New Delhi: Abu Dhabi, the capital of the United Arab Emirates (UAE), is looking to woo Indian startups to set up their operations in the city as it seeks to position itself as a hub for technology and innovation.
The Abu Dhabi Investment Office (ADIO) has launched a new initiative called “HUB 71”, which is designed to attract startups and entrepreneurs from around the world to set up their operations in Abu Dhabi. Under this initiative, Indian startups will be offered attractive incentives such as 100% foreign ownership, 100% repatriation of capital and profits, and exemption from corporate and income taxes for up to 10 years.
The Indian startup ecosystem is one of the fastest-growing in the world, with over 40,000 startups and more than 600 incubators and accelerators. The government of India has also launched several initiatives to support the growth of startups in the country, such as the “Startup India” program, which provides funding and other support to entrepreneurs.
Abu Dhabi is hoping to tap into this growing market by offering Indian startups a favorable business environment and access to a range of resources and support services. The city already has a thriving tech and innovation ecosystem, with several major tech companies and startups already based there.
Some of the key benefits of setting up operations in Abu Dhabi include access to a large pool of talent, a supportive regulatory environment, and proximity to other major markets in the Middle East and beyond.
The move by Abu Dhabi to woo Indian startups is part of a wider trend of cities and regions around the world seeking to position themselves as hubs for technology and innovation. As more and more businesses move online and embrace digital technologies, the competition to attract startups and tech talent has intensified.
For Indian startups, the opportunity to set up operations in Abu Dhabi could provide a gateway to the Middle East and other global markets, as well as access to a range of resources and support services to help them grow and scale their businesses.