RIYADH: The UAE’s national digital economy is expected to surge from $38 billion today to $140 billion by 2031, as the Emirate successfully pursues its digital transformation journey, according to a new report.
The forecast, released by the Dubai Chamber of Digital Economy – one of three chambers operating under Dubai Chambers – noted that it plans to attract over 300 digital startups and 100 tech experts to Dubai by 2024.
Dubai Chambers is also eyeing implementing new laws and policies, organizing a conference, promoting digital transformation, and enhancing the business environment to attract global digital firms to the Emirate, state news agency WAM reported.
The UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of the Dubai Chamber of Digital Economy, Omar Sultan Al Olama, said that Dubai aims to become a key technological hub in the region.
He added that the goal is to double the contribution of the digital economy to the UAE’s gross domestic product from 9.7 percent now to over 20 percent by 2031.
Al Olama also emphasized the vitality of developing world-class digital infrastructure and supporting the dynamic startup ecosystem to drive digital transformation and sustainable business growth in the UAE.
He further stressed the importance of raising awareness about challenges and future trends in the technological space, and also highlighted the necessity of embracing digital technology for sustainable business growth.
In April 2022 the UAE Cabinet approved a new Digital Economy Strategy, which includes more than 30 initiatives and programs targeting six sectors and five new areas of growth.