Dubai Chamber of Digital Economy supports establishment and expansion of 485 digital startups between Q1 - Q3 2024

Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has announced that it supported the establishment and expansion of 485 digital startups in the emirate between Q1 2024 and Q3 2024. This represents an impressive year-over-year (YoY) growth of 380% compared to the same period last year, underlining the chamber’s commitment to supporting promising digital startups.

Businesses specialising in Artificial Intelligence (AI) and machine learning accounted for 11% of the digital startups supported, followed by Fintech on 9%; Software as a Service (SaaS) on 7%; Technology, Media and Telecommunications (TMT) on 7%; and health tech on 7%.

During the first nine months of this year, the chamber trained 787 Emiratis on the fundamentals of coding and mobile app development as part of the ‘Create Apps in Dubai’ initiative. The initiative aims to train and qualify 1,000 Emiratis to enhance digital capabilities in the UAE and triple the number of app developers in Dubai by 2025, as well as support 100 new national projects for the development of cutting-edge mobile applications.

His Excellency Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of Dubai Chamber of Digital Economy, commented: “We remain committed to realising the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, by consolidating Dubai’s position as a global capital for the digital economy. Stimulating the growth of digital companies and facilitating their expansion is instrumental in our drive to achieve the objectives of the Dubai Economic Agenda (D33), which aims to generate an average of AED 100 billion annually for Dubai’s economy through digital transformation projects.”

His Excellency added that the achievements reflect the vital role Dubai Chamber of Digital Economy plays in attracting foreign direct investment in the digital industries, strengthening the business ecosystem, and achieving the ambitious vision of the UAE’s leadership.”

Create Apps in Dubai

Led by Dubai Chamber of Digital Economy, the ‘Create Apps in Dubai’ initiative seeks to leverage new growth opportunities in the sector by ensuring a strong digital infrastructure, creating a legislative framework that supports app development, and providing government incentives to accelerate the sector’s growth in line with the chamber’s strategic priorities.

During the first nine months of 2024, Dubai Chamber of Digital Economy organised 20 events to support the business community, empower startups, nurture talent, build partnerships, and enhance Dubai’s favourable business environment. Within the same period, the chamber arranged 22 international tours in global markets to promote Dubai, showcase the emirate’s advanced digital business ecosystem, and highlight Expand North Star, the world’s largest event for startups and investors, which concluded in October.

The chamber also signed five Memorandums of Understanding with regional and global entities to foster collaboration in key digital economy sectors, in addition to issuing three reports and studies reflecting the dynamism and resilience of Dubai’s digital economy.