Renowned futurist, Dr. Michio Kaku, has remarked that Dubai possesses all the necessary elements to become the Silicon Valley of the 21st century.
Having grown up in Silicon Valley himself, Dr. Kaku draws parallels between the two regions, highlighting factors such as affordable land, favorable tax rates, an abundance of graduate students, and an environment conducive to starting and scaling businesses.
He expressed his observations during the Re-Imagine 2023 Summit organized by Redington, where he praised Dubai’s spirit of innovation and its ability to create new industries from scratch.
Dubai currently offers property prices that are among the most affordable in the world when compared to major cities like London, Hong Kong, New York, and Paris.
Furthermore, the emirate offers one of the lowest tax rates and provides a favorable environment for starting businesses. Recent visa reforms, including the launch of the 10-year Golden Visa, have further enhanced Dubai’s appeal to entrepreneurs.
Dr. Kaku noted that Dubai has the potential to surpass Silicon Valley in this era due to its diverse economic sectors, including finance, entertainment, and recreation.
He stressed that taking risks is a crucial part of creativity and innovation, citing the example of Japan and Silicon Valley, where a willingness to fail is embedded in the culture.
