Dubai Chamber of Digital Economy attracts 30 startups in Q1 2023

Dubai Chamber of Digital Economy said it attracted 30 startups with strong potential in the technology sector in the first quarter of 2023 to further develop the digital economy of the emirate and enhance its appeal to tech investors.

As one of the three chambers operating under Dubai Chambers, the Dubai Chamber of Digital Economy said its achievement is a testament to its commitment to boosting the digital economy in the city and supporting the ambitious Dubai Economic Agenda D33.

The chamber also unveiled a new initiative to enhance communication with key stakeholders in the digital business community and organised a series of 10 interactive workshops for the private sector focusing on specific areas of the digital economy.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and chairman of Dubai Chamber of Digital Economy, said that realising the vision of the leadership to make the city a global capital of the digital economy remains a top priority for the chamber both now and in the future and that the private sector is a key player in achieving this objective.

“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,” said Al Olama.

Dubai Chamber of Digital Economy remains committed to supporting Dubai’s digital transformation while cementing its position as a global capital of the digital economy. The chamber aims to attract 300 new digital startups in the coming years.

The chamber plans to host the Expand North Star Summit in October as part of its broader strategy to showcase growth opportunities emerging in Dubai and serve as a catalyst to expand the future of the digital economy.

Dubai boosts its appeal

Meanwhile, Dubai’s financial hub – Dubai International Financial Centre (DIFC) – unveiled its venture-building programme, DIFC Launchpad, in March as the centre seeks to build a strong venture model that promotes the growth of innovative startups and scaleups in the region.

Dubai has emerged as a preferred destination for hedge fund traders and startups over the years, thanks to the city’s ease of doing business, tax-free status and its allure as a global business hub.

The city’s financial hub, DIFC, is now home to more than 686 fintech and innovation firms, ranging from startups to global unicorns. Fintech and innovation companies operating within the financial centre attracted over $615m last year and the two sectors have emerged as became the fastest growing sector in the centre with 291 new clients.

DIFC’s combined revenues soared by 18 per cent year-on-year to Dhs1.06bn in 2022 from Dhs897m in 2021 driven by a sharp increase in newly registered companies.

The centre’s operating profit rose by 19 per cent to Dhs679m in 2022 while its assets crossed Dhs15.3bn, cementing the financial hub’s position as the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region.

Read: Sheikh Hamdan reviews DET strategy, progress on Dubai Economic Agenda D33 goals