Dubai Chamber of Digital Economy attracted 9 MNCs with AED304 billion combined value in 2023

Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that the combined market value of the nine multinational companies (MNCs) it successfully attracted to Dubai last year exceeds AED304 billion (US$82.84 billion).

The impressive figure reflects the emirate’s growing appeal as a preferred investment hub for innovative technology companies and underlines the chamber’s commitment to strengthening Dubai’s digital economy in line with the goals of the Dubai Economic Agenda (D33).

The chamber attracted a diverse range of specialised multinational digital businesses to Dubai in 2023. The nine companies’ activities span various fields including cybersecurity, mobility technology, health and fitness technologies, new energy-based vehicles, robotics, autonomous systems, e-commerce, the automotive industry, legal services, and cryptocurrencies.

Underlining the promising global opportunities available within Dubai’s digital economy, the chamber attracted three digital companies from Asia, three from Europe, two from the USA, and one from Latin America.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of Dubai Chamber of Digital Economy, said that attracting these types of multinational companies is an achievement added to Dubai’s accomplishments as the emirate continues to develop a comprehensive business ecosystem and enhance growth, innovation, and creativity.

He stated that these efforts embody the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to enhance the emirate’s leadership as a global capital of the digital economy and that Dubai’s digital economy is continuing to grow in terms of investment attractiveness and the regional and global expansion of companies specialised in all technological fields.

Al Olama added that Dubai Chamber of Digital Economy is working to enhance efforts and cooperation to achieve the targets of the Dubai Economic Agenda (D33) and consolidate the digital business environment in the emirate through various strategic initiatives. It continues to enhance the advanced competitive advantages enjoyed by Dubai's digital economy, attract more companies, investors, and entrepreneurs to the emirate, and strengthen Dubai's leadership among the most attractive cities for digital investments and specialised talents in digital sectors.

The Chamber has expanded its drive to accelerate the emirate’s transition into one of the world’s leading digital economies, which is aligned with the objectives of the Dubai Economic Agenda (D33). These include the “Create Apps in Dubai” initiative, which was launched last year by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, to equip 1,000 Emiratis with the knowledge and skills required to build successful careers in mobile application development.

Led by the Dubai Chamber of Digital Economy, “Create Apps in Dubai” aims to triple the number of app developers by 2025 and support 100 new national projects for the development of innovative applications that will be made available in digital app stores. As part of the initiative, the chamber has launched the Emirati Training Academy and the “App Olympics” competition. Dubai Chamber of Digital Economy also hosted Expand North Star in October last year, the world’s largest gathering of startups and investors. The four-day mega event attracted 33,060 participants from across the globe.

In addition, the “Business in Dubai” platform was launched in October to provide practical support to businesses looking to launch or expand their activities in the emirate. The chamber signed 14 MoUs with service partners and the platform attracted 365 applications from companies wishing to benefit from the services available. It offers a comprehensive package of institutional services, together with a business matchmaking service designed to connect companies with potential partners, investors, and customers.

Dubai Chamber of Digital Economy also organised 10 workshops during 2023 to discuss various topics and challenges impacting the digital industries, as well as two additional workshops bringing together key government entities to explore effective solutions. The chamber also held 24 roadshows and business trips across the Middle East, Africa, Asia, and Europe to help attract international digital companies of various types and sizes to Dubai.