Dubai-based startups account for 96% of the funding in the UAE
Dubai Chamber: $140 billion, the value of the national digital economy by 2031
Dubai Chamber reviewed its effective role in supporting digital economy strategies.
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Omar Sultan Al Olama: “The state’s initiatives to build the economy of the future, and the development of an advanced digital infrastructure, are an essential support for the system of emerging digital companies.”
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The Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, issued a recent report that reviews qualitative plans to enhance the emirate's digital economy, as part of its efforts to strengthen the digital economy system in Dubai and achieve the goals of the "Dubai Economic Agenda D33".
The report indicated that the value of the national digital economy will exceed $140 billion by 2031, compared to about $38 billion currently, stressing the importance of the efforts made by the Dubai Chamber of Digital Economy, and the cooperation between the concerned parties and emerging digital companies, in establishing Dubai as a global capital of the digital economy.
In a joint report issued by the Dubai Chamber of Digital Economy in cooperation with the magazine "Entrepreneur Middle East" entitled: "Dubai's digital economy and its thriving ecosystem of emerging companies", it reviewed its effective role in supporting digital economy strategies, achieving leadership goals, and establishing Dubai's position as a global capital of the digital economy. .
first destination
Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, Chairman of the Board of Directors of the Dubai Chamber of Digital Economy, confirmed that doubling the contribution of the digital economy to the country's GDP from 9.7% to more than 20% by 2031 reflects the endeavor of the Emirate of Dubai. To become a major technology center and a first destination for digital companies globally.
He added that the country's innovative initiatives to build the economy of the future, and to develop a digital infrastructure developed according to the latest global technologies, constitute a fundamental support for the emerging digital companies' system.
He said, "We will focus, through strategic plans, on achieving the goals of (Dubai Economic Agenda D33), by focusing on digital transformation as a working mechanism for sustainable business sector development, which contributes to adding an average of 100 billion dirhams of economic value annually to Dubai's economy."
He stressed the importance of enhancing the business community's awareness of the changes and challenges of the next stage, and highlighting the importance of digital transformation as a basic method of work for the sustainable development of the business sector.
Supportive ingredients
The report provides a comprehensive vision of the digital start-up ecosystem in Dubai, and the elements that characterize the emirate to become a global capital of the digital economy, including the promotion of an entrepreneurial culture;
Dubai-based startups accounted for 96% of the funding in the UAE since 2017.
In 2021, startups in the country raised $1.2 billion, of which Dubai received the vast majority, while startups in Dubai managed to raise more than $2 billion in 2022, which is twice the amount of funding recorded for 2021.
digital companies
In addition to the strategies and stakeholders in the digital economy in Dubai, the report also includes interviews with officials of the most prominent local startup companies, in addition to the newest companies in Dubai across various sectors, and deals with a number of the Chamber’s plans and strategies for the coming period, including attracting 300 digital startups to Dubai by the end of the year. In 2024, attracting 100 experts in the field of advanced technologies, developing laws and policies that support the growth of the digital economy, organizing an international conference on the new digital economy, supporting the digital transformation of national companies, and enhancing the business environment to attract global digital companies.
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