UAE’s digital economy to reach $140bn in 2031: Dubai Chamber of Digital Economy

Dubai Chamber of Digital Economy, one of three chambers operating under Dubai Chambers, has released a report detailing plans to develop the emirate’s digital economy.

The report projects the national digital economy will reach $140bn in 2031 from $38bn today, reported state news agency WAM.

The study highlights the importance of the chamber’s efforts and collaboration with stakeholders to establish Dubai as the next digital economy capital of the world. It outlines Dubai’s digital economy startups and the emirate’s position as a future digital capital.

The chamber’s plans include attracting 300 digital startups and 100 tech experts to Dubai by 2024, improving laws and policies, organising a conference, promoting digital transformation, and enhancing the business environment to attract global digital firms.

Doubling the digital economy

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, chairman of Dubai Chamber of Digital Economy, said the goal of 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 ambition to be a key tech hub, according to WAM.

He emphasised the importance of building a world-class digital infrastructure and supporting the dynamic startup ecosystem to drive digital transformation and sustainable business growth.

Al Olama also stressed the importance of raising awareness about challenges and future trends and highlighting the role of digital transformation in driving sustainable business growth.

In other news, Dubai Chamber of Commerce has announced new business groups for four economic sectors: agribusiness, furniture and home furnishing, flower traders, and tyre traders.

The chamber, which operates under Dubai Chambers, plans to increase the number of sector-specific business support groups to 100 by March 2023.

Read: Dubai Chamber of Commerce launches 4 new business groups