Last Updated on: 16th July 2023, 01:38 pm
Dubai Will Soon Rival Silicon Valley, Says Dr. Michio Kaku
The renowned futurologist Dr. Michio Kaku has pointed out that Dubai has all the necessary ingredients to become the Silicon Valley of the 21st century.
Having grown up in Silicon Valley, Dr. Kaku draws parallels between the two regions, pointing to factors such as affordable land, favorable tax rates, an abundance of graduate students, and an environment conducive to start-ups and business growth.
He shared his remarks at the Redington-hosted Re-Imagine Summit 2023, where he praised Dubai’s spirit of innovation and its ability to create new industries from the ground up.
Compared to major cities like London, Hong Kong, New York and Paris, Dubai currently offers some of the cheapest real estate prices in the world.
In addition, the emirate offers one of the lowest tax rates and a favorable environment for starting a business. Recent visa reforms, including the introduction of the 10-year Golden Visa, have further increased Dubai’s appeal to business people.
Dr. Kaku pointed out that Dubai currently has the potential to overtake Silicon Valley due to its diverse economic sectors, including finance, entertainment, and leisure.
He pointed out that risk-taking is an essential part of creativity and innovation, citing the example of Japan and Silicon Valley, where the will to fail is deeply embedded in the culture.
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