Dubai, UAE — A total of 30 startups were attracted to Dubai by the Dubai Chamber of Digital Economy in the first quarter of 2023, the Chamber said Tuesday.
Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, said it cooperated with relevant government entities to attract 30 startups with strong potential in the technology sector to develop the digital economy and enhance emirate’s appeal to tech investors.
The chamber has also launched a series of 10 interactive workshops for the private sector focusing on specific areas of the digital economy.
The workshops explored the targeted sectors’ challenges and helped develop appropriate solutions to support companies in improving their performance and competitiveness.
Omar Sultan Al Olama, Chairman of Dubai Chamber of Digital Economy, said, “A main focus for the UAE is strengthening constructive dialogue with key segments of Dubai’s digital business community to determine opportunities, challenges, and recommendations.” Al Olama stated.
The chamber aims to attract 300 new digital startups in the coming years. As part of these efforts, the chamber will host the Expand North Star Summit in October.
The event, the region’s largest gathering of startups, will showcase growth opportunities emerging in Dubai’s digital economy and serve as a strategic catalyst to expand the future of the digital economy.
Over the next three years, digital technology spending — including IT, telecom, and emerging tech such as AI, IoT, blockchain, robotics, etc — in the UAE is expected to reach US$ 20 billion, said an expert.
“At the same time as the transformation progresses through its core, the narrow tier of the digital economy could progress to make businesses dramatically different from their current shape,” Thibualt Werle, Managing Director and Partner at Boston Consulting Group (BCG).
“The emergence of decentralized and community-driven creation models powered by Web 3.0 is driving user ownership in a new parallel virtual economy and allowing businesses to manifest in other ways as well,” he added, referring to the BCG report, titled “Charting Economic Opportunities in the New Digital Paradigm”.
The report highlighted that every industry, from finance and healthcare to education and mobility, is embracing digital technology to attract target audiences, automate and optimize processes, cut costs, and increase revenue.