE, specifically, 39 per cent of businesses said their company had an ESG policy in place, while the same percentage said they were developing one.
The UAE is renowned for its delivery service offerings, from food to laundry and even at-home spas; there is virtually nothing we cannot have brought directly to us from the quick touch of an app. But at what cost to our environment?
At Laundryheap, we decided to take matters in our own hands and rebranded in 2021 to underpin our commitment to sustainable practices. We have successfully introduced e-bikes to deliver orders so we can reduce our carbon footprint, in line with UAE’s vision to reach net zero emissions.
As an entrepreneur, I believe every business has the power to build a greener world for its customers. We aim to streamline our efforts towards doing so while ensuring high-quality, trustworthy, and efficient service to our new and existing customers.
At the end of the day, the most successful companies over the long term will be responsible, ethical and sustainable – and those who will bring in that change are the entrepreneurs of today and tomorrow.
Mayur Bommai, Co-Founder & Chief of Logistics, Laundryheap
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