How Dubai aims to become major hub for global digital economy.
UAE's Minister of State for Artificial Intelligence is named chair of the new Dubai Chamber of Digital Economy
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, on Wednesday approved the board of directors and advisory council of the Dubai Chamber of Digital Economy as part of the recently announced shake-up.
Dubai Chamber of Digital Economy 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.
The new chamber will play a central role in transforming Dubai into an international technology hub and attracting major investment in e-commerce and emerging technologies.
Sheikh Mohammed said: “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.”
Chaired by Omar Sultan AlOlama, Minister of State for Artificial Intelligence in the UAE, the Dubai Chamber of Digital Economy’s board also includes 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.
According to figures, 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 AED100 billion that receive AED1.5 billion in funding.
AlOlama said that the chamber will 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,” he 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.
It will also set the key priorities and targets for the digital economy in Dubai and conduct regular evaluations to identify gaps and growth opportunities of the digital economy sectors in Dubai as well as 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.
Sheikh Mohammed bin Rashid Al Maktoum recently approved the restructuring of the Dubai Chamber of Commerce into three separate entities.
With unique 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.