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Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, has issued a report titled Dubai’s Digital Economy and its Thriving Startup Ecosystem on how the Emirate is faring on the road to achieving the UAE’s digital economy ambitions.
Published in collaboration with Entrepreneur Middle East, the report also makes a note of the fundamental role of the Chamber in cementing Dubai’s position as a global capital of the digital economy.
H.E. Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, said that doubling the contribution of the digital economy to the UAE’s GDP from 9.7% to over 20% by 2031, reflects Dubai’s endeavors to establish itself as a key tech hub and leading global destination for digital companies.
Al Olama stressed that the UAE’s pioneering initiatives to build the economy of the future help create a world-class digital infrastructure and support the dynamic startup ecosystem. “Our strategic plans will also focus on achieving the objectives of the Dubai Economic Agenda (D33), especially in terms of driving digital transformation, developing a sustainable business sector, and adding an average of AED100 billion per year in economic value to the Emirate’s economy,” he said. “Raising the business community’s awareness about 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 of the Chamber’s upcoming plans and strategies, such as attracting 300 digital startups to Dubai by the end of 2024, 100 international experts in advanced technologies, improving laws and policies that would support the growth of the digital economy, organizing an international conference on the new digital economy, promoting digital transformation across national companies, and enhancing the business environment to attract global digital firms.
H.E. Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy. Source: Dubai Chambers
The report estimates the national digital economy will grow to well over US$140 billion in 2031, up from today’s nearly US$38 billion, making Dubai one of digital economy capitals of the world.
The report also provides insight into Dubai’s digital economy startups- approximately 96% of all funds raised in the UAE since 2017 have been raised by startups headquartered in Dubai. In 2021, all startups across the entire country raised US$1.2 billion, the vast majority of which went to Dubai-based startups; plus, Dubai-based startups raised more than US$2 billion in 2022, more than double the funding figures in 2021. The report also features interviews with some of Dubai’s iconic homegrown startups.
Click here to download the report
Related: A Launchpad For Success: The UAE Is On A Mission To Establish Itself As A Global Hub For The Fintech Industry
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