Dubai’s Ambition to Become a Global Technology Hub
Dubai, an emirate of the United Arab Emirates, kicked off two world’s largest tech and start-up shows on Sunday as the city-state aims to become a hub for the technology industry. The launch of the Dubai Economic Agenda (D33) at the start of 2023 placed the digital economy at the heart of the emirate’s growth strategy. One of the agenda’s key objectives is to generate an annual economic contribution of AED100 billion (US$27 billion) from digital transformation projects. “We are also working towards achieving the ambitions of the UAE’s Digital Economy Strategy, which aims to double the contribution of the digital economy to the national gross domestic product (GDP) over the coming decade,” Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said at the kick-off event of the 2023 Expand North Star in Dubai.
Expand North Star and GITEX GLOBAL 2023
The world’s largest start-up show Expand North Star, which gathers more than 1,800 start-ups from 100 countries, reflects the Dubai Chamber of Digital Economy’s plans to attract leading tech companies and startups that scale up to support the emirate’s digital ambitions. On Monday, Vice President and Prime Minister of the UAE and Ruler of Dubai - Mohammed bin Rashid Al Maktoum - visited and officially opened GITEX GLOBAL, dubbed the world's largest tech show, at the Dubai World Trade Centre (DWTC). This year, GITEX GLOBAL hosts over 6,000 exhibitors from 180 nations, and showcases latest innovations and trends in:
- AI
- The cloud
- Web 3.0
- Cyber security
- Climate technology
- Urbanism
”The remarkable growth in participation at GITEX is a testament to the world's growing confidence in Dubai as a pivotal hub for the technology industry,” bin Rashid added. “We will continue to play a key role in opening new possibilities for the technology industry, forging new partnerships and advancing human well-being through excellence.”
Dubai's Economic Growth and Digital Ambitions
According to the government data, released by the Dubai Data and Statistics Establishment on Monday, Dubai’s economy recorded an annual growth of 3.2 percent compared to the same period last year with a total value of $60.9 billion in the first half of 2023. The city-state’s economic performance is highlighted by specific sector contributions:
- Transport and storage: Leading with 42.8 percent.
- Trade: 12.9 percent.
“The chamber is committed to building the world’s best digital infrastructure and consolidating Dubai’s position as a leading global technology hub,” said Lootah. He added that UAE’s digital economy is on track to expand and attract 300 digital startups to Dubai by 2024. “We also have bold ambitions to accelerate the growth of 30 companies to achieve unicorn status by 2033,” he said.
International Relations and Trade
UAE is one of Vietnam’s largest trading partners in the Middle East. Meanwhile, Vietnam ranks in UAE’s 10 largest import partners. Non-oil trade between the two countries reached $8 billion last year. Currently, Vietnam and UAE have agreed to start negotiations on the signing of the Comprehensive Economic Partnership Agreement to further their economic cooperation.
