Dubai Supports 215 Digital Startups Reaching $7 Billion Market Value In First Half Of 2024

Dubai Chamber of Digital Economy, part of Dubai Chambers, supported 215 promising digital startups in H1 2024. This marks a 212% increase from the 69 companies supported in the same period last year. The combined market value of these companies is around US$ 7 billion.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, stated: "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 AED 100 billion annually for the emirate’s economy through digital transformation projects."

The 'Create Apps in Dubai' initiative trained 243 Emiratis in H1 2024. Launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, it aims to train 1,000 Emiratis by 2025. The initiative seeks to triple app developers in Dubai and support 100 new national projects for mobile app development.

During this period, four memorandums of understanding (MoUs) were signed to enhance Dubai's digital business ecosystem. One notable MoU was with Enterprise Ireland, aiming to foster mutual cooperation between companies in Dubai and Ireland's digital sectors.

The chamber organised 12 international roadshows promoting Expand North Star. This event is hosted by Dubai Chamber of Digital Economy and organised by the Dubai World Trade Centre. It is recognised as the world’s largest gathering for startups and investors.

Additionally, the chamber participated in 15 local and international events during H1 2024. These engagements aimed at strengthening its role as an organiser and strategic partner in various technology-related disciplines.

Reports Highlighting Success

The chamber published two reports during H1 2024. These reports focused on the success rate of scaleups in Dubai and examined the FDI landscape in MENA. These publications aim to provide insights into regional investment trends and business growth opportunities.

'Create Apps in Dubai' aims to build a robust digital infrastructure by establishing supportive legislative frameworks. Government incentives are also provided to accelerate sector growth aligning with strategic objectives.

Omar Sultan Al Olama 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."

The chamber's efforts align with achieving objectives set out in the Dubai Economic Agenda (D33). This agenda aims to generate AED 100 billion annually through digital transformation projects.

With inputs from WAM