The report estimates the national digital economy will grow to well over $140billion in 2031, up from nearly $38billion in 2023. This is in large part due to startups in the region. 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 per cent to over 20 per cent 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.
The growing fintech hub
Approximately 96 per cent 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 $1.2billion, the vast majority of which went to Dubai-based startups. The emirate’s startups raised more than $2billion 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. This is in addition to 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. This includes organising an international conference on the new digital economy. Furthermore, it includes promoting digital transformation across national companies. And finally, it enhances the business environment to attract global digital firms.