Dubai Chamber of Digital Economy Supports 215 Digital Startups with Combined Market Value of US$ 7 Billion in H1 2024
The Dubai Chamber of Digital Economy, a key entity under the umbrella of Dubai Chambers, has successfully facilitated the establishment and growth of 215 digital startups in the emirate during the first half of 2024. This marks a remarkable 212% year-over-year increase compared to the 69 companies supported in the same period last year. The combined market value of these startups is estimated at around US$ 7 billion.
In line with Dubai’s vision to become a global capital for the digital economy, the Chamber has been actively fostering a conducive ecosystem for digital businesses. 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, emphasized the Chamber’s commitment to enhancing Dubai's digital business environment. He stated, "We are strengthening our efforts to develop an ecosystem that promotes the growth of digital businesses, supports their expansion, and positions Dubai as the global capital of the digital economy."
The first half of 2024 saw the Chamber organizing 12 international roadshows to promote Expand North Star, the world's largest gathering of startups and investors. Scheduled to take place in October, the event is organized by the Dubai World Trade Centre and hosted by the Dubai Chamber of Digital Economy.
The Chamber also trained 243 Emiratis under the 'Create Apps in Dubai' initiative, launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai. This initiative aims to strengthen digital capabilities in the UAE, with a target to train 1,000 Emiratis and triple the number of app developers in Dubai by 2025.
Additionally, the Chamber has signed four memorandums of understanding (MoUs) with various partners to enhance Dubai’s digital business ecosystem. Notably, an MoU with Enterprise Ireland, the largest venture capital institution in Europe by the number of deals, was established to foster strategic partnerships and promote mutual cooperation between companies in Dubai and Ireland.
The Dubai Chamber of Digital Economy also published two significant reports during the first half of the year, focusing on the success rate of scaleups in Dubai and the FDI landscape in MENA, further underscoring its role in supporting the region's digital transformation.
