Dubai focuses on future driven by tech innovation: Maktoum

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Deputy Prime Minister and Minister of Finance of the UAE, on Sunday met with Ruth Porat, President and Chief Investment and Financial Officer of Alphabet and Google.

In the meeting held at the Dubai International Financial Centre (DIFC), Sheikh Maktoum highlighted Dubai’s vision of a future driven by technological innovation and its commitment to providing all industry players with a platform for transformative growth. As one of the world’s most future-ready cities and a leader in embracing innovation, Dubai is keen to bring together all who share its vision, to tap into the unparalleled opportunities the rapidly evolving world of technology presents, he said.

Sheikh Maktoum reiterated Dubai’s commitment to propelling digital transformation across various sectors and its aspiration to make itself the global epicentre for future industries. He said Dubai is rapidly growing in profile as a hub for key stakeholders in the global technology industry including leading international and regional players, innovators, startups, venture capitalists and industry experts to work collaboratively to open new horizons for the sector.

The integration of future-oriented technologies, notably Artificial Intelligence (AI), is at the core of the Dubai Economic Agenda D33’s ambitious goal to generate an annual economic value of Dhs100 billion through digital transformation initiatives over the next decade. Partnerships with the world’s foremost technology players like Google are integral to Dubai’s efforts to enhance its technology ecosystem and accelerate growth, efficiency and innovation in the industry, Sheikh Maktoum said.

Sheikh Maktoum further said the dynamic base provided by the city has not only accelerated the growth of established tech giants but has also been instrumental in enabling promising startups to script remarkable success stories on a global scale.

The meeting was attended by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications; and Malek Al Malek, Chairman of TECOM and CEO of Dubai Holding Asset management.

Google opened its regional headquarters in Dubai in 2008, from where it manages all its operations across the Middle East and North Africa (MENA). Alphabet, Google’s parent company, reported global revenues of $282.8 billion in 2022.

In October, Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has launched ‘Business in Dubai,’ a new platform designed to further enhance Dubai’s favourable business environment by simplifying a range of processes for companies seeking to launch or expand their activities in the emirate. The initiative comes as part of the chamber’s drive to ensure an enabling business environment that empowers digital companies to thrive and contribute to the goals of the Dubai Economic Agenda (D33).

‘Business in Dubai’ encompasses two main pillars; a business-matching service aimed at connecting companies with the right partners, investors, and customers; and a comprehensive range of institutional services delivered in cooperation with the chamber’s strategic partners. Aimed both at businesses seeking to launch in the emirate and existing digital companies that wish to expand their activities, the platform creates a world-class infrastructure designed to foster creativity and enable companies to explore new business horizons.

The launch of the digital platform was announced during a special event with the participation of His Excellency Ahmad Bin Byat, Vice Chairman of Dubai Chamber of Digital Economy, and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. As part of the event, a total of seven memorandums of understanding were signed with strategic partners to provide exceptional services to digital companies through the platform.

In June, Dubai Chamber of Digital Economy, one of three chambers operating under Dubai Chambers, has released a report  detailing plans to boost the emirate’s digital economy.

The report projects the national digital economy will reach $140 billion in 2031 from $38 billion today.

The study highlights the importance of the chamber’s efforts and collaboration with stakeholders to establish Dubai as the next digital economy capital of the world. The report outlines Dubai’s digital economy startups and the emirate’s position as a future digital capital.

The Chamber’s plans include attracting 300 digital startups and 100 tech experts to Dubai by 2024, improving laws and policies, organising a conference, promoting digital transformation, and enhancing the business environment to attract global digital firms.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, Chairman of Dubai Chamber of Digital Economy, said the goal of doubling the contribution of the digital economy to the UAE’s GDP from 9.7 per cent to over 20 per cent by 2031 reflects Dubai’s ambition to be a key tech hub.