Dubai launches platform to woo and support digital startups
The initiative aligns with the Dubai Chamber's initiative to foster a conducive business environment for digital companies to thrive and contribute to the Dubai Economic Agenda.
The Dubai Chamber of Digital Economy has launched the Business in Dubai programme, aimed at attracting and supporting digital-focused startups in the emirate's pursuit of becoming a digital economy powerhouse.
The programme aims to bridge funding, workspace, and growth opportunities for startups, ensuring they have access to the necessary resources for success, according to statement on Gulf News.
The Business in Dubai programme aims to boost digital startups' contribution to Dubai's economy by partnering with private and government organisations. The initiative includes seven partners, namely Dubai World Trade Centre, telecom company du, Dubai Islamic Bank, Mashreq, Commercial Bank of Dubai, Tecom Group's startup incubator in5, and workspace platform Letswork.
The programme focuses on two pillars: a business-matching service, connecting companies with partners, investors, and customers, and a range of institutional services delivered in collaboration with the Dubai Chamber's partners. It also includes incentives to attract local and international digital startups to operate in the emirate.
The initiative aligns with the Dubai Chamber's initiative to foster a conducive business environment for digital companies to thrive and contribute to the Dubai Economic Agenda.
"Digital-focused companies are extremely important, so we try to provide what they require. We know Dubai supports people in a good way, but it's the businesses that require certain supports," said Ahmad bin Byat, Vice Chairman of the Dubai Chamber of Digital Economy.
"Partner banks of the initiative will set up dedicated teams to assist startups. It won't be just cost effective – it's also more efficient. Instead of these companies going to different places, they can access this platform and get the services, with our team also available to help," he added.
Last year, the UAE government had announced its Digital Economy Strategy to increase the sector's contribution to the GDP by 20% over the next decade.
This initiative is part of Dubai's goal of attracting 300 digital startups by 2024 and boosting its non-oil GDP. The Dubai Chamber of Digital Economy attracted 69 digital startups in the first quarter this year.
The UAE's Minister of Economy, Abdulla bin Touq, believes developing startups' contribution will help double the country's GDP by 2031.
The Ministry of Economy also unveiled its updated Entrepreneurial Nation programme, aiming to develop over 8,000 SMEs and startups by 2030. The UAE also aims to be home to 20 unicorns by 2031.
The minister said, "Dubai is becoming very attractive for such talent because these businesses require a specific type of talent from around the world. We see people moving from East and West to Dubai – a lot of young, talented individuals – and they start their company here."
In December, the UAE launched Future 100, a programme to support and honour top 100 startups.
Meanwhile, the Dubai Chamber is organising the Expand North Star summit later this month at the Gitex Global technology conference. The summit, which aims to connect startups with investors, is expected to attract over 1,400 exhibitors and 1,000 investors.
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