The bustling city of Dubai is quickly becoming the go-to destination for business and tourism in the Middle East. Expert Farnoush Farsiar believes that with its rapidly growing economy, business-friendly tax system, and world-class infrastructure and facilities, it’s no wonder companies, both large and small, are flocking to set up shop in this desert oasis.

From visionary business leaders to trailblazing technological strides, Dubai is quickly becoming the hub of business innovation in the Middle East. With fast-paced advancements and world-class infrastructure supporting ambitious moves, companies can take advantage of incentives and highly sought-after training programs.

Join expert Farnoush Farsiar to learn how this ambitious emirate has become the favoured destination for businesses looking to gain a competitive edge. Discover why Dubai is paving the way for cutting-edge success in the region.

How through Innovation, Dubai has become the Business Trailblazer of the Middle East

If you have ever thought about doing business in the Middle East, you have probably heard about Dubai. This bustling city-state has rapidly become the hub for everything from tech start-ups to financial institutions. But what makes it so special? Here are three reasons why Dubai is becoming a trailblazer in the Middle East:

Thriving Tourism Sector

Dubai is emerging as the new business leader in the Middle East. Its thriving tourism sector has been an important factor in this growth. Farnoush Farsiar says, “Dubai has become a hot spot for business travelers, with more than 14 million visitors every year since 2015. This influx of tourism dollars has helped the city-state to drive its economy and create a strong business-friendly environment.”

It has been projected that by 2028, the travel and tourism industry will contribute significantly to the UAE’s GDP. Around 280.6 billion United Arab Emirati dirhams. It will also account for nearly 400 thousand employment opportunities.

And the country has already made a name for itself as a premier tourist destination in the Middle East region. Prior to the Covid-19 outbreak, more than 25 million international tourists had visited Dubai in 2019 alone.

This is partly due to its luxurious facilities, such as 5-star hotels, upscale buildings, resorts, and other attractions. These make up a large share of the Gulf Cooperation Council (GCC) region’s luxury hotel supply at 35 percent. “You can already see that the tourism industry is driving a lot of growth in Dubai,” says Farsiar.

She adds, “Dubai’s bustling tourism industry not only provides ample job opportunities. It also opens up many avenues of income generation for small businesses within the city. At the same time, it also boosts its overall economy.”

Numerous amenities catering to all people, such as shopping malls and world-class amusement parks, add to Dubai’s charm. These are what make it one of the most sought-after tourist destinations today.

Strong Finance Sector

According to Farnoush Farsiar, the strong finance sector has been another key driving force for the business boom in Dubai. She explains that “the city’s important financial institutions provide women with the means and tools to survive in new and innovative industries.”

Institutions such as the Dubai International Financial Centre (DIFC) have helped to create the entrepreneurial hub. Their support has allowed more opportunities for local and international businesses to flourish.

This is especially true when it comes to female entrepreneurs. It is an area in which Dubai is widely praised for its advancements. The oil industry has also played a significant role in developing Dubai’s vast economy.

Despite its reliance on petroleum, UAE’s efforts in diversifying its economy over time have been incredibly successful. It has become a desirable destination for foreign investors thanks to various incentives such as zero-tax laws. These allow companies to save money on operations and investments.

Also worth mentioning is the President of the UAE, His Highness Sheikh Khalifa bin Zayed Al Nahyan decision in 2020. He issued a decree to revise the existing foreign ownership rules for commercial companies completely.

This was per the nation’s efforts to draw more international investment, facilitate business activities, and open their economy to be accessible to all nationalities. The new policy annuls the need for an Emirati primary shareholder or representative for onshore companies.

This allows for full possession by overseas entities. Farnoush Farsiar says, “This legislative change has enabled the attraction of more capital investments from abroad. This can help stimulate economic activity and enhance job opportunities within its boundaries.”

She adds, “Furthermore, businesses are now granted increased autonomy over decision-making processes. They no longer need to comply with stringent regulations related to foreign ownership.”

Booming Real Estate Sector

Not only does Dubai have world-class infrastructure and an ever-growing number of multinational companies. It also boasts the tax-free benefit of living and working in Dubai, making it a perfect setting for entrepreneurs.

As Farnoush Farsiar states, “The power of ideas, innovation, and investment will continue to be seen in Dubai’s exponential growth.” The UAE does not impose taxes on property owners.

This is one of the reasons why investing in property has become increasingly attractive to people from around the world. However, one must pay a property transfer fee when buying or selling a property. The fee is usually 4%, split equally between the buyer and seller.

Dubai’s real estate sector has seen remarkable growth over recent years. Many developers offer exciting projects making it attractive to investors looking to capitalize on fast returns.

With major government initiatives in effect, investments are becoming more secure than ever before. This is largely due to improved infrastructure directly benefiting local communities with jobs, better housing options, and increased economic stability. “I can say for sure that Dubai is a key leader in the real estate sector, with 2023 representing an opportunity for investments to soar,” Farnoush Farsiar said.

The amazing ultramodern culture in Dubai also proves that this city is constantly pushing boundaries. And there are no intentions of slowing down anytime soon.

With this, there is no doubt that millions of ambitious individuals will continue flocking to join its burgeoning population. Their drive will always be to seek a better future through entrepreneurship and hard work. It is something that Dubai almost guarantees, thanks to its excellent business environment driven by its powerful real estate sector.

Farnoush Farsiar is Optimistic

Dubai is a city of opportunity, and its business environment has been built over time to attract foreign investors. It offers world-class infrastructure and tax incentives for businesses and individuals alike. And now, with new legislation allowing full possession by overseas entities, it’s easier for international companies to set up shop in Dubai.

It doesn’t matter whether you’re considering starting your own business in Dubai or investing in property there. Take advantage of these opportunities today, as they won’t last forever.

• Bucking crypto industry headwinds, Ledger now secures more than 20 percent of the world’s digital assets and 30 percent of the world’s NFTs with zero hacks ever.
• Ledger crosses 6 million Nanos sold, as market concerns heighten demand for uncompromising security.
• Investment comes on the heels of its new breakthrough product launch, Ledger Stax, designed by Tony Fadell, builder of the iPod & iPhone, and Nest co-founder.

Singapore – True Global Ventures (TGV) invests over US$24 million (over €22 million) into Ledger, the leading global platform for digital assets and Web3. This funding will enable Ledger to further its global ambitions and accelerate its drive to becoming a truly desirable consumer technology brand.

This Series C extension round maintains the same valuation of €1.3 billion. The valuation reflects confidence from investors in Ledger despite macroeconomic and industry-specific headwinds. It is backed by a number of existing and new investors, including True Global Ventures, 10T and Molten Ventures (formerly Draper Esprit) who are members and observers of the Supervisory Board. FirstMark Capital from previous rounds is also an observer of the Supervisory Board.

Ledger currently secures more than 20 percent of the world’s cryptocurrencies and over 30 percent of the world’s NFTs. In December, the company announced its latest device, Ledger Stax, with a unique design from Ledger adviser Tony Fadell, builder of the iPod, iPhone, and co-founder of Nest.

True Global Ventures came out with the 5 Web3 megatrends for 2023, which were very well received by the global investor community. Within one of the Megatrends, TGV believes that the 3 decentralization winners for 2023 are: Self-custody, Bitcoin, DeFi.

“Traditional Finance” (TradFi) firms like Institutional Custodians and Investment Advisors, etc are accelerating their efforts to work more closely with Ledger which provides best-in-class enterprise security solutions, including the only secure governance layer for enterprise self-custody. This includes Komainu, a hybrid custodian solution set up as a joint venture between Nomura and Ledger. Also, Coinhouse, a leading French regulated exchange and portfolio company of True Global Ventures, offers Ledger Enterprise as a custodian solution for their clients.

Dušan Stojanović, Founding Partner of True Global Ventures comments:

“Why do we believe that Ledger will play a critical role for the foreseeable future, both on retail self-custody as well as on the enterprise-institutional side with solutions like Komainu, the JV between Nomura and Ledger?”

“There are 3 reasons. Firstly, during the last 9 months, we have seen major crashes with Terra-LUNA and FTX. In both instances, there has been a ‘flight to secure’ assets safely. Secondly, now with 3 U.S. and 1 European bank being closed and saved either by regulators or competitors, there has been a ‘flight to Bitcoin’, attracting new flows where users need to have a secure solution, when increasing their exposure to Bitcoin. Thirdly, this is the fourth company that we have invested into that has become or is a global market leader, which we believe will benefit from a general bear market.”

“2022 was a standout year for Ledger, culminating in the launch of Ledger Stax at Ledger Op3n in Paris. I’m excited to share that we’re starting 2023 where we left off — doubling down on our mission to bring self custody to everyone,” said Pascal Gauthier, Chairman & CEO of Ledger. “We’re proud to have True Global ventures join us on our journey. Dušan and the team at True Global Ventures are seeing the rapid digital value and hardware revolution that is coming. They join a strong list of investors who believe Ledger is the gold standard.”

Ledger’s product offerings include Ledger Nano X (awarded Editor’s Choice for Best Crypto Wallet) and Ledger Nano S Plus, the best-selling hardware wallets, Ledger Live, the secure omnichain digital asset app, and Ledger Enterprise Solutions, the best enterprise-grade digital assets security solution.

Ledger has outperformed the market as people flee centralized crypto and banking solutions for self-custody, and recently crossed six million device sales, with more than 1.5 million monthly users on Ledger Live. The company has managed to infiltrate mainstream culture through partnerships with fashion brands Fendi and Hublot, and further establish its role as a leader in Web3 through partnerships with brands such as VeeFriends and Nike’s RTFKT. Ledger has come to physically represent digital value and collectibles in culture and art.

Ledger has also partnered with True Global Ventures’ portfolio company, The Sandbox, the leading Open Metaverse platform. The “School of Block” education experience in the LedgerVerse was launched with over 300,000 unique visitors and 4.6M quests completed during the Alpha Season 3 period in September 2022. It focuses on educating users on securing their digital assets while making the process fun. This initiative was popular and they also relaunched it with a French flair to celebrate the French Weeks now till April 6th, 2023.

This partnership has now deepened into The Sandbox offering security stack and treasury management solutions while having seamless security integration for its brand partners, powered by Ledger Enterprise to safeguard businesses’ digital assets. This makes it simpler and easier for brands to secure their LANDs while also securing the wallet containing The Sandbox NFT collection.

This latest fundraising round will allow Ledger to realize its ambitious expansion plans including Ledger Stax and future hardware innovations. Key innovations include easier onboarding and user experience in the world of Bitcoin and wallet-connected apps. Ledger,  is building and providing best-in-class services for its users including buying, swapping and exploring the world of NFTs.

Ledger recently announced that Ledger Stax demand had already exceeded supply, making it the most successful product launch in the company’s history. Further inventory will be available for pre-order through drops later in Summer 2023.

Ledger Stax will also be available to purchase from our retail partners, including Best Buy in North America, alongside the Ledger Nano X and Nano S Plus. Right now anyone can get the best digital asset security in the world at $80 for a Nano S Plus, with one hour pickup from Best Buy.

Ledger also recently announced the launch of the Ledger Extension, a secure browser connection that makes it easier than ever to use your Ledger device with Wallet-Connected Applications (Web3).

Dan Tapiero, board member and Founder/CIO/Managing Partner of 10T Holdings and 1RoundTable Partners, says: “10T Holdings is again excited to support Ledger in its plans for expansion and growth. Despite what was a difficult year in ’22 for most businesses in the digital asset ecosystem, Ledger stood out as one of the star performers. With the advent of Stax in Q2 we expect 2023 to be a record year for the firm.”

To learn more about Ledger, visit ledger.com, and read its latest blog posts here.

Ledger was supported by Goldman Sachs Bank Europe SE who acted as sole placement agent on the transaction and by Jones Day as legal advisors.

About True Global Ventures

TGV4 Plus Follow On Fund (TGV 4 Plus FoF) completed its first closing in June 2022 for US$146m. TGV 4 Plus FoF General Partners (GP)’s who lead the fund and its Investment Committee, invests more than US$62m of their money into the fund. This represents a total GP commitment of over 40% of the total fund size, one of the highest in the Venture Capital industry..

TGV 4 Plus FoF focuses on investing a majority of its capital into selected TGV 4 Plus base fund companies. Some of the existing portfolio companies include The Sandbox, Animoca Brands, Forge Global, Coinhouse, Chromaway, GCEX, etc. Portfolio companies leverage web3 technologies (such as Blockchain) and Artificial Intelligence (including Generative AI), incorporating them as competitive advantages to drive change with proven products.

TGV has a presence in 20 cities, including Singapore, Hong Kong, Dubai, Stockholm, Paris,London, New York, San Francisco. Visit us at www.tgv4plus.com, and follow us on LinkedIn and Twitter.

Media inquiries: Kelly Choo – info@trueglobalventures.com

About Ledger

Founded in Paris in 2014, LEDGER is a global platform for digital assets and Web3. Ledger is already the world leader in Critical Digital Asset security and utility.  With more than 6M devices sold to consumers in 200 countries and 10+ languages, 100+ financial institutions and brands as customers, 20 percent of the world’s crypto assets are secured, plus services supporting trading, buying, spending, earning, and NFTs. LEDGER’s products include: Ledger Stax, Nano S Plus, Nano X hardware wallets, LEDGER Live companion app, [ LEDGER ] Market™, the world’s first secure-minting and first-sale distribution platform, and Ledger Enterprise. With its ease of use, LEDGER allows a user to begin investing in digital assets and ultimately, achieve financial freedom in a safe and stress-free environment.