UAE – Mubasher: The number of digital startups supported by the Dubai Chamber of Digital Economy (DCDE) soared by 212% year-on-year (YoY) to 215 during the first half (H1) of 2024 from 69 in the same period the year before.

The combined market value of these companies is approximately $7 billion, according to a press release.

In H1-24, the chamber trained 243 Emiratis as part of the Create Apps in Dubai initiative, launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, and led by the DCDE.

The chamber, operating under Dubai Chambers, also organised 12 international roadshows to promote Expand North Star, the world’s largest gathering of startups and investors, scheduled to take place in October.

Additionally, the chamber reinforced its role 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 the DCDE, stated: “We are intensifying 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 is 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,” Al Olama.

Create Apps in Dubai Initiative

The Create Apps in Dubai initiative aims to strengthen digital capabilities in the UAE, with a target to train 1,000 Emiratis in cooperation with the private sector. The initiative seeks to triple the number of app developers in Dubai by 2025 and support 100 new national projects for developing cutting-edge mobile applications.

Led by the DCDE, the Create Apps in Dubai aims to capitalise on emerging growth opportunities by creating a strong digital infrastructure, establishing a legislative framework that supports application development, and providing government incentives to accelerate the sector's growth, aligning with the chamber's strategic objectives.

The chamber signed four memorandums of understanding (MoUs) with partners in H1-24 to enhance Dubai’s digital business ecosystem and nurture the growth of digital enterprises and technology companies.

These included an MoU with Enterprise Ireland, an Irish government agency dedicated to trade and innovation and the largest venture capital institution in Europe by the number of deals.

This agreement aims to create a strategic partnership that promotes business opportunities, expansion, and mutual cooperation between companies within the digital sector from Dubai and Ireland.

It is worth noting that DCDE attracted nine multinational companies (MNCs) with a market value of more than AED 304 billion ($82.84 billion) in 2023.