- Dubai raised around $2 billion in startup funds in 2022.
- The report was published by the Dubai Chamber of Digital Economy.
The well-comprehending study features Dubai’s efforts to describe itself as a key tech hub and leading destination for digital companies. Dubai Chamber of Digital Economy report describes the country’s desires and goals.
The city’s endeavors
Dubai Chamber of Digital Economy, one of the third chambers leading under Dubai’s Chambers, communicated a report named ‘Dubai’s Digital Economy and its Thriving Startup Ecosystem’ describing the United Arab Emirates’ mission to accomplish UAE’s digital economy ambitions. However, the report also shows its dedication to accomplishing the objectives of the Dubai Economic Agenda (D33).
The report addressed that the UAE’s national digital economy will expand well up to $140 billion by 2031. The report was published in collaboration with Middle East entrepreneurs. It elaborates on the existence of chambers in backing digital economic strategies and achieving leadership goals to advance Dubai’s position as a global hub of the digital economy.
Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, Omar Sultan Al Olama concluded that by increasing the contribution of the digital economy by 2X to UAE’s GDP from 9.7% to over 20% by 2031, shows the Dubai’s efforts to become key tech hub and leading global destination for digital companies.
Al Olama described that all the endeavors that UAE is making are intended to create the future economy, help build a world-class digital infrastructure and hold up an energetic startup ecosystem.
Further he added “Our strategic plans will also focus on achieving the objectives of the Dubai Economic Agenda (D33), especially in terms of driving digital transformation, developing a sustainable business sector, and adding an average of Dh100 billion per year in economic value to the emirate’s economy,”
The report discloses insight into Dubai’s digital economy startups. Since 2017, around 96 percent of all funds raised in UAE and the funds have been raised by startups headquartered in Dubai. According to the local news media, the country’s total startups had raised $1.2 billion, and the majority of startups went to Dubai-based startups. Additionally, Emirates startups had raised around 2 billion dollars in 2022, more than double the funding statistics in 2021.