The Dubai Chamber of Digital Financial system has formally launched a brand new platform geared toward attracting and supporting digitally centered startups because the emirate continues its purpose of turning into a powerhouse within the digital financial system.
First introduced in June, the Enterprise in Dubai program is positioned as a one-stop store that can bridge the gaps that startups face in entry to financing, workspaces and different progress alternatives.
This system additionally goals to allow them to extend their contribution to Dubai’s financial system, in partnership with personal and authorities organizations.
The initiative brings collectively seven new companions: the Dubai World Commerce Centre, telecom operator du, Dubai Islamic Financial institution, Mashreq, Industrial Financial institution of Dubai, Tecom Group’s start-up incubator in5 and workspace platform Letswork.
Their participation was formalized with a preliminary settlement, which was signed by their high managers throughout the occasion on Monday.
The brand new companions be a part of telecom operator e& – previously referred to as Etisalat – Dubai CommerCity and digital fee platforms Telr and Safexpay, which signed on in June.
The Enterprise in Dubai program focuses on two elementary pillars: a enterprise matching service that connects firms with companions, buyers and prospects, and a complete vary of institutional providers delivered in collaboration with the Dubai’s companions Chamber.
It additionally contains incentives to draw extra native and worldwide digital start-ups to function within the emirate.
Digitally centered firms are “extraordinarily vital… so we attempt to present what they want. We all know that Dubai helps folks in a great way, however it’s the firms that want sure help,” Ahmad bin Byat, Vice Chairman from the Dubai Chamber. of the Digital Financial system, advised reporters on the occasion.
Companion banks of the initiative will arrange particular groups to assist start-ups, he stated.
“Not solely will or not it’s cost-effective, it will likely be extra environment friendly. As an alternative of those firms going to totally different locations, they’ll entry this platform and get the providers, with our group additionally accessible to assist.”
The initiative is a part of the Dubai Chamber’s dedication to create a enterprise setting the place digital companies can thrive and contribute to the targets of the Dubai Financial Agenda, or D33.
300 digital start-ups
Final 12 months, the UAE authorities introduced its digital financial system technique, which goals to extend the sector’s contribution to GDP by 20 p.c over the subsequent decade, up from 9.7 p.c in 2022, because it adopts cutting-edge applied sciences needs to make the most of and appeal to extremely certified expertise.
The brand new initiative can also be a step in the direction of Dubai’s goal of attracting 300 digital start-ups to the emirate by 2024 and boosting its gross home product (non-oil).
The Dubai Chamber of Digital Financial system attracted 69 digital startups within the first quarter of 2023.
Doing enterprise in Dubai “not solely unites our strengths, but in addition strengthens the enterprise panorama, enabling extra firms to attain world progress by beginning or scaling from Dubai,” stated Majed Al Suwaidi, senior vice chairman of Dubai Media Metropolis, half from Tecom Group.
Growing the contribution of start-ups to the financial system will assist obtain the goal of doubling the UAE’s gross home product by 2031, Abdulla bin Touq, UAE Minister of Financial system, stated this month.
Final 12 months, the Ministry of Financial system unveiled its up to date Entrepreneurial Nation program, which goals to develop greater than 8,000 small and medium-sized enterprises and start-ups by 2030.
The Emirates additionally goals to host 20 unicorns – start-ups valued at $1 billion or extra – by 2031, double the quantity initially deliberate.
Video: New license goals to scale back boundaries for startups in Dubai
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In December, the UAE launched Future 100, a program geared toward supporting and celebrating the highest 100 startups anticipated to have a major impression on the nation’s financial system.
The Dubai Chamber can also be internet hosting the Broaden North Star summit this month throughout the Gitex International know-how convention, which is devoted to connecting startups with buyers.
The summit will likely be held in Dubai collectively with Gitex International from October 15 to 18 and is predicted to draw greater than 1,400 exhibitors and 1,000 buyers. It may very well be a “file breaker” for Dubai, bin Byat stated.
“Dubai is turning into very engaging for such expertise as a result of these firms want a selected kind of expertise from everywhere in the world. We’re seeing folks shifting from East and West to Dubai – quite a lot of younger, proficient people – and they’re beginning their companies right here.” he added.
Up to date: October 2, 2023, 1:49 PM
