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There are countless symbols of Dubai’s growth as a global hub for entrepreneurship, but perhaps none more so than the city’s current boom when it comes to initial public offerings (IPOs).
A report published last month by the Dubai International Financial Centre argued that the surge in initial public offerings “underscores Dubai’s position as a vibrant capital markets hub” and that IPOs “will continue to contribute to the dynamic evolution of global finance.”
While the wave of IPOs has mainly featured the privatization of state-owned enterprises, the next phase is expected to be driven by fintech and technology startups.
It’s a powerful endorsement of the city’s startup ecosystem and will bring a new wave of entrepreneurs to the business-friendly, well-funded emirate, which continues to siphon talent, capital and companies from traditional entrepreneurial hubs in Europe and the UK.
And if Dubai can become a global hub for finance, technology and innovation, it is only a matter of time before it becomes a global public relations (PR) hotspot.
The influx of entrepreneurs and business leaders is not only driving up property prices and new restaurants, it’s also creating a new layer of professional services needed to support continued economic growth – and PR is fast becoming a top priority in Dubai as entrepreneurs look to differentiate themselves from the crowd.
That’s because more capital and talent means more business opportunities, but also more competition. And more competition brings its own challenges, such as making it harder to attract investment. Dubai is home to more than 300 fast-growing startups, which means more than 300 companies trying to raise money from the same investors.
Research shows that startups with visible leaders are more likely to raise investment than those without, and companies with well-known leadership teams attract better talent in the job market. Gone are the days when startups could rely on generous compensation to build the best team.
Until now, the UAE’s PR sector has not kept up with the emergence of an entrepreneurial ecosystem. Public initiatives such as Dubai SMEs and the UAE Golden Visa, as well as the establishment of designated business free zones, have laid the foundation for rapid innovation and growth.
However, PR and communications is still a growing field, and many executives and businesses in Dubai often look to traditional creative hubs such as London and New York when searching for PR agencies – but this is a gap in the market that could soon be filled.
What Dubai’s entrepreneurial flurry certainly doesn’t lack is ideas or ambition – take a walk through Dubai’s business parks and you’ll see they’re teeming with innovative companies and the business ideas of tomorrow – but what they lack is the credibility and brand recognition of players in the bigger market.
Related: Entrepreneurs, why you should follow your gut (literally)
PR can help fill this gap. As Dubai’s next generation of corporate leaders look to build their executive profiles, the next wave from Europe won’t be investors looking to establish themselves in the emirate’s vibrant startup scene; it’ll be agencies looking to capitalize on the city’s growing PR needs.
It’s a simple game of supply and demand. The European Union’s economy grew by just 0.3% in 2024, while the UAE’s was 3.7%. With marketing budgets being cut in Europe and the UK and agencies struggling to survive, more and more agencies are looking to pivot to better environments to deliver their services.
These agencies will inject much-needed PR and communications experience into the MENA region. Dubai is brimming with optimism and ambition, but currently lacking PR firms with decades of experience and expertise.
Yet Dubai has the infrastructure necessary to become a global PR hub: Many of the MENA region’s leading news media are headquartered in Dubai, and major publications often have regional correspondents based there. Moreover, Dubai’s growing economy continues to dominate global business headlines, and the global media has its eyes firmly on Dubai.
Dubai also has ambitious plans to become the global capital of the creative economy – and PR is a creative industry: a world once dominated by press releases and bylined articles is quickly becoming driven by video content, events and social media followings – all areas where Dubai has an advantage.
And perhaps more importantly, the city is an attractive destination for the creative talent that is the lifeblood of the communications and PR industry. More and more young people are attracted to the low taxes and exciting lifestyle the city offers, which will further fuel the growth of the PR sector.
Thus, the foundations are already in place and it is only a matter of time before Dubai emerges as a global PR hotspot.
Related: The tug of war for talent: A strategic imperative for HR leaders in the MENA region
