Dubai is reportedly targeting Chinese companies to set up their base of operations in the country's dedication innovation zone. The innovation zone, called District 2020, is being touted by the country as a potentially key strategic area that can help China achieve its Belt and Road initiative.
Developers of District 2020, which will be the site of the sixth-month long Expo 2020 Dubai event next year, are looking to attract Chinese businesses to establish their operations in the area. The companies that are being targeted are those than can fit into the zone's technology-driven innovation system and those that can leverage the prime location as a springboard for their overseas expansion.
District 2020 is located in the cosmopolitan Middle Eastern city. It is meant to the venue for the 2020 World Expo. The privilege to host the event was awarded to Dubai by the Bureau International des Expositions general assembly in 2013.
Legacy Development and District 2020 vice-president, Nadimeh Mehra, mentioned in a statement that China and the UAE already have a long- and fruitful history of economic collaboration. For this reason, the the country is eager to offer its District 2020 platform to help Chinese companies achieve further international growth.
The vision for District 2020 is to become a platform that supports the continued development of the country's innovation and knowledge. The the area will primarily be focusing on supporting key growth industries, including advanced technologies, tourism, logistics, construction, and education.
Mehra stated that Chinese companies are already global leaders in the aforementioned key industries, which means that they are already a perfect fit for District 2020. Mehra mentioned that Chinese firms already are at the forefront of key industries such as artificial intelligence and telecommunications networks.
However, Mehra did clarify that the potential companies that can call the innovation zone their home is not limited to just tech companies but can also include other industries such as real estate and hospitality sectors.
To attract potential investors to the new innovation hub, Dubai is rolling out a number of incentives. This will include the granting of preferential policies such as zero corporate and personal tax and the provision of established digital infrastructure.
District 2020 had also launched a new entrepreneur program called the Scale2Dubai program, where startups and smaller businesses will be given the opportunity to scale up their operations to tap into the Middle Eastern and North African markets. Eligible applicants to the the program will be able to enjoy perks such as two years of subsidized urban living, two-year entrepreneur visas, and free business setup.
