UAE: Digital economy to grow to over $140 billion by 2031 – News

The study highlights Dubai’s efforts to establish itself as a major tech hub and a leading global destination for digital companies

file photo

A recent report estimates that the UAE’s national digital economy will grow to more than $140 billion by 2031. The report was released by the Dubai Chamber of Digital Economy as part of its efforts to strengthen Dubai’s digital economy ecosystem and achieve the goals of Dubai’s Digital Economy Agenda (D33).

The study, “Dubai’s Digital Economy and Its Thriving Startup Ecosystem,” was published in partnership with Entrepreneur Middle East. It explains the Chamber’s role in supporting the digital economy strategy and achieving sensible leadership goals to strengthen Dubai’s position as the global capital of the digital economy.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of the Dubai Digital Economy Chamber, said the digital economy’s contribution to the UAE’s GDP will double from 9.7% to more than 20% by 2031, reflecting Dubai’s efforts to establish itself as a Become a major technology hub and a leading global destination for digital companies.

Al Olama emphasized that the UAE’s pioneering initiatives to build the economy of the future help create a world-class digital infrastructure and support a vibrant start-up ecosystem. “Our strategic plan will also focus on achieving the goals of the Dubai Economic Agenda (D33), particularly in terms of driving digital transformation, developing a sustainable business sector and adding economic value to the emirate’s economy by an average of AED100 billion per year,” he said. Say.

“Raising the business community’s awareness of challenges and future trends is a key priority, while emphasizing the importance of digital transformation as an engine of sustainable growth for the business sector,” he added.

The report provides insights into startups in Dubai’s digital economy. Some 96% of all funds raised in the UAE since 2017 have been raised by Dubai-based startups. In 2021, all startups across the country raised $1.2 billion, with the vast majority going to startups in Dubai. Startups in the emirate raised more than $2 billion in 2022, more than double the amount raised in 2021.

In addition to highlighting the key strategies, drivers and stakeholders behind Dubai’s digital economy, the report also interviews iconic home-grown start-ups, as well as recent transplants to Dubai from various industries.

The research 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 advanced technology experts; improving laws and policies to support the development of the digital economy; organizing a new digital economy international Conference; Facilitating digital transformation of companies across the country; Improving the business environment to attract global digital companies.

Also read: