‘Next50’ formulates new vision to promote UAE’s private sector

Investopia, in partnership with EMIR, an emerging market research specialist, held the first meeting of the ‘Next50’ initiative, which aims to promote dialogue and knowledge sharing among leading companies in the UAE, and stimulate investment in emerging sectors in the private sector.

The meeting was held in the presence of Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of Investopia, Hadi Badri. CEO, Economic Development at Dubai Department of Economy, Dr Jean Fares, CEO of Investopia, and Trevor McFarlane, CEO of EMIR.

The Next50 initiative launched by Investopia in its third edition comes under the umbrella of Investopia Communities, which brings together 50 founders and CEOs of UAE companies in finance, construction, tourism, services and other sectors. Their combined revenues exceed tens of billions, which represent success stories achieved by the private sector.

The initiative provides them with a valuable platform to share experiences, explore opportunities for collaboration and partnerships, and review investment opportunities in new economy sectors in promising markets.

Bin Touq said that the Next50 initiative reflects Investopia’s commitment to supporting the private sector in accordance with the UAE government’s efforts to enhance the competitiveness of leading companies that have achieved considerable growth in the UAE market. This approach stems from the private sector’s key role in driving national economic growth, the need to provide an enabling environment for its success, and the strengthening of the business community’s capabilities in the light of the ‘We the UAE 2031’ vision.

He added that the ‘Next50’ initiative opens up new prospects for cooperation, fostering continued dialogue between investors; facilitating knowledge exchange, financing, stimulating capital flows, and expansion of partnerships at local and global levels. These objectives align with Investopia’s vision to encourage entrepreneurs to invest in new economic sectors, provide all growth enablers, explore promising investment opportunities, and to connect local businesses with their global counterparts.

Furthermore, the Minister of Economy reviewed the incentives and growth prospects that the UAE economy offers to the private sector including startups. The UAE has succeeded in developing a comprehensive, resilient, and competitive legislative system to foster an ideal economic climate. By doing so, the country has consolidated its position as a leading global economic, investment, and financial hub, which provides all ingredients for success to businesses, investors, and startups from all over the world.

According to a UNCTAD report, the UAE has the second-highest growth globally in the number of new foreign investment projects in 2023, with over 788,000 companies currently operating in the country.

The meeting discussed a range of topics aimed at enhancing the investment and business growth of the Next50 companies, including the formulation of a new vision to support their growth in the local and global markets, the promotion of communication and cooperation between the business community, local and federal economic bodies, banking institutions and investment funds, as well as facilitating their financing in local and international markets and supporting their active participation in ‘Investopia dialogues’.

Hadi Badri, CEO of the Dubai Economic Development Corporation, reviewed the Dubai Economic Agenda D33, which entails 100 transformational projects with ambitious economic targets that seek to double the size of Dubai’s economy by 2033 and consolidate its position among the top three economic cities in the world.

The meeting also discussed a range of mechanisms aimed at leveraging the UAE’s innovation landscape by supporting scientific research activities, enhancing the competitiveness of technology startups, efforts to facilitate business processes and eliminating all unnecessary bureaucracy. Fostering transparency within the business and investment environment, providing training programs for start-ups, as well as attracting and retaining talent and developing their skills are also key focus areas.

Through the ‘Next50’ initiative, Investopia, in collaboration with EMIR Research, will help accelerate the UAE economy’s growth by selecting the fastest-growing companies to join the initiative and supporting the growth of their operations. It seeks to provide channels for entrepreneurs to communicate with government and private institutions and governing bodies, facilitate access to funding through major investment funds, banks and family offices, and strengthen their presence within local and international markets.