Dubai Chamber of Commerce, in collaboration with Dubai Chamber of Digital Economy, has launched six business groups within for strengthening the emirate’s digital economy.
The newly setup business groups are for software services, e-commerce, connectivity, online gaming services and e-sports, marketing and social marketing agencies as well as cybersecurity services.
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: “The digital economy is a major pillar in Dubai’s D33 Agenda, with UAE embarking on a new phase in which it seeks to pioneer and sustain the growth of an economy based on knowledge, innovation and future technologies. These business groups come in line with D33’s objectives which include generating new economic value from digital transformation, at an average of AED100 billion ($27.23 billion) annually.”
Well-oiled machines
Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, said: “Business groups are the key to ensuring that the various economic sectors in Dubai are well-oiled machines, particularly for the digital space—an industry that is a cornerstone in Dubai’s economy. By providing a forum that facilitates mutual dialogue between the sector’s stakeholders and government entities, the business groups will be able to address policy matters and enhance the competitiveness of their respective sectors.”
Dubai’s robust and dynamic digital industry has seen tremendous development over the last few years. As 5G becomes the most important wireless connectivity technology, it has boosted the experience for users across the UAE. On a global scale, the UAE had one of the fastest median download speed over 5G at 516.15 Mbps and 511.70 Mbps last year, according to GSMA.
As a result, the six sectors—software services, e-commerce, connectivity, online gaming services, e-sports, marketing and social marketing agencies and cybersecurity—saw healthy capital investment flows. According to Pitchbook, in 2022 UAE’s software services saw $365.4 million in capital invested, e-commerce had $281.18 million, gaming saw $159.62 million, e-sports had $1 million in investments, marketing tech witnessed $30.81 million in capital invested. Capital invested in cybersecurity companies and deals in the UAE for 2021 were accounted at $7.25 million.-- TradeArabia News Service
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