The Dubai Chamber of Digital Economy has revealed that the UAE digital economy will increase to over $140 billion by 2031, up from its current value of nearly $38 billion.
The organisation also released a report outlining its plans to enhance Dubai’s digital economy as part of its mission to fortify the digital economy ecosystem in Dubai and reach the goals set by the Dubai Economic Agenda (D33).
Titled “Dubai’s Digital Economy and its Thriving Startup Ecosystem,” the report also highlighted the crucial role of the Dubai Chamber of Digital Economy and the cooperation between various stakeholders and digital startups in making Dubai the world’s next digital economy capital.
HE Omar Sultan Al Olama, the Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, who is also the Chairman of Dubai Chamber of Digital Economy, stated that the aim to increase the digital economy’s contribution to the UAE’s GDP from 9.7 percent to more than 20 percent by 2031, showcases Dubai’s efforts to become a prominent technology hub and a top destination for digital companies worldwide.
Economy of the future
In addition, Al Olama further underscored how the UAE is pioneering initiatives to create a world-class digital infrastructure and support the dynamic start-up ecosystem and build the economy of the future.
“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,” said Al Olama.
“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 study also showcased important strategies, factors, and parties involved in Dubai’s digital economy, as well as features conversations with well-known local startups and new businesses from various industries that have relocated to Dubai.
It also detailed the Chamber’s future plans and strategies, such as: bringing in 300 digital startups to Dubai by 2024; inviting 100 global experts in advanced technologies; enhancing laws and policies to foster the digital economy’s growth; hosting an international conference on the digital economy; promoting digital transformation in local companies; and improving the business environment to draw in global digital firms.
