The current economic climate may not seem ideal for new business ideas, which is why entrepreneurs are increasingly looking further afield to find new opportunities. An interesting development in the Middle East region means that Indian start-ups may start looking there for ways to grow and build.
What Has Happened?
The latest news comes from the city of Abu Dhabi, which is the capital of the United Arab Emirates (UAE) and its second biggest city after Dubai. Abdulla Abdul Aziz Alshamsi carries out the role of the Acting Director General at the Abu Dhabi Investment Office (ADIO) there. He said that they have the task of helping make it easier for companies to invest there, and he called the arrival of new Indian start-ups a natural next step in relations between the countries.
The idea is that Indian entrepreneurs are being encouraged to invest in Abu Dhabi, turning this city into their hub and allowing them to open up new horizons. As for the UAE, they’re looking for ways to diversify. They already have one of the highest levels of GDP per capita on the planet, but it’s largely based on massive hydrocarbon reserves.
Authorities in the Middle East city are looking for Indian start-ups to fill certain gaps in their economy. The main sectors that they’re looking to attract from India include healthcare, financial services, tourism and pharmaceutics. Agricultural technology is another area that they hope Indian start-ups will bring to the country, as they look for ways to produce food in their arid climate.
The Rise of Global Businesses
This is another sign that Indian businesses can take a more global approach, with current technology allowing them to look beyond the country’s borders for ways of expanding. A recent example of this global thinking came with Ola, which now operates in Australia and the UK as well as India. Freshworks and Byju’s are among other Indian start-ups growing abroad. Looking ahead, RazorPay, OYO Rooms, and CRED are perhaps among the most successful start-ups that have the potential to go global.
Recent research has shown that India has the third-biggest start-up ecosystem in the world, with over 81,000 start-ups including more than 100 unicorns. These businesses cover a huge range of areas such as IT, healthcare, agriculture, and education. So it’s no surprise to see that other countries are turning their attention to India as a way of stimulating their own economies with fresh ideas and ambitious new companies.
We can also see this global approach in the online casino business, where this list of the best online casino sites covers names such as Jackpot Guru, Sol Casino, and Lucky Spins. Many of these casinos are available in numerous countries and tailor aspects like payment methods and support to each country. For example, Lucky Spins has a big collection of Indian payment methods like Paytm, IMPS, and RuPay among the options.
We can expect to see the Indian grow-up sector continue to post success stories, and the chance to expand abroad could provide companies with a useful way of growing more quickly and taking advantage of new opportunities in different markets.