Dubai Unveils Online Hub to Attract and Foster Digital-Centric Startups

04 Oct, 2023

Dubai Unveils Online Hub to Attract and Foster Digital-Centric Startups

The Dubai Chamber of Digital Economy has officially introduced the "Business in Dubai" program, designed to entice and assist digital-focused startups as part of Dubai's ambitions to establish itself as a powerhouse in the digital economy. This initiative, initially announced in June, is positioned as a comprehensive resource, addressing the challenges that startups encounter in terms of securing funding, access to workspaces, and opportunities for growth.

The primary objective of the "Business in Dubai" program is to facilitate the contribution of startups to Dubai's economy, through collaboration with both private and government entities. The program has secured the involvement of seven new partners, including the Dubai World Trade Centre, telecom operator du, Dubai Islamic Bank, Mashreq, Commercial Bank of Dubai, Tecom Group's start-up incubator in5, and workspace platform Letswork. These partnerships were formalized through a preliminary agreement signed by their top executives at a recent event.

These new partners join earlier participants, including telecoms operator e& (formerly known as Etisalat), Dubai CommerCity, and digital payments platforms Telr and Safexpay. The "Business in Dubai" program has two key pillars: a business-matching service connecting companies with partners, investors, and customers, and a comprehensive range of institutional services delivered in cooperation with the Dubai Chamber's partners. Additionally, the program offers incentives to attract both local and international digital startups to operate in Dubai.

Ahmad bin Byat, Vice Chairman of the Dubai Chamber of Digital Economy, emphasized the importance of supporting digital-focused companies and stated, "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."

This initiative aligns with the Dubai Chamber's commitment to create a business environment conducive to the growth of digital companies, contributing to the goals outlined in the Dubai Economic Agenda (D33). The UAE government has been actively pursuing its Digital Economy Strategy, aiming to increase the sector's contribution to the GDP by 20% over the next decade, up from 9.7% in 2022.

Furthermore, the "Business in Dubai" program is a crucial step towards Dubai's objective of attracting 300 digital startups to the emirate by 2024, thus bolstering its non-oil GDP. The Dubai Chamber of Digital Economy has already attracted 69 digital startups during the first quarter of 2023.

Majed Al Suwaidi, Senior Vice President of Dubai Media City, part of Tecom Group, highlighted the significance of this initiative in empowering businesses to achieve global growth and contribute to the economy.

Developing startups' role in the economy will also contribute to the UAE's goal of doubling its GDP by 2031, as stated by Abdulla bin Touq, UAE's Minister of Economy. The UAE has unveiled programs like the Entrepreneurial Nation initiative, aimed at developing thousands of SMEs and startups by 2030. Additionally, the country aims to be home to 20 unicorns (startups valued at $1 billion and above) by 2031.

Dubai continues to attract global talent and startups, with the "Business in Dubai" program playing a crucial role in this endeavor. The Expand North Star summit, organized by the Dubai Chamber, coinciding with the Gitex Global technology conference, will connect startups with investors and further promote Dubai as a hub for innovative talent and businesses. This event, taking place from October 15 to 18, is expected to draw significant interest, potentially setting new records for Dubai's business landscape.