Dubai is making a big move in its quest to become a digital economy powerhouse. The Dubai Chamber of Digital Economy has launched the business ideas in the program, which was first announced in June, as a one-stop shop for digital start-ups. It will provide support in funding, workspaces, and growth opportunities to bridge the gap faced by start-ups. 

By partnering, private and government organisations with seven new partners like  Letswork, in5, Dubai World Trade Centre (One Central), du, Mashreq, Dubai Islamic Bank, and the Commercial Bank of Dubai, this initiative aims to boost the start-ups’ contribution to Dubai’s economy. 

The top executives of these partners agreed with a preliminary agreement, strengthening their commitment to this exciting Dubai program at the event on October 2. It is creating an environment where start-ups can contribute to the digital landscape. 

In addition to the previous partners, telecoms operator e& ( formerly known as Etisalat ), Dubai CommerCe city, digital payments Telr, and Safexpay have also joined the Dubai Business Program. The two important pillars built in the program: are a business matching service to connect companies with partners, investors, and customers, and a comprehensive range of institutional services provided in the partnership with Dubai Chamber’s partners.

Ahmad bin Byat, the vice chairman of the Dubai Chamber of Digital Economy, said the importance of supporting digital-focused companies. He voiced that Dubai provides good support for every individual, but every business requires special assistance. As part of the initiative, partner banks will establish dedicated teams to support the start-ups. This commitment from the banks shows their level of dedication to supporting the growth and success of the Dubai digital start-ups.

“It won’t be just cost effective – it’s also more efficient. Instead of these companies going to different places, they can access this platform and get the services, with our team also available to help,” said Ahmad bin Byat. 

This is a part of the Dubai Chamber’s drive to create a business environment that enables digital companies to grow and contribute to the terms of the Dubai Economic Agenda, or D33. This is a form of purely supporting digital companies and providing them with whatever they need to succeed. 

300 Digital Start-Ups

To increase the sector’s contribution to the GDP by 20% over the next decade, leveraging the advanced technologies and attracting skilled talent. The new initiative forms with Dubai’s goal of attracting 300 digital start-ups by 2024 and boosting its non-oil GDP. Surprisingly, the Dubai Chamber of Digital Economy has already attracted 69 Digital start-ups in the first three months of 2023. 

 UAE’s Minister of Economy, Abdulla bin Touq said this month that developing start-ups’ contribution to the digital economy will achieve the target of doubling the UAE’s gross domestic product by 2031. 

In the previous year, the Ministry of Economy opened its updated Entrepreneurial Nation programme, which helps to improve more than 8,000 SMEs and start-ups by 2030. The Dubai Emirates aims to be home to 20 unicorns- start-ups with an amount of $1 billion and above by 2031 and double the number as planned.

In December, the UAE launched Future 100, a programme that aimed at supporting and honouring the top 100 start-ups to have an impact on the economy of the country. 

To connect start-ups with investors, The Dubai Chamber is organising the Expand North Summit at this month’s Gitex Global Technology conference. 

Mr bin Byat said that the summit will be held from October 15 to 18 by the side of Gitex Global and it is expected to attract more than 1,400 exhibitors and 1,000 investors. 

“Dubai is becoming very attractive for such talent because these businesses require a specific type of talent from around the world. We see people moving from East and West to Dubai – a lot of young, talented individuals – and they start their company here,” said Mr bin Byat.