DUBAI, 1st March, 2023 (WAM) – Dubai Chamber of Commerce, in partnership with Dubai Chamber of Digital Economy, two of the three chambers functioning under Dubai Chambers, have recently launched six business groups in the digital industry. These groups are focused on software services, e-commerce, connectivity, online gaming services and e-sports, marketing and social marketing agencies, as well as cybersecurity services.
Omar bin Sultan Al Olama, Chairman of Dubai Chamber of Digital Economy and Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, remarked on the significance of these business groups. He noted that the digital economy plays a major role in Dubai's D33 Agenda, and the UAE is aiming to pioneer and maintain an economy based on knowledge, innovation, and future technologies. These business groups align with D33's goals, which aim to create new economic value from digital transformation, amounting to an average of AED100 billion annually.
The establishment of these business groups was driven by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers. He highlighted the importance of business groups in ensuring that Dubai's various economic sectors are well-coordinated, particularly for the digital industry, which is a vital part of the city's economy. By providing a platform for stakeholders in the sector to engage in mutual dialogue with government entities, the business groups will be able to address policy issues and improve the competitiveness of their respective sectors.
Dubai's digital industry has undergone significant development in recent years, with 5G emerging as the most important wireless connectivity technology, offering an enhanced experience for users across the UAE. According to GSMA, the UAE ranked among the top countries globally with the fastest median download speed over 5G, recording speeds of 516.15 Mbps and 511.70 Mbps last year.
This advancement has had a positive impact on the capital investment flows in the six sectors of software services, e-commerce, connectivity, online gaming services, e-sports, marketing, and social marketing agencies, and cybersecurity. Pitchbook reported that in 2022, UAE's software services attracted US$365.4 million in capital investment, e-commerce received US$281.18 million, gaming saw US$159.62 million, e-sports had US$1 million, marketing tech received US$30.81 million, while cybersecurity companies and deals in the UAE accounted for US$7.25 million in 2021.
To unlock the full potential of Dubai's digital economy, which has grown two and a half times faster than the global GDP over the past two decades, nearly doubling in size since 2000, Dubai Chamber of Digital Economy, together with Dubai Chamber of Commerce, is committed to transforming Dubai into an international technology hub. As part of these efforts, the chambers have launched six new business groups to further promote the growth of Dubai's digital economy.