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The Dubai Chamber of Digital Economy is one of the three chambers under the umbrella of the newly established Dubai Chamber of Commerce. It will host an extended summit in January 2022. This is the first such summit in the region to attract venture capitalists (VC) to start financing-UPS .
The summit will witness the largest gathering of venture capital and start-ups in the region. It is expected that 500 venture capital and 1,000 technology start-ups will participate in the two-day event, including events, seminars, demonstrations, presentations, promotions and conferences.
It will host some of the most prestigious and well-known venture capital companies and leaders from all over the world, and aims to establish a dedicated international and local network of relationships with entrepreneurs, technology companies and professional financing institutions to help start-ups and entrepreneurs transform their Creativity.
The summit will be held during Dubai Expo 2020 and will be held in coordination with Dubai Expo 2020, Dubai World Trade Center, Dubai Future Foundation and Dubai Tourism and Commerce Marketing Department. Invest in Dubai’s regional and global interests.
Talking about the mission of the Dubai Chamber of Digital Economy and this summit, His Excellency Omar Sultan Alorama, Chairman of the Dubai Chamber of Digital Economy, said: “The summit will be a catalyst to help the Dubai Chamber of Digital Economy achieve its accelerated development goals. Dubai Digital Economy The number of digital companies operating in the Emirates will double in the next few years.”
He further stated: “This summit will be an ideal platform for start-ups and investors to participate in dialogue, which will benefit the development of Dubai’s digital economy.”
Your Excellency also pointed out that greater efforts must be made to provide a fertile and suitable environment for the growth of emerging companies and to create a competitive economy based on innovation, knowledge and digital transformation.
As part of the summit, there will be global conferences, business exchange events, presentation days, investment speeches, and roundtable discussions on important global topics such as social capital, impact investing, and environmental, social and corporate governance. The summit will also have an accelerator department that allows venture capital firms and start-ups to quickly track operations in Dubai.
In 2018, the Dubai Chamber of Commerce conducted research on the biggest challenges faced by technology start-ups, and “financing channels” was rated as the second biggest challenge, especially in the early stages. In this regard, this summit will provide a suitable stage for start-ups to determine the source of funds and establish contacts with venture capital companies from all over the world.
Start-ups in the UAE and Dubai usually attract 50% of the total funds raised in the Middle East and North Africa. The Dubai Entrepreneurship Center of the Dubai Chamber of Commerce has played a key role in helping entrepreneurs navigate the financing ecosystem and has received nearly 50 individual requests from venture capital companies around the world (including North America, Russia and India) to invest in Dubai start-ups.
The role of the Dubai Chamber of Digital Economy
The Dubai Chamber of Digital Economy is committed to transforming the Emirate of Dubai into a global digital economy center.
Its purpose is to accelerate the adoption of digital technology in the economic and social activities of the emirate by attracting international investment in digital trade and industry, contacting various stakeholders in the field of advanced technology, and actively adopting modern technology to achieve this goal . Step up efforts to create the best digital infrastructure and build capacity and leadership in the emirate.
The Chamber’s tasks also include formulating policy recommendations and legislation needed to strengthen Dubai’s digital economy environment; strengthening partnerships with global institutions to formulate digital development strategies; establishing professional international and local networks to improve the competitiveness of national companies and oversee digitalization Transformation plan.
According to the latest statistics, the contribution rate of the digital economy to the UAE’s GDP is about 4.3%, equivalent to 100 billion dirhams. There are more than 1,400 start-ups in the country, and AED 1.5 billion has been allocated to them. There are 90 investment funds and 12 business incubators in the digital field, and the total value of start-ups in the country is estimated at 90 billion dirhams.
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