According to the Dubai Chamber of Digital Economy, this would increase the sector's contribution to GDP from 9.7% to more than 20%.
As part of its efforts to strengthen the digital economy ecosystem in Dubai and accomplish the objectives of the Dubai Economic Agenda, the Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, recently released a report outlining plans to drive the emirate's digital economy ambitions (D33).
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The national digital economy is predicted to increase from its current level of little under US$38 billion to well over US$140 billion in 2031, according to the analysis.
The report emphasised the significance of the work being done by the Dubai Chamber of Digital Economy and the cooperation between different stakeholders and digital entrepreneurs to firmly establish Dubai as the future global centre of the digital economy.
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The report, titled "Dubai's Digital Economy and its Thriving Startup Ecosystem" and published in collaboration with Entrepreneur Middle East, explains the fundamental role of the Chamber in advancing digital economy strategies and achieving the wise leadership's goals to firmly establish Dubai as a global capital of the digital economy.
Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of the Dubai Chamber of Digital Economy, stated that Dubai's efforts to establish itself as a major tech hub and top global destination for digital companies reflect the doubling of the digital economy's contribution to the UAE's GDP from 9.7% to over 20% by 2031.
The innovative work being done by the UAE to create the economy of the future helps to support the thriving start-up ecosystem and create a top-notch digital infrastructure. In particular, the strategic plans will focus on driving digital transformation, creating a sustainable business sector, and increasing the emirate's GDP by an average of AED100 billion annually." the strategic plans will also focus on meeting the Dubai Economic Agenda (D33) targets."
"A significant purpose is to improve business community understanding of difficulties and future trends, as well as to emphasise the significance of digital transformation as a fuel for sustainable industrial growth," .
The paper offers information on Dubai's startups in the digital economy and explains why Dubai will overtake Silicon Valley as the next global hub for the sector. Dubai has long been renowned for having a vibrant entrepreneurship culture. Startups with their headquarters in Dubai have raised over 96% of all money raised in the United Arab Emirates since 2017. In 2021, companies nationwide raised a total of US$1.2 billion, the great bulk of which went to firms located in Dubai. In 2022, the emirate's startups raised more than US$2 billion, more than twice as much as they had in 2021.
The research includes interviews with renowned locally-based entrepreneurs as well as recent Dubai transplants from other industries, in addition to identifying the fundamental strategies, drivers, and stakeholders behind Dubai's digital economy.
The study goes on to outline a few of the Chamber's upcoming plans and strategies, including luring 300 digital startups to Dubai by the end of 2024, luring 100 foreign experts in cutting-edge technologies, enhancing laws and policies that would support the growth of the digital economy, hosting an international conference on the new digital economy, encouraging digital transformation across national companies, and improving the business environment to luring.