Dubai aims to support growth of startups, become global capital of digital economy

Khalid Al Jarwan Al Shamsi, Executive Director, Dubai Chamber of Digital Economy, works to 

oversee and manage major initiatives, projects, and events that support the objectives of Dubai Chamber of Digital Economy’s 2022-2024 strategy. He plays a crucial role in building the Chamber’s relationships with industry stakeholders and advocating for policies that support the growth of digital companies in Dubai. 

The Chamber aims to promote the Emirate as a global capital of the digital economy. The core idea is to enhance digital business infrastructure and attract global digital companies to Dubai.

Khalid had served as General Manager of Masharie, the venture capital arm of Dubai Investments, where he handled partnerships, stakeholder relationships, financing, annual KPIs, and operations of subsidiaries, among other responsibilities.  

He has held management roles at Union Properties, Dubai Investment Industries and Abu Dhabi Marine Operating Company. Between 2013 and 2021, he served as chairman for various companies in Dubai such as Emirates Extrusions Factory, Folcra Beach Industrial Co, Gulf Dynamic Services, Gulf Dynamic Switchgear, Gulf Metal Craft, Labtec interiors, Drive Dubai and White Aluminium Extrusion. 

Between 2012 and 2021, he sat on the boards of Saudi American Glass Co., Dubai Investment Industries, Al Taif Investments, Lite-Tech Industries, Emirates Driving Institute, Saudi Driving School (Princess Noura University KSA), International Rubber Company, Techno Rubber Company, Union Properties, and several subsidiary companies of Dubai Investments.

In a conversation with YourStory Gulf Edition, Khalid Al Jarwan Al Shamsi talks about the chamber’s aims and plans. Edited excerpts from the interview.

YourStory Gulf (YS Gulf): Tell us in detail the different initiatives the Dubai Chambers has taken up for startups? 

Khalid Al Jarwan Al Shamsi: Supporting the growth of startups in Dubai is a key focus of Dubai Chambers 2022-2024 strategy as we consider this segment of the business community to be a key economic contributor and source of innovation for Dubai. 

Three chambers currently operate under Dubai Chambers, namely Dubai Chamber of Commerce, Dubai Chamber of Digital Economy and Dubai International Chamber, each of which follow a specialised approach to meeting the evolving needs of startups and advancing the emirate’s digital economy and entrepreneurial ecosystem.

Leveraging the support of Dubai Chamber of Commerce, Dubai International Chamber and strategic partners in the public and private sector, Dubai Chamber of Digital Economy (DCDE) helps startups capitalise on new opportunities emerging from digitalisation and the expansion of Fourth Industrial Revolution technology across all sectors of business. 

The Chamber is putting new and bold initiatives in place to support the development of Dubai’s digital economy and elevate the emirate’s position as global hub for digital businesses. 

YS Gulf: What kind of startups are you looking at and why? 

Khalid Al Jarwan Al Shamsi: As part of its mission to accelerate the growth of Dubai’s digital economy, Dubai Chamber of Digital Economy is focusing its effort to attract promising digital startups to the emirate that specialise in cutting-edge technologies and solutions that support Dubai’s innovation agenda and strategic ambitions.

Attracting 300 global startups to Dubai, supporting 20 local digital businesses with expansion, and nurturing young business leaders are among the key objectives of the Chamber’s strategy. 

Recently, DCDE aligned its efforts with Dubai International Chamber’s representative office in India to support promising Indian startups and digital companies keen to enter the Dubai market. 

The office organised a trade mission joined by Indian startups and investors to Dubai where they participated in GITEX Global 2022, the world’s largest technology trade show, and held meetings with prospective business partners. 

YS Gulf: Is there any specific sector you feel will thrive in the Middle East and why? 

Khalid Al Jarwan Al Shamsi: We are now entering a new growth era where the digital economy is driving development across a wide range of industries. The UAE has adopted an ambitious strategy that aims to double the contribution of the digital economy to the UAE’s gross domestic product from 9.7% to 19.4% within the next 10 years. 

Dubai is driving the UAE’s digital economy forward as it embraces Web3 and the metaverse, fully integrates blockchain and AI technology across the public sector and invests in fintech and digital assets.

Ecommerce is a key area within the digital economy sector in the UAE and wider Middle East region that is experiencing exponential growth following the COVID-led digital shift and the entry of industry giants to the market. 

As a result, competition and industry standards have increased, while more consumers turn to digital channels for products, services and information. Meanwhile, new advantages and initiatives are being introduced to attract and support ecommerce players and other digital businesses to Dubai with the aim of improving ease of doing business and enhancing economic competitiveness. 

YS Gulf: What are the key benefits offered to your startup members?

Khalid Al Jarwan Al Shamsi: Dubai Chamber of Digital Economy offers comprehensive support to startups and digital businesses through various programmes, initiatives, mentorship, business introductions, events, and resources. The Chamber conducts research to provide clarity on market trends, challenges, and opportunities emerging within Dubai’s digital economy sector.

It also works closely with its advisory council and private sector stakeholders to ensure a thriving entrepreneurial ecosystem that remains attractive and conducive to innovation and business growth.

Recently, the Chamber launched a first-of-its-kind specialised training programme designed to equip digital startups with practical knowledge and tools they need to build in the metaverse and leverage Web3 to their benefit.

A total of 30 businesses from Dubai and other markets will be selected to join the training academy, which uses Virtual Reality (VR), Augmented Reality (AR), and Extended reality (XR) technologies to help participants experience and understand the dynamics of business in the metaverse.

YS Gulf: What are your future plans for startups? 

Khalid Al Jarwan Al Shamsi: Next year, Dubai Chamber of Digital Economy will become the official host of the Expand North Star summit. Taking place in May 2023, the landmark event will be a global platform bringing together tech industry leaders, unicorns, digital companies and venture capital investors in the UAE and abroad.

As part of our participation in Expand North Star, we are in the process of launching a new six-month international challenge designed to inspire and attract innovative solutions from the next generation of startup founders and entrepreneurs. The six-month challenge seeks out game-changing ideas that utilise advanced digital technologies to create a social impact.

To add to that, we are working closely with Dubai International Chamber’s representative office in India and other target markets to attract high-potential Indian startups, scaleups, and unicorns to Dubai and provide them with the required support. 

Recently, the Chamber hosted a visiting delegation of prominent Indian investors and promising startups at GITEX Global 2022, where we familiarised them with Dubai’s digital economy landscape, market opportunities, and potential business partners