Dubai Economy has launched the second cycle of its Future Economy Labs with a series of hacks (workshops) covering sectors critical to life after COVID-19, such as Transport, Healthcare, Cashless Economy, Education Technology (EduTech) and Agriculture Technology (AgriTech), among others. The first workshop in the second cycle, which was held recently, discussed the ‘Future of Mobility’ focusing on the need to identify new opportunities in the mobility sector and develop an accompanying vibrant mobility ecosystem that will boost economic recovery.
Nationwide lockdowns and curfews that followed COVID-19 has had an immediate impact on the automotive sector, locally and globally. Reduced mobility of people and goods, sluggish demand for new car sales and low consumer confidence, along with changes in consumer behaviour, have reinforced the need for innovative and efficient mobility solutions.
The Future of Mobility hack focused on Connected, Autonomous, Shared and Electric (CASE) mobility, which are expected to have the most significant impact on the automotive sector, particularly in the spheres of personal transport and goods movement. The global market for connected and autonomous vehicles and services could exceed $2.8 trillion (more than AED 10 trillion) by 2030, according to a report by Frost & Sullivan. The market value of new shared mobility models, like e-hailing, taxis, P2P car sharing, Demand Responsive Transport, Mobility as a Service and corporate car sharing, can reach $1.8 trillion. Electric vehicle sales alone will be $1.8trillion.
The discussions at the hack revolved around four key areas critical to enabling Dubai to become a leader within each of the areas identified in CASE mobility - Dubai Automobile Sector Stabilization post COVID-19, Connected and Autonomous Test-bedding and Deployment, Automotive and Electric Ecosystem Manufacturing Cluster Opportunity, and Future of Commercial Vehicles and Logistics.
The hack attracted 90 attendees from across the CASE ecosystem including participants from original equipment manufacturers (OEMs), automotive distributors, logistics and supply chain solution companies, car rental companies, and commercial vehicles as well as the relevant government entities. The session brought forth a set of innovative ideas including championing national strategies and initiatives for CASE, simplifying cost of doing business in long term rental/leasing, and Dubai pioneering a regulatory framework and the standards to test-bed connected and autonomous mobility.
Mohammed Shael Al Saadi, CEO Corporate Strategic Affairs in Dubai Economy, commented:
“Urban mobility is changing rapidly post COVID-19, driven largely by shifting consumer behavior, changing disposable incomes, and the fear of infection. However, new modes of mobility are coming on stream and interest in renewal energy and technology remains socially and environmentally significant. I believe that a vibrant, connected, autonomous, shared and electric mobility ecosystem is vital to economic recovery and rebuilding resilient and sustainable urban mobility. Our effort is to bring together mobility providers, automotive industry experts, governments, investors and academia to explore ways to restore public confidence and rebuild a new mobility ecosystem that can meet new regional and global demand.”
Al Saadi added:
“We strongly believe in collaborating with all stakeholders to co-create future economic value. The Future Economy hacks will serve as a platform to bring all relevant stakeholders to discuss the challenges, opportunities and initiatives to reach a shared vision.”
The Future Economy Lab hacks were launched to review current challenges, business practices, regulations and policies, and develop recommendations, strategies and initiatives to sustain Dubai’s economic development within a rapid changing global environment defined by slowing growth, disruptive technologies, and shifting trade flows. The workshops are now part of a ‘CovExit’ initiative aimed to map the COVID Exit recovery path and identify new opportunities to shape the future of existing and emerging sectors by 2030.
The next hacks in the series will cover Cashless Economy, Future of Real Estate, Healthcare, AgriTech and Food Services, and EduTech. For further details on the Future Economy Labs, please write to firstname.lastname@example.org or call +971 4 445 5745.