The Dubai Digital Economy Retreat concluded on Wednesday with the adoption of a new action plan designed to develop the emirate’s digital economy strategy.
Discussions at the two-day forum, organised by the Dubai Chamber of Digital Economy, generated several practical recommendations to address existing challenges in the market.
The action plan is structured on three pillars - enhancing the digital business environment, supporting the development of digital companies and attracting leading digital companies to Dubai.
“The plan emphasises the importance of understanding the current and future infrastructure needs of the digital economy, facilitating access to funding and managing relationships and networks abroad with digital-related entities,” Dubai Government Media Office said in a statement.
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 to the UAE's gross domestic product, 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 about Dh90bn.
More than 100 industry experts participated in the recent forum that aimed to accelerate the growth of digital companies in the emirate.
Interactive workshops during the event identified key market gaps that include the need to attract more digital companies and specialised talent to Dubai, high costs for companies operating in the sector, widening acceptance of e-commerce payments, and removing barriers of entry and enhancing the quality of services operating in this space.
The action plan lays the groundwork for developing Dubai’s digital economy strategy and ecosystem, and it is expected to create new jobs and growth opportunities, said Omar Al Olama, Minister of State for Digital Economy, AI and Remote Work Applications.
Mr Al Olama, who is also the chairman of Dubai Chamber of Digital Economy, said the forum achieved its objectives of involving private sector stakeholders in key discussions with their public sector counterparts.
The forum aims help to shape Dubai’s future vision and enhance the emirate’s economic competitiveness in the longer term, he added.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
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Richard Jewell
Director: Clint Eastwood
Stars: Paul Walter Hauser, Sam Rockwell, Brandon Stanley
Two-and-a-half out of five stars
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
How has net migration to UK changed?
The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.
It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.
The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.
The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.
