Dubai Chamber of Digital Economy Draws Nine Multinationals Worth AED 304 Billion in 2023

Dubai Chamber of Digital Economy Draws Nine Multinationals Worth AED 304 Billion in 2023 

The Dubai Chamber of Digital Economy, operating under the Dubai Chambers, disclosed that it successfully enticed nine multinational companies (MNCs) to Dubai last year, amassing a collective market value surpassing AED 304 billion (US$ 82.84 billion). This milestone underscores Dubai's burgeoning allure as a premier investment destination for cutting-edge technology firms and underscores the chamber's dedication to fortifying Dubai's digital economy in harmony with the objectives outlined in the Dubai Economic Agenda (D33).

These companies represent a diverse array of specialized digital enterprises across sectors such as cybersecurity, mobility technology, health and fitness tech, new energy-based vehicles, robotics, autonomous systems, e-commerce, automotive, legal services, and cryptocurrencies.

Highlighting the wealth of global prospects within Dubai's digital landscape, the chamber attracted three digital firms from Asia, three from Europe, two from the USA, and one from Latin America.

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Chairman of the Dubai Chamber of Digital Economy, lauded the significance of attracting these multinational entities as yet another testament to Dubai's strides in nurturing a comprehensive business ecosystem, fostering growth, innovation, and creativity. He emphasized that these endeavors encapsulate the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to elevate the emirate's stature as a global hub for the digital economy. Al Olama reaffirmed that Dubai's digital economy is witnessing continued expansion in investment appeal and the regional and global footprint of tech companies across all domains.

Al Olama underscored the chamber's commitment to advancing collaboration to realize the objectives of the Dubai Economic Agenda (D33) and bolster the digital business landscape through strategic initiatives. Moreover, efforts are underway to augment Dubai's digital economy's competitive advantages, attract more companies, investors, and entrepreneurs, and solidify Dubai's standing as a prime destination for digital investments and specialized talent in tech sectors.

In alignment with the Dubai Economic Agenda (D33), the chamber has intensified efforts to propel the emirate towards becoming a leading global digital economy. Initiatives like the 'Create Apps in Dubai' drive, initiated by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, aim to equip 1,000 Emiratis with the skills to pursue successful careers in mobile app development by 2025. This initiative also seeks to support 100 new national projects for innovative app development, alongside launching the Emirati Training Academy and the 'App Olympics' competition.

Furthermore, the chamber's endeavors include hosting Expand North Star, the world's largest gathering of startups and investors, which attracted over 33,000 participants globally. The launch of the 'Business in Dubai' platform offers practical support to businesses seeking to establish or expand operations in the emirate, facilitating connections with potential partners, investors, and customers through institutional services and business matchmaking.

Throughout 2023, the Dubai Chamber of Digital Economy conducted workshops and roadshows across various regions, addressing pertinent topics and challenges in digital industries, fostering collaboration among key government entities, and showcasing Dubai's appeal to international digital companies.

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