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While many countries in the world are shifting to wind power, electric vehicles and solar technology, the Middle East remains rooted in the oil industry. Oil has always been a boon for the region, but the United Arab Emirates (UAE) is looking to take a new path and, potentially, change the world's perception of the country with it.
Technology Is Changing The World — For Better Or Worse
From the way we work to the way we purchase everyday items, technology has changed life as we know it. It is powering the world around us, allowing us to access places and information that would otherwise be out of reach. All you need is an internet connection and a laptop.
Technology, for example, has been crucial for creating jobs and positively developing urbanism in recent years. We're seeing this in terms of remote work and its impact on shaping developing cities and countries. It's becoming more common for freelancers and remote workers to live as expats in other countries, for example, where the cost of living is cheaper and where they can feed their desire to travel the world. At the same time, technology could help developing countries, which need jobs the most, enrich their labor force.
With new technologies come new skills to learn, more companies to contribute to the economy and new needs to fill. It could offer a path for developing countries and individuals to create more wealth or enriched lives. Naturally, we can find downsides of technology, and the concept of working is undergoing a renaissance. It's still unclear when this new direction will fully emerge and how it will ultimately reshape daily life.
How UAE Is Becoming A Global Tech Incubator
Even though the country has historically been lumped into the "oil country" category, the UAE is once again finding itself on a new frontier, shedding its image of an energy-focused country into one that's in tune with technology.
The reality of their region is that oil does play a big role in the economy. Since the country's founding 50 years ago on December 2nd, 1971, they've used oil to develop the country's infrastructure, its legislation and its people. It's helped them to build relationships with the outside world and develop ties with other industries, like manufacturing and tourism.
But now, the UAE has reached a point where it has so much more to offer. As a country, it's ready to adapt its image for the modern world. It has spent the last 50 years going through the basics of building a country and investing in its people, and focusing on technology as an industry will help them to achieve growth during the next 50 years.
The UAE has plans to become a leader in global technology, according to the country's recent announcement about its strategy for the next 50 years. They're focusing on a few strategic areas, including healthcare, renewable energies, big data and AI. That plan is already being put into motion.
Big data and AI play a big role in their economic plan right now. In fact, they have just become the first country to create and fill an artificial intelligence minister position. They have big aspirations within this space. Through these actions, they are changing perceptions by walking the walk.
The UAE is already making progress in becoming a candidate for a global tech hub. Though still in its infancy compared to long-developed hubs such as Silicon Valley, the UAE is working hard to become synonymous with cutting-edge innovation. As a whole, the country is on the frontier of so many new things in the Middle East, even though it's not the biggest country nor the most established country in the region.
Linkedin, for example, wrote in September: "Over the past year, UAE startups have continued to grow and secure venture capital, earning the highest share of investment in the region during the first half of 2021. Two UAE-based startups have announced plans to list on the Nasdaq this year."
A New Global Technology Hub?
The UAE provides a great example of how developing countries can benefit from the expansion of technology and be part of a bigger ecosystem. They have shown how supporting technology entrepreneurs and startups — that may only need a laptop and internet to create billion-dollar companies — can lead to amazing results in a short period of time.
Consider the Sharjah Research Technology and Innovation Park (SRTIP). The government-sponsored park was established in 2016 and is home to more than 240 companies, with projections to grow rapidly. It serves as the home base for numerous technology-rooted projects ranging in specialties, including agritech, photovoltaics, 3D construction, mass transit innovation, AR/VR experiential center and additive manufacturing.
SRTIP shines a light on numerous opportunities for developing countries to consider when attempting to create an effective technological ecosystem. Some of the ways they are doing this include: creating a physical center that can host entrepreneurs with shared or dedicated offices, sponsoring events that advocate the use of technology, offering government grants to startups and introducing startups to industry leaders in the UAE.
By believing in technology, the UAE shows how being dedicated and direct offers a roadmap for how to control and influence the ways technology will ultimately reshape daily life. Developing countries should look to this example to find new ways to create jobs and improve their citizens' lives.
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