Northern Ireland: the world’s top region for both new software development and fintech inward investment projects

“Northern Ireland is the ideal location for businesses in the GCC looking for unfettered access to the UK and the EU single market”, Sheethal Rishi , Regional Director - UAE, Oman, Bahrain, Qatar, and Kuwait at Invest Northern Ireland, stated in an interview with Arabian Business .

The diversification of the economy and rapidly evolving technology sector has created a wealth of opportunities in the GCC countries for those willing to explore them.? Countries across this bloc have rolled out structural, economic, and social reforms to diversify and strengthen their economies and reduce their hydrocarbon dependency.

In the drive to diversify, creating and nurturing a healthy entrepreneurial ecosystem becomes the backbone of this process. In the UAE, there has been a steady rise in start-up accelerators and incubators over the decade. By 2030, the UAE has forecasted a significant growth of up to 1 million SMEs. The acceleration of digital adoption in recent years has also spurred the growth of many technology-based start-ups and SMEs in the GCC. The maturation of the digital economy also makes it an ideal place for start-ups to scale up domestically and have ambitious internationalisation plans.

Over the last few years, Northern Ireland has seen an increase in interest and curiosity in what the region has to offer. Northern Ireland remains a compelling option for those looking to expand their business because of its strategic location, affordability, and steady talent supply. It boasts a highly skilled workforce, a business-friendly environment, competitive operating costs, and an excellent digital infrastructure.

Our two world-leading universities.?Queen’s University Belfast?and?Ulster University?are internationally recognised for their high-quality, research-led education, with a key focus on innovation and entrepreneurship. They have a long history of being research partners to Governments and businesses.

Northern Ireland also has the fastest-growing tech sector in the UK. With an enviable supply of talented software engineers, the region has developed a range of tech clusters, including telecom, mobile and data networks, AI and data analytics, IT and cloud services, cybersecurity, fintech, trading tech, and smart cities. With its proven technology experience, capacity, and capability, it is also a leading global location for financial services investment. According to the NI Fintech Ecosystem Report 2020, Northern Ireland has the highest concentration of fintech employment in the UK, with 1 in 5 people employed in financial services and tech working in the fintech sector.

Belfast, the capital city is ranked 9th overall in Europe in the Financial Times fDi’s Top 25 Tech Cities of the Future (2020/2021), and 1st for its FDI strategy in the fDi Intelligence's Midi-Sized Cities of the Future 2023. It is the world's top city for fintech inward investment. Northern Ireland is also home to one of Europe's most business-friendly cities of its size. As a result, Northern Ireland houses a wide range of innovative companies and global technology leaders, such as Fujitsu, SAP, Microsoft, Nvidia, IBM Security, Rapid7, Vertical Structures, Alfac, SaltDNA Cyphra, Allstate, Citi, CME Group, FinTrU, and more who have established their operations there.

Sheethal Rishi , Regional Director at Invest Northern Ireland – Dubai Offices, stated: “Ambitious entrepreneurs and SMEs seeking an ideal location to scale their innovative ideas and grow their businesses should consider Northern Ireland. The region offers great talent, a skilled workforce and a strong partnership between government, business and academia, which remains a key catalyst for innovation”.

Rishi added: “As the country’s economic development agency for Northern Ireland, Invest NI supports existing companies to grow, export and compete internationally and equally supports companies across the globe looking to expand their operations and create a thriving business in Northern Ireland”.

“Since the UK's exit from the EU and the new framework that allows Tariff-free market access to Great Britain and the European Union, Northern Ireland remains the only region to trade goods freely with both markets. This unique proposition makes it a one-of-kind investment location for companies trading in goods and seeking a pivotal location to service both markets.” Rishi said.