A top official speaks during the Dubai Digital Economy Retreat.

The Dubai Digital Economy Retreat concluded recently with the adoption of a new action plan designed to develop Dubai’s digital economy strategy. Discussions at the event generated several practical recommendations to address existing challenges in the market.

The two-day retreat, organised by the Dubai Chamber of Digital Economy, supports the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to position Dubai as a global digital economy capital.

The event was attended by 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; Hamad Buamim, President & CEO of Dubai Chamber; and members of the advisory board of the Dubai Chamber of Digital Economy who represent digital companies in Dubai.

Interactive workshops during the event identified key market issues and challenges, including the need to attract more digital companies and specialised talent to Dubai, high costs for companies operating in this sector, encouraging more digital startups and enhancing investments in growing these businesses, widening acceptance of e-commerce payments and removing barriers of entry and enhancing the quality of services operating in this space.The action plan is structured around three pillars, namely enhancing the digital business environment, supporting the development of digital companies and attracting leading digital companies to Dubai.

The plan emphasises the importance of understanding the current and future infrastructure needs of the digital economy, facilitating access to funding and managing relationships and networks abroad with digital-related entities.

Addressing participants, Al Olama said the newly announced action plan lays the groundwork for developing Dubai’s digital economy strategy and ecosystem, while it is expected to create new jobs and growth opportunities. He noted that the retreat achieved its objectives of involving private sector stakeholders in key discussions with their public sector counterparts that will shape Dubai’s future vision and enhance the emirate’s economic competitiveness in the long term.

For his part, Buamim said the retreat complements Dubai Chamber’s efforts to facilitate and streamline public-private sector cooperation, support and protect the interests of its members and meet the changing needs of Dubai’s fast-growing business community as it adapts to a new reality in the COVID-era and beyond.

Buamim described the retreat as an ideal platform for open and constructive dialogue that is crucial in paving the way for major initiatives that will accelerate the next phase of Dubai’s economic growth and development.

More than 100 industry experts shared their insights and recommendations for supporting the growth of digital companies in the emirate on the first day of the Dubai Digital Economy Retreat.

The two-day retreat, organised by the Dubai Chamber of Digital Economy, supports the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to transform Dubai into the capital of the global digital economy.

The event featured several interactive workshops on the topics of talent, financing, infrastructure and legislation. Participants discussed several important issues facing industry players related to the need for specialised talent and venture capital funds, support for local investors, reduction of business costs, access to capital for digital companies and business-friendly regulations. The Retreat also explored new ways to position Dubai as a global digital economy capital, foster public-private sector cooperation to accelerate the growth of industry players and boost the sector’s contribution to Dubai’s economy.

The value of exports and re-exports of Dubai Chamber members increased 21.8% year-over-year to reach Dhs147.3 billion in the January-August 2021 period, supported by a rebound in trade activity in Dubai.

The Chamber pointed out that the exports and re-exports of its members recorded year-over-year growth of 43.9%, reaching Dhs21.4 billion in August 2021. A total of 58,154 certificates of origin were issued by Dubai Chamber in August 2021, up from 48,129 certificates in July 2021. As a region, the GCC was the top export market for Dubai Chamber members between January and August 2021.