A golden era of entrepreneurship has been ushered in since last year, with India’s mature Fintech ecosystem, attracting UAE-based companies to tap into the country’s fintech strategy, experts said at a summit on Tuesday.
Companies presenting new models are already seeing traction on the back of the phenomenal India-UAE Comprehensive Economic Partnership Agreement (Cepa) signed last year.
Jointly organized by the International Business Linkage Forum (IBLF) and the Dubai International Chamber, one of the three chambers operating under the Dubai Chambers, the India-UAE Partnership Summit follows an increase in business interests between the two countries on the back of the Cepa agreement and announcement of golden visas in the UAE.
Speaking at the India-UAE Partnership Summit, currently taking place at the Dubai Chambers, Sunjay Sudhir, India’s ambassador to the UAE, said fintech is certainly one of those areas that is seeing a lot of investment…in startups.
“The target was $100 billion in five years (after the signing of Cepa). We have been about eight months and for this fiscal year we are already reaching about $88 billion. We have seen some landmark investments, including say a $2 billion investment by International Holding Company (IHC) Abu Dhabi into Adani energy and similar investments have been seen with Tata. Many of these investments are going into the futuristic sectors … into areas dealing with renewable energy, into technology and into startups. Ambassador said .
Throwing light on the UAE’s golden and green visas attracting talented individuals to the region, Mohammad Ali bin Rashed Lootah, President and CEO, Dubai Chambers, said India was the first country to sign such a bilateral trade agreement with the UAE and the nation is an integral part of the UAE economy with approximately 3.5 million Indian citizens living here.
“As the UAE and Dubai will demand top talent, it is a ripe market to meet the needs of the local labor market as well as attract entrepreneurs and visionaries in response,” he said.
“With this in mind, the recent change to new visas makes it easier than ever for Indians to live, work and do business here. With the Golden Visa and Green Visa for Entrepreneurs, it opens up new opportunities for everyone. Dubai Chamber is at the heart of this special partnership. By the end of 2022, our membership database reveals 83,000 members of Indian companies. Our mandate is to strengthen international relationships with strong markets like India, he said.
It was also revealed that today more than 30 percent of the startup community in Dubai is from India and one million jobs have been created by Indian firms and Non-Resident Indians (NRIs) in the Middle East including the UAE.
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