A high-profile delegation from the National Association of Software and Service Companies (NASSCOM) visited the UAE this week and is actively exploring market opportunities, investment prospects, and the legal framework in the UAE, aimed at boosting the Indian technology industry’s footprint in the region. The NASSCOM delegation also attended the two-day AI and Web3 summit at Madinat Jumeirah, Dubai.
During a key address at a business event on September 13th in Dubai, the. NASSCOM leadership emphasized the remarkable growth trajectory of India’s tech sector, reflecting on its rise from a modest $15 million in export revenue in 1988 to a staggering $199 billion today. This transformation, driven by human capital and technological innovation, highlights India’s evolution to a leader in global tech development. The Indian tech industry, built on the strength of human resources and bolstered by robust government support, has now become a global powerhouse.
The delegation’s visit to the Middle East is timely, as the region is experiencing significant investments in digital infrastructure, particularly in the UAE, Saudi Arabia, Qatar, and Kuwait. These countries are pouring resources into building smart cities and digital ecosystems, opening doors for Indian tech firms to collaborate and grow. Despite its impressive global performance, the Middle East has not yet emerged as a top market for Indian tech exports. However, this is expected to change in the coming years as digital transformation projects across the Gulf Cooperation Council (GCC) nations create new opportunities for Indian companies.
The Consul General of India, Shri Satish Kumar Sivan, also touched upon the UAE’s ambitious UAE 4.0 initiative, launched in 2021, which aims to integrate advanced technologies such as AI, machine learning, and the Internet of Things (IoT) into the nation’s industrial and economic sectors. The UAE’s Future 100 Initiative, designed to support and recognize the top 100 startups that will have a significant impact on the economy, further illustrates the country’s commitment to innovation.
The India-UAE Startup Bridge was highlighted as a crucial bilateral initiative between India and the UAE, fostering closer ties between the two countries, particularly in the tech and startup sectors. This initiative seeks to enhance collaboration between accelerators, incubators, and investors, promoting knowledge exchange and joint ventures between the Indian and UAE tech ecosystems.
AI alone is expected to contribute around $100 billion to the UAE’s economy by 2030, accounting for nearly 15% of its GDP. The UAE has already positioned itself as a startup hub, boasting four out of six unicorns in the MENA region, with expectations of Dubai hosting 30 unicorns by 2030. India, meanwhile, is the world’s third-largest startup ecosystem, with over 140,000 recognized startups and 111 unicorns. India’s vibrant startup scene has gained momentum, with 45 unicorns emerging in 2021 alone, many of which reached this status within just three years.
The NASSCOM delegation also emphasized the importance of ongoing partnerships between India and the UAE, with numerous initiatives already in place to support startups, including pitching sessions and collaborations during Expo 2020. One such collaboration, the India-UAE Startup Corridor, aims to identify 50 promising startups from both nations over the next five years, supported by a $150 million fund to develop future unicorns.
Key attendees at the event included Mr. Nirav Shah, Director of FAME Advisory DMCC; Mr. Narayanan Sambasivan, Managing Director of Thiyyasam Global Solutions; and Mr. Pratik Rawal, Head of Corporate Structuring at Creative Zone. Mayank Gautam, Director of Global Trade at NASSCOM, also participated in the discussions, highlighting the UAE’s growing attractiveness as a hub for holding companies. The National Association of Software and Service Companies is an Indian non-governmental trade association and advocacy group that primarily serves the Indian technology industry. As Indian and UAE leaders continue to strengthen their bilateral ties, the synergies between their tech ecosystems are set to drive future growth and innovation, making the UAE a vital partner for India’s ever-growing technology sector.
