More than 100 industry experts participated in the first day of the Dubai Digital Economy Retreat on Tuesday, aimed at accelerating the growth of digital companies in the emirate.
The two-day forum, organised by the Dubai Chamber of Digital Economy, is part of efforts to transform Dubai into the capital of the global digital economy.
The UAE government is taking concrete steps to establish a strong digital economy and make use of the advantages provided by digital transformation.
The digital economy contributes about 4.3 per cent of gross domestic product in the UAE, which is equivalent to Dh100 billion, government figures show.
There are more than 1,400 start-ups in the country, 90 investment funds in the digital sector and 12 business incubators. The total value of start-ups in the country is estimated to be Dh90bn.
The event aims to develop an action plan to advance the digital economy based on the feedback and inputs from the participants.
The private sector is playing a key role in developing new strategies for driving long-term sustainable growth and boosting Dubai’s economic competitiveness, said Omar Al Olama, Minister of State for Digital Economy, AI and Remote Working System.
Mr Al Olama, who is also the chairman of Dubai Chamber of Digital Economy, pressed upon the importance of involving private sector as strategic partner to the public sector.
The UAE, the Arab world's second-largest economy, is considered one of the most advanced countries in the field of technology and the adoption of modern technologies. Nearly 40 per cent of the country’s population uses government digital services more than once a week.
The Emirates is projected to benefit the most in the region from AI adoption. The technology is expected to contribute up to 14 per cent to the country’s GDP – equivalent to Dh352.5bn – by 2030, according to a report by consultancy PwC.
The UAE will be followed by Saudi Arabia, where AI is forecast to add 12.4 per cent to the GDP.