Expo 2020 Dubai would add more flavor to UAE’s economic growth

Inayat-ur-Rahman, Company editor

Expo 2020 is a long-term investment in the future of the United Arab Emirates. Expo has a positive impact on the GDP of the host country, we have seen it in the past with South Korea (2012), Italy (2015) and Kazakhstan (2017).

“We expect significantly better results, not least due to Dubai’s comprehensive marketing efforts.”

“There is expected to be an influx of foreign visitors, which will greatly benefit and revive the hospitality and tourism industries in the region.”

This is what Muhammad Fahad Riaz, founder and managing partner of Maglytic, said in an exclusive interview with Gulf Today, adding that the mega event would also be beneficial for start-ups and SMEs, as it will help them. to take advantage of maximum global exposure and put them firmly on the radar.

Responding to a question about the UAE’s 100% foreign ownership rules, Riaz noted that this is exciting news for the region’s entrepreneurial community. Its importance cannot be understated in the context of the country’s business and commercial landscape. It will be of interest to both; existing mainland companies and those considering starting a business in the United Arab Emirates.

A panoramic view of the Sustainability Pavilion at the Expo 2020 site in Dubai.

“Such changes in the legal structure can improve investor confidence as they will provide full operational control. In addition, foreign ownership reduces operating costs. However, the opportunity cost would be the loss of support from a local partner, ”he added.

“We are a resilient country and we have always bounced back from difficult situations. As in the 2008 recession, the Middle East was the second most affected region with an 11.29% drop in GDP. GDP. ”

“With continued diligent checks, most industries are stabilizing, and with the Expo fast approaching, the second half of the year looks very promising.” Riaz concluded.

Arhan Anand, co-founder and main partner of Maglytic also told this reporter that the UAE is a land of dreams, with state-of-the-art infrastructure and a high quality of life. And now, with the golden visa option, talented people fleeing the UAE will be more motivated to reside here because they are recognized. The influx of skilled human capital will help companies seek out a larger pool of talent and will also put the UAE on the world map for innovation.

“The gold visas will make the UAE a lucrative destination for investors, which in turn helps the economy to grow. From an operational point of view, the administrative burden will be significantly reduced. Anand added.

In coining the term Data Science, Anand mentioned that Data Science is the field that combines mathematical, programming, and industry knowledge to extract meaningful information from data. Regardless of industry or size, more companies are realizing the importance of data science, and organizations that want to stay competitive will need to embrace data or risk being left behind.

Allow me to share our successes with you.

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We have deployed machine learning models to perform analysis of customer buying behavior for the retail industry, we have created predictive models to detect machine failures ahead of time for the manufacturing industry , and for the F&B space, we were able to optimize menu items and inventory in order to reduce waste.

Finally, we implemented a fully automated patient tracking system for the healthcare industry and transformed the audit space by automating field tasks, reducing the time from 2 days to less than 30 minutes!

Additionally, Maglytic helps capture traffic data through AI-based technology, allowing customers to document the number of visitors, which provides real insight into conversions.

He said the UAE market has great potential as the government is actively working to shape an economy heavily reliant on big data and data science. This is evidenced by a recent article published by the Dubai Economic Department on how data mining can be transformational for businesses in this region.

“SMEs represent over 94% of UAE businesses, employ around 86% of the country’s private sector workforce and generate 52% of non-oil GDP. With the launch of numerous initiatives by the UAE government to promote its start-up ecosystem and support SMEs, their contribution to GDP is expected to continue to grow. Anand concludes.

Maglytic is a data science consulting firm, which supports companies from data to decision. By providing guided transformation, we aim to empower businesses with data-driven decision-making capabilities. The pioneers in the industry only get fatter because they base most of their decisions on data and this is where we come in to close the gap, allowing other industry competitors to take advantage of. leader performance.