Dubai attracted 9 multinationals worth $83bn last year

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The Dubai Chamber of Digital Economy has disclosed that the collective market value of the nine multinational companies (MNCs) it successfully drew to Dubai last year surpasses AED304 billion ($82.84 billion). This noteworthy sum reflects the emirate’s increasing allure as a favored investment destination for innovative technology firms, reaffirming the chamber’s dedication to bolstering Dubai’s digital economy in alignment with the objectives of the Dubai Economic Agenda (D33).

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Throughout 2023, the chamber enticed a diverse array of specialized multinational digital enterprises to the emirate. These nine companies operate across a spectrum of sectors, including cybersecurity, mobility technology, health and fitness technologies, new energy-based vehicles, robotics, autonomous systems, e-commerce, the automotive industry, legal services, and cryptocurrencies.

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Highlighting the promising global opportunities 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.

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Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, as well as Chairman of the Dubai Chamber of Digital Economy, lauded the achievement of attracting these multinational companies. He underscored this feat as an addition to the city’s accomplishments in its ongoing endeavor to cultivate a comprehensive business ecosystem and foster growth, innovation, and creativity.

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Al Olama emphasized that these endeavors embody the vision of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, to reinforce the emirate’s status as a global capital of the digital economy. He noted the continuous expansion of Dubai’s digital economy in terms of investment attractiveness, as well as the regional and global expansion of companies specializing in various technological fields.

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Furthermore, Al Olama stated that the Chamber of Digital Economy is committed to enhancing efforts and collaboration to realize the objectives of the Dubai Economic Agenda (D33) and fortify the digital business environment in the emirate through strategic initiatives. These initiatives aim to bolster Dubai’s digital economy, attract more companies, investors, and entrepreneurs to the emirate, and solidify Dubai’s leadership position among the most attractive cities for digital investments and specialized talents in digital sectors.

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The Chamber has broadened its initiatives to expedite the emirate’s transition into one of the world’s leading digital economies, aligning with the goals of the DXB Economic Agenda (D33). Notable initiatives include the “Create Apps in Dubai” program, launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, which aims to equip 1,000 Emiratis with the skills needed for careers in mobile application development.

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Under the leadership of the 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 innovative application development. As part of this initiative, the chamber has established the Emirati Training Academy and organized the “App Olympics” competition.

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Furthermore, the Chamber of Digital Economy hosted the Expand North Star event, the world’s largest gathering of startups and investors, attracting 33,060 participants from around the world. Additionally, the “Business in Dubai” platform was launched to provide practical support to businesses seeking to establish or expand their activities in the emirate.

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Throughout 2023, the chamber signed 14 Memoranda of Understanding (MoUs) with service partners, and the platform garnered 365 applications from companies seeking to benefit from the available services. These services include institutional services and a business matchmaking service designed to connect companies with potential partners, investors, and customers.

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Moreover, the Chamber of Digital Economy organized ten workshops during 2023 to discuss various topics and challenges affecting the digital industries, along with two workshops bringing together key government entities to explore effective solutions. Additionally, the chamber conducted 24 roadshows and business trips across the Middle East, Africa, Asia, and Europe to facilitate the attraction of international digital companies to the city.

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