Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Wednesday approved the formation of the Board of Directors and the Advisory Board of the Dubai Chamber of Digital Economy.
In a tweet he said, “our goal is for the emirate to be a major global station in this new economic sector, and a major destination for digital economy entrepreneurs around the world. We are optimistic about the future of the digital economy in Dubai.”
Dubai Chamber of Digital Economy was recently formed as part of three new chambers, under an overarching Dubai Chambers, to lead a comprehensive economic development in Dubai and boost its position as a global business hub.
The new chamber will play a central role in transforming Dubai into an international technology hub and attracting major investment in e-commerce and emerging technologies.
Sheikh Mohammed said, “We aim to position Dubai as a major hub for designing the future of the digital economy. Our efforts in the coming phase will be dedicated to developing new high-tech tools and leading successful experiences in the digital sector.”
According to figures, there are 90 investment funds in the digital sector and 12 business incubators in the UAE. The country currently hosts 1,400 SMEs, with a total value of Dh100 billion, that receive Dh1.5 billion in funding.
Major Restructuring
Sheikh Mohammed recently approved the restructuring of the Dubai Chamber of Commerce into three separate entities under an overarching Dubai Chambers.
With unique responsibilities and functions, Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy will work in coordination, under a comprehensive strategic vision, to lead a comprehensive economic growth in Dubai within the 50-year development plan.
They will advance Dubai’s foreign trade, support Dubai-based regional and international companies across different sectors and create new investment opportunities in the digital sector.
