Airpay is strengthening its presence in the Middle East by targeting the UAE as a key area for expansion. The UAE's reputation for a conducive business environment and its well-developed infrastructure make it an appealing location for companies looking to grow. The region's strong business ecosystem is bolstered by several factors, including its high ranking in the World Bank's Ease of Doing Business Index, where it stands at 16th globally. The UAE also leads in the Middle East and Arab region in the World Citizenship Report 2023's Economic Opportunity Rankings.
The country is known for its advanced infrastructure, featuring modern transportation, state-of-the-art facilities, and strong logistics. Recent business-friendly measures, such as a new long-term visa system, full foreign ownership rights, minimal income tax, and the signing of the Comprehensive Economic Partnership Agreement (Cepa) with countries like India and Israel, have further simplified operations. The UAE's competitiveness is highlighted by its top ranking in the Arab World in the 2022 IMD World Competitiveness Ranking.
Economically, the UAE shows strong stability and growth, being the second-largest economy in the Middle East with a GDP of $415 billion. Its strategic location enhances its appeal as a regional hub, offering easy access to Middle Eastern and international markets. The government's initiatives promoting foreign investment, innovation, and entrepreneurship have elevated its status as a preferred business destination, attracting numerous companies through free zones and tax incentives.
In 2021, over 2,000 new companies were established in the UAE's free zones, a 22% increase from the previous year. This growth aligns with Airpay's mission to provide innovative financial solutions, leveraging the UAE's robust digital infrastructure and tech-savvy population. The diverse and cosmopolitan nature of the UAE's population, which exceeds 9.9 million with a high expatriate percentage, offers Airpay a unique opportunity to expand its services to a broader customer base.
Airpay's expansion into the UAE is driven by the region's growing digital payments market, supported by high smartphone penetration and government initiatives promoting cashless transactions. The company aims to leverage the UAE's pro-business environment, characterized by open ownership policies and advanced infrastructure, to introduce its innovative financial solutions. This move is part of a strategic alliance to contribute to Dubai's transformation into a digital economy.
Airpay finds the UAE's commitment to innovation and technology particularly appealing, along with the ease of doing business and a diverse, forward-thinking population. The company plans to leverage the UAE's robust digital infrastructure and tech-oriented population to offer a range of seamless, secure, and innovative financial services. This includes initiatives to enhance digital payment experiences and deliver tailored solutions across various sectors.
The UAE is set to play a crucial role in Airpay's long-term growth strategy, serving as a foundation for extensive growth and customer outreach. The company aims to cater to the diverse financial needs of the UAE's dynamic market by providing innovative, customer-centric services. With a focus on innovation and tailored solutions, Airpay seeks to become a preferred choice for a wide range of consumers and businesses in the UAE.
