Arif Amiri

CEO, DIFC AUTHORITY

During 2021, there was a noticeable shift in optimism across the UAE, as one of the best vaccination programmes in the world rolled out, recovery came in oil production and we saw a rebound in tourism which has been supported by the successful start of Expo 2020 Dubai.

While analysts predicted the road to recovery will take a while globally, the UAE – and Dubai in particular – is quickly closing the gap owing to the country’s strong response to the pandemic. The International Monetary Fund expects the UAE economy to grow from 2.2 per cent in 2021 to 3 per cent in 2022. Average growth between 2022 and 2026 is expected to be 3.3 per cent, reinforced by the improved performance of the oil and non-oil economy, macroeconomic stimulating policies and the recovery of tourism.

DIFC performed extremely well during 2021 and continues to be a key contributor to the UAE’s economic growth and success. Amidst a global pandemic, DIFC achieved its 2024 Strategy growth targets three years ahead of schedule in the first half of 2021. The total number of active registered companies now stands at more than 3,300, reinforcing Dubai’s status as a leading global financial centre.

Dubai has an ambition to be a global hub for technology and innovation. DIFC is playing a significant role in delivering this ambition. Exponential growth in recent years has come from these kinds of businesses joining the centre. The DIFC Innovation Hub was inaugurated in 2021. As the region’s first ecosystem dedicated to bringing the fintech and innovation community together to shape the future of finance and the economy, it has been so successful that we are quadrupling the size of the hub to 315,000 sq ft in the coming years. Over 400 technology and innovation firms, ranging from startups to global unicorns, now call DIFC home – that’s more than 60 per cent of all those in the GCC.

In the year ahead, DIFC will focus on creating a thriving business environment that will support entrepreneurship, ultimately driving the future economy. Fortunately, critical enablers for innovation including investment in research and development, supportive policy and legal frameworks, and measures to attract foreign investment are present in the UAE and are high on the list in our economic strategy.

Over the years, we have introduced and amended laws and regulations to support DIFC as a global business and innovation hub, which has attracted a number of global firms to the centre, where they can easily do business. Not only has this laid a solid foundation for DIFC’s growth in 2022, it also helps Dubai become a global hub for technology and innovation.

We recognise the massive potential and impact of innovations pioneered by the finance industry crossing over into other applications. Innovation has become fundamental to our survival, sustainability and growth – and our region presents compelling opportunities for innovation companies, both homegrown and those looking at international expansion. We see the waves of disruption accelerating, and we expect them to continue to dramatically transform our lives while creating trillions of dollars’ worth of new industries across the world and here in the region.

DIFC will capitalise on the immense opportunities in emerging financial segments and enabling technologies. These will deliver significant job creation and economic benefits in line with our vision to drive the future of finance. We will also continue to strengthen UAE competitiveness through inter-regulatory collaboration with the UAE Central Bank and other industry partners to drive the digitisation of the industry, shape the future of open finance and adoption of common standards for enabling technologies.

The future for finance is exciting. The future of finance is happening here and now.

Dubai has an ambition to be a global hub for technology and innovation. DIFC is playing a significant role in delivering this ambition”

If I had to describe 2021 with just a few words, I would have to call it “the comeback year”. After a tumultuous 2020, the global economy began its gradual return to normal – albeit a new normal. We are far from out of the woods, but we have seen airports, hospitality establishments, offices and everything in between slowly go back to welcoming visitors and workers on their premises.

While 2020 undoubtedly brought an unprecedented set of challenges, we, at Sharjah Media City (Shams) still managed to buck the trend and register a notable growth in the number of registered companies compared to 2019. Things looked up even more in 2021, where we recorded substantial growth in the number of registered companies in the first half of the year, compared to the same period in 2020. We have been busy on the initiatives front as well. In 2021, Shams premiered the 218 film project – the first crowdsourced film in the Arab world, and the first of many productions under our ambitious ‘UAE Entertainment Experience’ initiative, which was designed to develop the film industry infrastructure in the emirate. Ultimately, our goal is to establish a dynamic filmmaking industry that reflects the realities of Emirati and Arab societies, empowering a new generation of bold and innovative filmmakers.

Another major milestone that stood out for us in 2021 was the launch of Shams Talks, an interactive digital initiative that seeks to support entrepreneurs and embed the media sector deep into the integrated economic system both in Sharjah and the UAE. The series tackles important topics with knowledgeable experts and stakeholders; each episode ends with useful takeaways that can be implemented to enhance the business environment, develop media practices and bring them into the 21st century, upskill human resources and entrepreneurs, and explore international success stories and best practices.

Sharjah Media City has also brought the renowned Connected Circles initiative to the Middle East. The Amsterdam-based scale-up is a leader in data analytics on LinkedIn for employee advocacy and thought leadership with much to offer the region.

While 2021 was “the comeback year” in every sense of the word, it was far from being the end of the line. The world is now setting its sights on “building back better”, as the United Nations has put it. As the world edges closer and closer towards normalcy, the year 2022 looks likely to be a year of “returning to growth”. Nations on every side of the planet will be working to recuperate the losses incurred during the past two years, but also looking forward to progression on all fronts that include development of talent and enriching the media scene.

This gives us an advantage here at Shams, given that we enjoyed growth in the number of registered companies even in the midst of the pandemic. Things can only improve from here, and we can confidently say that in the year ahead, the only way to go is up.

We have been busy on the initiatives front as well. In 2021, Shams premiered the 218 film project – the first crowdsourced film in the Arab world, and the first of many productions under our ambitious ‘UAE Entertainment Experience’ initiative, which was designed to develop the film industry infrastructure in the emirate”