Dubai aims to be a global digital economy hub – News

Digital Economy Chamber would enable Dubai’s transformation into an international technology hub.

Dubai aims to position itself as a major hub for designing the future of the digital economy, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, said on Wednesday.

Showcasing the blueprint of Dubai’s futuristic goal of transforming itself into an international technology hub and building a world-class digital infrastructure, the Vice President said the newly set up Dubai Chamber of Digital Economy would play a central role in this mission.

Sheikh Mohammed said the Digital Economy Chamber would enable Dubai’s transformation into an international technology hub and help the emirate attract major investments in e-commerce and emerging technologies.

He approved the board of directors and the advisory council of Dubai Chamber of Digital Economy, which was recently formed as part of three new chambers, under an overarching Dubai Chambers, to lead a comprehensive economic development in Dubai and boost its position as a global business hub.

“We aim to position Dubai as a major hub for designing the future of the digital economy. Our efforts in the coming phase will be dedicated to developing new high-tech tools and leading successful experiences in the digital sector”, said Sheikh Mohammed.

Currently, there are 90 investment funds in the digital sector and 12 business incubators in the UAE. The country currently hosts 1,400 SMEs, with a total value of Dh100 billion, that receive Dh1.5 billion in funding.

Chaired by Omar Sultan AlOlama, the Dubai Chamber of Digital Economy’s board include Ahmad bin Byat, Hamad Obaid Al Mansoori, Khalid Al Tayer, Rashid Al Ghurair, Fadi Ghandour, Mona Ataya, Rashid Mohamed Alabbar, Ronaldo Mouchawar, Mudassir Sheikha, Mansour Al Habtoor, Elissa Freiha, Dany Farha and Hind Seddiqi.

Members of the chamber’s advisory council are: Pavel Durov, Guillaume Pousaz, Alexander Tamas, Divyank Turakhia, Christoph Rich, Ahmad Abdulkarim Julfar, Jack Selby, Bhavin Turakhia, Rabea Ataya, Ryan Mahoney, Karl Magnus Olsson, Fahad Al Hassawi, Mohamad Ballout, Walid Hanna, Michael Lahyani, Philip Bahoshy, Haider Ali Khan, Hosam Arab, Wesam Lootah, Joe Abi Akl, Younus Al Nasser, Faisal Rehman, Farid Faraidooni, Majed Sultan Al Mesmar, Mostafa Kandil, Talal Tabbaa, Talal Bayaa, Arjun Mohan, Osman Sultan, Muhammed Yesilhark, Sayed Hashish, Vinod Krishnan, Hussein Freijeh, Jiawei Liu, Ali Khanafer, Ali Matar, Mohammed Asfour, Amit Jain, Azzam Alameddin, Noor Sweid and Raja Al Mazrouei.

Al Olama said Dubai’s journey towards creating growth-friendly environment for the digital economy started with launching Dubai Internet City, the first specialised technology hub in the region, back in 1999. The city today hosts giant tech companies from all over the world that largely contribute to the emirate’s digital economy.

“Dubai Government has since spearheaded pioneering initiatives including the e-government, smart government and Dubai future accelerators, leading up to establishing a chamber dedicated to strengthening the role of the digital economy in Dubai. All of these elements help establish the solid basis of an agile, competitiveness and innovation-based economy”, said AlOlama.

He said the chamber would launch projects and initiatives to strengthen Dubai’s role as a hub for technology and innovation. “Investing in digital solutions and emerging technologies will create new opportunities and boost Dubai’s competitiveness.”

In a statement, Dubai’s Executive Office said the Dubai Chamber of Digital Economy is tasked with transforming Dubai into an international technology hub and building an advanced digital infrastructure; attracting global investment in e-commerce and digital technologies; providing incentives and facilities to attract talents and entrepreneurs in advanced technologies from all over the world; setting the key priorities and targets for the digital economy in Dubai and conducting regular evaluations to identify gaps and growth opportunities of the digital economy sectors in Dubai; and accelerating digital technology adoption in social and economic activities to meet global trends.

“The chamber’s responsibilities also include proposing policies and legislations to advance the role of the digital economy in Dubai; collaborating with global companies and institutions to develop digital development strategies in line with future technological trends; building a network of relationships with local and international tech entrepreneurs and investment funds; boosting the competitiveness of companies; launching projects, studies and conferences to discuss the growing opportunities of the digital economy sector; and supporting the emirate’s digital transformation”, said the statement.

Sheikh Mohammed has approved the restructuring of the Dubai Chamber of Commerce into three separate entities under an overarching Dubai Chambers.

“With distinct responsibilities and functions, Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy will work in coordination, under a comprehensive strategic vision, to lead a comprehensive economic growth in Dubai within the 50-year development plan.

“They will advance Dubai’s foreign trade, support Dubai-based regional and international companies across different sectors and create new investment opportunities in the digital sector,” said the statement.

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Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE’s mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.

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