Dubai Businesses Thrive: Entrepreneurs Confident in Growth Despite Challenging Year

Founders of some of Dubai's most prominent businesses express strong confidence in expanding their companies within the emirate, even after a demanding start to the year. At the Dubai-it Awards on Wednesday, various entrepreneurs lauded Dubai as a hub for business expansion, noting that any economic slowdown due to regional instability has been counteracted by the emirate's inherent resilience and adaptability.

Renowned chef Izu Ani, who has spearheaded over 30 hospitality ventures including Gaia, Carine, and La Maison Ani, has extended his business operations to at least 10 countries. He highlighted Dubai's capacity to foster opportunities that empower individuals to realize their aspirations. "The tensions only affected me because of the environment I work in, hospitality, because it's also based on tourism," he shared with The National. "But to be honest, it never affected my belief in where I live. For me, this place is the best place to live in the world. A lot of people come to Dubai having a transit mentality, but then when you focus on saying 'no, I want to live here and leave something here' it gets recognised."

The Dubai-it Awards, held at Expo City, serve to recognize individuals and companies for their success in establishing businesses or executing significant projects within the emirate. This initiative was established under the direction of Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister, and Minister of Defence.

Strong growth despite initial slowdown

Payments platform Ziina experienced a dip in transactions of up to 20 percent earlier in the year but has since seen a robust recovery, with transaction volumes doubling and an increase in business participation. Faisal Toukan, co-founder and chief executive, told The National, "People feel they can come, build whatever their ambitions or desires are. They can achieve it here [in Dubai]." The company, which offers payment services to consumers and small businesses, is now onboarding approximately 450 new active businesses daily, a significant increase from the 150 to 200 daily additions a year ago. Mr. Toukan indicated that these figures underscore the growing number of entrepreneurs establishing businesses in the UAE, despite the year's challenges.

Charlie Wright, founder of the health and wellness company Humantra, also described this year as "the most challenging" of his career. Nevertheless, his business has continued to expand, with the team growing from around 10 employees to over 40. The company, founded in Dubai and now operating in international markets, was acknowledged for its growth in the electrolyte drinks sector. "I truly believe that more and more brands will be built here, will start here. We're seeing it now. Entrepreneurs still come into the region," he stated.

Having relocated to Dubai 13 years ago, Mr. Wright noted that the city has motivated him to work harder and think beyond his initial perceived limitations, though he acknowledged that "building businesses is the hardest thing in the world." He added, "I think people show you on social media this highlights reel of what life can look like – with fast cars and lots of money and stuff – but the reality of it is it's incredibly difficult."

For many of the Dubai-it Award recipients, the emirate has been fundamental to their success from the outset. Mr. Toukan cited the rapid pace of business development in Dubai as a primary draw for entrepreneurs. Having moved from Silicon Valley, he observed that Dubai encourages ambitious individuals to act swiftly. Five years later, his company has processed over $1.5 billion in payments and is broadening its services beyond money transfers. For Mr. Wright, who arrived in the emirate over a decade ago, receiving an award for a company he built in Dubai was an unforeseen achievement. "When I came here 13 years ago, I had no idea. I mean, if you told me I'd be stood in this room today, I would be laughing you out of the room." Chef Izu echoed a similar sentiment, emphasizing the particular significance of the recognition, having established his career in the UAE after moving from abroad.

Building on Dubai's success

Ahmed bin Sulayem, executive chairman and chief executive of Dubai Multi Commodities Centre (DMCC), highlighted that the emirate's progress has been fueled by a readiness to pursue concepts initially deemed unfeasible. He recalled the skepticism surrounding Dubai's ambitions to become a major gold and diamond trading hub over two decades ago, a time when the emirate was more recognized for its traditional gold souq and lacked the infrastructure of established diamond markets. Today, DMCC has emerged as a significant trading center and has diversified into new sectors, including technology, gaming, artificial intelligence, and financial services. Mr. bin Sulayem reported that DMCC is nearing 2,000 financial services companies and hosts over 4,000 businesses in technology-related fields. He concluded that Dubai's strategy has involved capitalizing on opportunities beyond traditional industries, thereby creating new environments for businesses to operate and expand. "We have a holistic ecosystem," he stated.