Dubai ruler looking to 'catapult Dubai's economy to new heights.
Sheikh Mohammed recently approved the new board of directors of Dubai Chambers as part of efforts to enhance their contributions to Dubai's economy, raise the level of support provided to emerging business sectors and accelerate innovation in the emirate.
Dubai’s ruler has said the city is looking toward the next 50 years, and that it’s everyone’s duty to “mobilise all our creative minds and our exceptional efforts to catapult Dubai's economy to new heights”.
His comments were made at the first board of directors meeting of the recently announced Dubai Chambers, formed through the creation of three entities: Dubai Chamber of Commerce, Dubai Chamber of Digital Economy, and Dubai Chamber of International Trade.
"The global economy has undergone a tremendous change... Dubai has developed and made great leaps... Today we are the global capital of economy," he said. "Today, we are thinking about the next 50 years, and we are also thinking for future generations. This is a duty for all of us.''
Sheikh Mohammed recently approved the new board of directors of Dubai Chambers as part of efforts to enhance their contributions to the emirate’s economy, raise the level of support provided to emerging business sectors and accelerate innovation in Dubai. The move is also part of efforts to catalyse Dubai's economic transformation and further reinforce the city’s rise as a global business hub.
As part of plans to achieve this goal, The UAE has launched new initiatives to drive economic prosperity and help nascent family-owned businesses, start-ups and small and medium enterprises grow. In April, the UAE approved an $8.2 billion financial support package for the country’s SMEs and start-ups as they rebuild in the wake of coronavirus.
The Dubai Chamber of Digital Economy is tasked with launching projects and developing studies on the new future economy, as part of efforts to build the world’s best digital infrastructure and transform the emirate into an international technology hub. The chamber will work to build a network of local and international tech entrepreneurs and investment funds to promote the interests of technology companies and advancing the role of the digital economy in the emirate.
Further efforts to develop the digital economy include the recently launched DMCC Crypto Centre, an ecosystem for businesses operating in the cryptographic and blockchain sectors, and the new DIFC Innovation Hub, which seeks to spur innovation and entrepreneurship in the fintech sector and is part of the new Dubai Future District.
The chamber has also been tasked with helping draft legislation in Dubai and the UAE to create a growth-friendly environment for the digital economy.