- H.E. Omar Sultan Al Olama: supporting Dubai’s economic agenda
(D33) through digital transformation will drive growth and development
in the business sector.
Dubai, UAE: Dubai Chamber of Digital Economy, one of the three chambers
operating under Dubai Chambers, has issued a recent report detailing plans
to drive the emirate’s digital economy ambitions, as part of its efforts to
strengthen the digital economy ecosystem in Dubai and achieve the goals of
the Dubai Economic Agenda (D33).
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. The study
underlined the importance of Dubai Chamber of Digital Economy’s efforts, and
the collaboration between various stakeholders and digital startups, to firmly
position Dubai as the next digital economy capital of the world.
Published in collaboration with Entrepreneur Middle East and titled ‘Dubai’s
Digital Economy and its Thriving Startup Ecosystem’, the report explains the
fundamental role of the Chamber in supporting digital economy strategies and
achieving the wise leadership’s objectives to cement Dubai’s position as a
global capital of the digital economy.
H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital
Economy, and Remote Work Applications, 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 endeavours
to establish itself as a key tech hub and leading global destination for digital
companies.
H.E. 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 start-up 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,” he
added.
The report provides insight into Dubai’s digital economy startups and why
Dubai will become the next digital economy capital of the world. Dubai has
always been known for its strong entrepreneurial spirit. 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. The
emirate’s startups raised more than US$2 billion in 2022, more than double
the funding figures in 2021.
In addition to highlighting the key strategies, drivers, and stakeholders behind
Dubai’s digital economy, the report also features interviews with iconic
homegrown startups, as well as recent Dubai transplants from various
industries.
The study goes on to reveal some of the Chamber’s upcoming plans and
strategies, which include attracting 300 digital startups to Dubai by the end of
2024; attracting 100 international experts in advanced technologies; improving
laws and policies that would support the growth of the digital economy;
organising an international conference on the new digital economy; promoting
digital transformation across national companies; and enhancing the business
environment to attract global digital firms.
About:
Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of
Dubai Chambers, aims to strengthen Dubai’s position as a global leader in digital economy,
attract specialised talent, leading companies and new investments and create a stimulating
environment that supports the growth of digital companies. The Chamber was established by a decree issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
