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Dubai Chamber of Digital Economyone of three chambers of commerce operating under Dubai Chamber of Commercepublished the title Dubai’s digital economy and its thriving startup ecosystem About the UAE’s progress on the road to realizing the UAE’s digital economy ambitions.
co-published with Middle Eastern Entrepreneurthe report also pointed to the important role of the Chamber of Commerce in cementing Dubai’s position as the global capital of the digital economy.
His Excellency Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications and Chairman of the Dubai Digital Economy Chamber, said the digital economy’s contribution to the UAE’s GDP will double from 9.7% to over 20% by 2031, reflecting Dubai strives to establish itself as a major technology hub and a leading global destination for digital companies.
Al Olama emphasized that the UAE’s pioneering initiatives to build the economy of the future help create a world-class digital infrastructure and support a vibrant entrepreneurial ecosystem. “Our strategic plan will also focus on achieving the goals of the Dubai Economic Agenda (D33), particularly in terms of driving digital transformation, developing a sustainable business sector and adding economic value to the emirate’s economy by an average of AED100 billion per year,” he said. Say. “Raising the business community’s awareness of challenges and future trends is a key priority, as is highlighting the importance of digital transformation as an engine of sustainable growth for the business sector.”
The report reveals some Chamber of Commerce Upcoming Programs and strategies, such as attracting 300 digital start-ups to Dubai by the end of 2024, 100 international advanced technology experts, improving laws and policies to support the growth of the digital economy, organizing international conferences on the new digital economy, promoting the transformation of digital multinationals, improving the business environment and Attract global digital companies.
HE Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of Dubai Digital Economy Chamber.Source: Chambers Dubai
The report estimates that the national digital economy will grow from nearly US$38 billion today to more than US$140 billion by 2031, making Dubai one of the digital economy capitals of the world.
The report also provides insight into startups in Dubai’s digital economy – around 96% of all funds raised in the UAE since 2017 were raised by Dubai-based startups. In 2021, all startups in the country raised $1.2 billion, with the vast majority going to startups in Dubai; moreover, Dubai-based startups raised more than $2 billion in 2022, twice the amount raised in 2021. times more. The report also interviews some of Dubai’s iconic home-grown startups.
Click here to download the report
Related: Launchpad for success: UAE on a mission to establish itself as global hub for fintech industry
