DCDE supports establishment of 215 startups with market value of $7b

Dubai Chamber of Digital Economy (DCDE), one of the three chambers operating under the umbrella of Dubai Chambers, has announced that it successfully supported 215 high-potential digital startups to establish and grow their businesses in the emirate during H1 of 2024, achieving year-over-year (YoY) growth of 212 per cent compared to the 69 companies supported during the same period last year.

The combined market value of the companies amounts to around $7 billion.

During the first six months of 2024, the chamber trained 243 Emiratis as part of the ‘Create Apps in Dubai’ initiative, which was launched by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, and is led by Dubai Chamber of Digital Economy.

The chamber also organised a total of 12 international roadshows aimed at promoting Expand North Star. Organised by the Dubai World Trade Centre and hosted by Dubai Chamber of Digital Economy, the event is the world’s largest gathering of startups and investors and will take place in October.

In addition, the chamber further strengthened its presence as an organiser, strategic partner, and active participant in 15 local and international events during the first half of the year.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, commented: “In line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to consolidate the emirate’s status as a global capital for digital economy, we are strengthening our efforts to develop an ecosystem that promotes the growth of digital businesses, supports their expansion, and positions Dubai as the global capital of the digital economy.”

“This comes as part of our drive to achieve the objectives of the Dubai Economic Agenda (D33), which seeks to generate an average of Dhs100 billion annually for the emirate’s economy through digital transformation projects.”

He added: “Dubai Chamber of Digital Economy remains committed to further enhancing Dubai’s attractiveness for companies and entrepreneurs operating within all technology-related disciplines. Our impactful programmes and initiatives are designed to develop the infrastructure, regulatory environment, and services available to the digital sector in Dubai.”

‘Create Apps in Dubai’ was launched to strengthen digital capabilities in the UAE and has set a target to train 1,000 Emiratis in cooperation with the private sector.

The initiative aims to triple the number of app developers in Dubai by 2025 and support 100 new national projects for the development of cutting-edge mobile applications.

Spearheaded by Dubai Chamber of Digital Economy, ‘Create Apps in Dubai’ seeks to capitalise on emerging growth opportunities in the sector by creating a strong digital infrastructure, establishing a legislative framework that supports application development, and providing government incentives to accelerate the sector’s growth, in line with the chamber’s strategic objectives.

The chamber signed four memorandums of understanding (MoUs) with partners during H1, 2024 aimed at enhancing Dubai’s digital business ecosystem and nurturing the growth of digital enterprises and technology companies. These included an MoU with Enterprise Ireland, an Irish government agency dedicated to trade and innovation that is the largest venture capital institution in Europe by number of deals.  The agreement seeks to create a strategic partnership that promotes business opportunities, expansion, and mutual cooperation between companies within the digital sector from Dubai and Ireland. The Chamber published during the first half of the year two reports on the success rate of scaleups in Dubai and the FDI landscape in Mena.

Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, aims to strengthen Dubai’s position as a global leader in the digital economy; attract specialised talent, leading companies, and new investments; and create a stimulating environment that supports the growth of digital companies.

Meanwhile Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has achieved a year-over-year (YoY) growth of 54 per cent in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, which increased from 56 in the first half of 2023 to 86 during H1, 2024.

The companies attracted during the first six months of this year included 24 MNCs, up from eight in H1, 2023, representing 200 per cent YoY growth.