Dubai to see fast-growing tech companies in five years

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Dubai to see fast-growing tech companies in five years
Dubai to see fast-growing tech companies in five years

There were two types of tech companies, the first being those that had already been through a development curve and are producing high growth rates, and the second being those that continue to incur losses

Within the next five years, more and more growing tech companies will list in Dubai as the emirate puts in place a rigorous process to make sure there is a solid case for IPOs in the sector, according to the chairman of the Dubai Financial Market.

There was a lot of pre-IPO interest in the sector and that within five years more and more of them would start to list in the emirate, matching trends within the MENA region and the rest of the world, said Helal Saeed Al Marri while speaking at EFG Hermes One on One Conference held on Monday in Dubai.

There were two types of tech companies, the first being those that had already been through a development curve and are producing high growth rates, and the second being those that continue to incur losses, said Al Marri, who is also the director general of Dubai Economy and Tourism.

“My view is that the markets here, or investors here are not as excited about the second one,” he said.

“We’re still going through that process. Companies that do want to list, there will be a more rigorous process to make sure there is a solid case for that.”

Record year for Dubai tourism

Asked if Dubai was on track to meet its tourism targets, which include attracting 25 million tourists in 2025, Al Marri said: “On track is a big word, considering we have just had COVID-19,” but added that tourists are staying longer than previously and spending more in the emirate as markets globally continue to open post-pandemic.

“As China opens up, as other markets that have opened open more fully, we are expecting to see continuous growth. Look at just short term, this year, it should be a record year for us, a record last quarter.”

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