Dubai Chamber of Digital Economy to Attract More Venture Capital Funding by Hosting New Global Summit

Startups in the UAE and Dubai typically attract 50 percent of the total funding in the MENA region. Dubai Chamber of Digital Economy, one of the three chambers under the newly formed umbrella of Dubai Chambers, will host a unique summit in January 2022 to attract venture capitalists (VCs) to fund startups in the region.

The Expand Summit will be the largest gathering of venture capitalists and startups in the region. It is expected that 500 venture capitalists and 1,000 tech startups will attend the two-day itinerary, which will include events, seminars, presentations, demos, pitches and meetings, a statement said.

The announcement comes amid recent statistics showing that the digital economy accounts for approximately 4.3 percent of GDP in the UAE, equivalent to AED 100 billion. There are more than 1,400 startups in the country, with AED 1.5 billion allocated to them. There are 90 investment funds in the digital sector and 12 incubators, and the total value of startups in the country is estimated at AED 90 billion.

Some of the most prestigious and well-known venture capital firms and executives from around the world will be in attendance, carrying the goal of building a network of committed international and local relationships with entrepreneurs, technology companies, and specialized funding agencies, the statement added.

Omar Sultan Al Olama, Chairman of Dubai Chamber of Digital Economy said, "The summit will serve as a catalyst to help Dubai Chamber of Digital Economy achieve its goal of accelerating the growth of the digital economy in Dubai and doubling the number of digital companies operating in the emirate in the coming years. It will be an ideal platform to engage startups and investors in a dialogue that will benefit the growth of Dubai's digital economy."

The summit will feature a global conference, business networking events, demo days, investment presentations, and roundtable discussions on key global issues such as social capital, impact investing, and environmental, social, and corporate governance. There will also be an Accelerator unit to enable venture capital firms and start-ups to accelerate the launch of their businesses in Dubai.

Dubai Chamber of Digital Economy aims to make Dubai a global hub for the digital economy. This is to be achieved by attracting international investment in the digital trade and industry sector, collaborating with various stakeholders in cutting-edge technology, accelerating the adoption of digital technologies in economic and social activities in the emirate, and proactively embracing modern technologies, in addition to efforts to create the best digital infrastructure in the emirate and build skills and leadership.

The summit will take place during Expo 2020 Dubai and is organized in collaboration with Expo 2020 Dubai, Dubai World Trade Centre, Dubai Future Foundation, and Dubai Department of Tourism and Commerce Marketing.

Official source: Arabian Business