A growing trend set to continue in 2024 is the relocation of tech executives, and the opening of new offices, to regions outside of Europe - particularly the Middle East.

We are noticing a number of our UK clients opening new Dubai offices and contributing to this new trend. So what’s driving the Middle East growth? 🤔

📍New markets interested in digital finance

Drawn by the promise of untapped markets and supportive digital ecosystems, we’re seeing a diverse range of financial service companies branch out to Dubai. These include Fintechs providing digital payments, digital assets, crypto, open banking, investment, savings, and lending apps.

📍Sovereign wealth funds are investing into Europe

With sovereign wealth funds and corporate VCs aggressively investing into the digital economy, about 5% of all startup funding in Europe is from the Gulf region. This demonstrates a desire by the Middle East region to create a burgeoning technology sector that has a global reach..

📍 $40BN investment in AI

The Middle East is enthusiastically embracing AI. Saudi Arabia’s Public Investment Fund has recently announced that it is in talks with Andreessen Horowitz to create a $40B fund to invest in AI which could create a rumored 39,000 new jobs in the region.

Microsoft also announced last week it will invest $1.5 billion in leading United Arab Emirates artificial intelligence firm G42.

With all this investment and commitment into AI in the region, we expect to see a huge demand for experienced UK talent looking to relocate.

🧑‍💻 The Middle East will need a supply of tech talent to support investment and growth

With homegrown talent in the Gulf region in short supply across the cutting edge sectors like Fintech, AI, SaaS and Digital Media, competition is heating up between Dubai, Abu Dhabi and Riyadh to attract the most promising entrepreneurs and tech talent.

With a clear vision for their expanding tech sector, and the ability to offer significant long-term investment, It’s now increasingly clear that the GCC countries will be an economic powerhouse for the next decade and beyond.

✈️ The UK tech brain drain - Where else is everyone going?

It’s worth mentioning its not just the Middle East that we are noticing UK-based Executives moving to:

🗽US - New York - higher salaries

💶 EU - Italy / Spain / France / Portugal - companies embracing fully remote-working lifestyles

🦘 Australia - higher salaries & lifestyle

Whilst we still believe London is a great place to live and grow a company, it seems sensible to consider opening additional offices in new high growth locations to take advantage of their benefits.

So, what will you do? Is the Middle East an area that could work for you? Get in touch if you want to find out more about expanding your business into Dubai - ell@santamonica.digital for a confidential discussion.

We are also interested to speak with UK based candidates with previous experience working in the Middle East region. If you have a strong interest in relocating in 2024.

Why UK FinTechs are opening offices in Dubai.