Dubai Chamber of Digital Economy Attracts Multinational Tech Companies Worth AED 304 Billion

Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that the combined market value of the nine multinational companies (MNCs) it successfully attracted to Dubai last year exceeds AED 304 billion (US$ 82.84 billion).

The impressive figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies and underlines the chamber’s commitment to strengthening Dubai’s digital economy in line with the goals of the Dubai Economic Agenda (D33).

The chamber attracted a diverse range of specialised multinational digital businesses to Dubai in 2023. The nine companies’ activities span various fields including cybersecurity, mobility technology, health and fitness technologies, new energy-based vehicles, robotics, autonomous systems, e-commerce, the automotive industry, legal services, and cryptocurrencies.

Underlining the promising global opportunities available within Dubai’s digital economy, the chamber attracted three digital companies from Asia, three from Europe, two from the USA, and one from Latin America.

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, said that attracting these types of multinational companies is an achievement added to Dubai’s accomplishments as the emirate continues to develop a comprehensive business ecosystem and enhance growth, innovation, and creativity.

His Excellency stated that these efforts embody the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to enhance the emirate’s leadership as a global capital of the digital economy, and that Dubai’s digital economy is continuing to grow in terms of investment attractiveness and the regional and global expansion of companies specialised in all technological fields.

His Excellency added that Dubai Chamber of Digital Economy is working to enhance efforts and cooperation to achieve the targets of the Dubai Economic Agenda (D33) and consolidate the digital business environment in the emirate through various strategic initiatives, in addition to continuing efforts to enhance the advanced competitive advantages enjoyed by Dubai's digital economy, attract more companies, investors, and entrepreneurs to the emirate, and strengthen Dubai's leadership among the most attractive cities for digital investments and specialised talents in digital sectors.

The Dubai Chamber has intensified efforts to propel the emirate towards becoming a leading digital economy, in line with the Dubai Economic Agenda (D33). Notably, the 'Create Apps in Dubai' initiative, spearheaded by the Dubai Chamber of Digital Economy, aims to triple app developers by 2025 and support 100 national projects for innovative applications. Accompanying initiatives include the Emirati Training Academy and the 'App Olympics' competition. Last year's Expand North Star, hosting startups and investors globally, attracted over 33,000 participants. Additionally, the 'Business in Dubai' platform offers practical support and business matchmaking services, with 14 MoUs signed and 365 applications received. The chamber's workshops, roadshows, and business trips further promote Dubai's appeal to international digital companies.

News Source: Dubai Media Office