UAE needs to embrace higher value addition via knowledge-intensive industries

The UAE is a developed economy with a high GDP per capita, and to stay ahead in the changing global economic landscape, the nation needs to embrace higher-value addition through knowledge-intensive industries, the founder and CEO of Zoho Corporation says.

“The UAE has to nurture local talent in terms of skill and know-how and also be open to migrant talent when necessary. Attracting corporate R&D The could be a way to create sustainable high value jobs,” Sridhar Vembu said.

He believes that overall economic development stems out of an interconnected network with strong and self-reliant clusters.

“We are committed to supporting local economies in their growth journey, and the UAE is a crucial part of this commitment,” he said, touting its partnership with Dubai Economy that allows registered businesses in the emirate to gain access to enterprise-level technology to embrace cloud and digital tech.

Vembu thinks the UAE is among the fastest-growing markets in the world. “The UAE is a dynamic and open market and a global hub, and that is a huge opportunity. The challenge is to navigate the multi-cultural landscape and adapt our solution to the complex requirements.”

GCC countries are in the top five in terms of contribution to the company’s revenues.

Pandemic effect

During the lockdown caused by Covid-19, most businesses turned to cloud solutions that enabled them to work remotely.

The company launched a number of initiatives to aid businesses, including an emergency assistance programme for small businesses where a three-month subscription fee was waived, and a vertical relief programme that provided tools and resources for various verticals like government, non-profits, education and retail that had been severely impacted. A programme called BackToWork was also rolled out to help businesses transition safely once lockdown restrictions eased around the world and some businesses started returning to their offices.

“The UAE has an advantage as a strategic trading and investment hub. High productivity is vital to have a sustainable competitive advantage and that comes from technology adoption and investment in advanced skills and know-how. That is how durable businesses are created,” he added.

Zoho also has plans to open up multiple data centres in the region. “The value that an integrated suite of products provides over a patchwork of apps has become abundantly clear for larger businesses as well,” added Vembu.

— sandhya@khaleejtimes.com