As Dubai embraces digital economy, public and private sector stakeholders believe it is expected to not just modernise the emirate’s key sectors and make lives easier for its residents, but also support the development of emerging industries.
This was the key takeaway from the discussions at the Future Growth Forum in Dubai, organised by Dubai Chamber of Commerce and Industry and hosted at the Dubai World Trade Centre. The forum was attended by over 500 participants representing 24 key sectors, including UAE ministers, government officials, business leaders and representatives from multinational companies operating in the emirates.
The live event featured keynotes speeches from Her Excellency Reem Al Hashimy, UAE Minister of State for International Cooperation and Director General of Expo 2020, and HE Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy.
Initiated following the recent directives of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, to reduce government-related procedures for businesses by 30% over the next three months, participants took part in 24 breakout sessions. Each of these tacked existing market challenges and opportunities, as well as recommendations for driving sustainable economic growth and reducing the cost of doing business in Dubai.
Attendees represented companies of all sizes and sectors, including businesses operating in the digital space and cybersecurity, the industrial sector, food and beverage, retail, travel and tourism, healthcare, education, logistics and maritime, among several others.
Al Hashimy and Al Olama discussed emerging areas of the economy that are expected to be instrumental in driving future growth for Dubai in the short and long-term.
In her keynote address, Al Hashimy shared new details about the key features and advantages for businesses at the forthcoming Expo 2020 Dubai and explained how the mega event will accelerate Dubai’s economy recovery and draw the world’s attention to the emirate.
“The Expo Business Programme has been designed to help reconnect the business world, in order to deliver real-world opportunities for future business growth,” she said, highlighting the three Global Business Forums organised at Expo 2020 Dubai in partnership with the Dubai Chamber, that will focus on the economic outlook of the fast-growing regions of Africa, ASEAN and LATAM.
“To access more than 190 markets on all continents – to explore technological advancements while reconnecting with your peers at world-class business events… to engage with government leaders and partner with the wider UAE ecosystem; these are all unprecedented opportunities, all in one place, and all at one time.” she added.
Al Olama described the UAE’s vision for a future centred on a digital economy, with new policies and initiatives being put into place to boost the contribution of the digital economy to the national economy, promote smart infrastructure, and enhance the digital readiness of the UAE government to ensure business continuity.
He also spoke about how Dubai’s focus on digitalisation had enabled it to minimise the economic impact of the coronavirus.
“One of the major factors that aided Dubai’s response to the pandemic is its commitment to digitalisation. Whether it is the Internet of Things or the Fourth Industrial Revolution, Dubai has been at the forefront of adopting the latest technologies, which have benefited all sectors of the economy. Our leadership has been prioritising digital transformation and innovation many years before COVID-19 disrupted the world,” Al Olama said.
“Now, Dubai is entering a new phase of development that is being primarily driven by digital technologies and innovation. The establishment of the Dubai Digital Authority – tasked with positioning Dubai as the first digital economic capital in the world – is a bold step that will seek to digitalise all aspects of life in the emirate and catalyse the growth of our economy.”
In his welcomes remarks, Hamad Buamim, President & CEO of Dubai Chamber, said: “We see this forum as a prime example of the seamless and close cooperation between public and private sector stakeholders in Dubai, which remains a key factor ensuring the emirate’s economic competitiveness.”
The event concluded with remarks from Helal Saeed Al Marri, Director General of the Dubai Department of Tourism and Commerce Marketing, who presented the key findings and top recommendations from the 24 breakout sessions.
The findings from The Future Growth Forum will be analysed by Dubai Chamber and formally communicated to the Dubai Government to help with policy formation and executive decision-making.
