Dubai Chamber for Digital Economy, one of the three chambers under the newly formed Dubai Chambers umbrella, will host a first-of-its-kind summit in January 2022 to attract venture capitalists (VCs) for financing start-ups in the region.
Expand Summit will witness the largest gathering of VCs and start-ups in the region, with 500 VCs and 1,000 tech start-ups expected to participate over the two-day programme which will include events, seminars, presentations, demos, pitches and meetings, a statement said.
It will host some of the most prestigious and well-known venture capital firms and leaders around the world with the aim to build a network of dedicated international and local relationships with entrepreneurs, technology companies and specialised funding agencies, the statement added.
The summit will be held during Expo 2020 Dubai, and will be organised in coordination with Expo 2020 Dubai, Dubai World Trade Centre, Dubai Future Foundation, and Dubai Department of Tourism and Commerce Marketing.
The announcement comes as latest statistics show the digital economy contributes about 4.3 percent of the GDP in the UAE, which is equivalent to AED100 billion.
There are more than 1,400 start-ups in the country, with AED1.5 billion allocated to them. There are 90 investment funds in the digital sector and 12 business incubators and the total value of start-ups in the country is estimated to be AED90 billion.
Omar Sultan Al Olama (pictured above), 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 Dubai’s digital economy and doubling the number of digital companies operating in the emirate in the coming years.
“This summit will be an ideal platform to engage start-ups and investors in a dialogue which will be beneficial for the growth of Dubai’s digital economy.”
As part of the summit, there will be a global conference, business networking events, demo-days, investment presentations, as well as roundtable discussions on important global topics such as social capital, impact investing and environmental, social and corporate governance.
It will also feature an accelerators unit that will allow venture capital firms and start-ups to fast-track the establishment of their businesses in Dubai.
Start-ups in the UAE and Dubai usually attract 50 percent of total funding raised in the MENA region.
The Dubai Chamber for Digital Economy is focused on transforming Dubai into a global centre for the digital economy.
It aims to do so by attracting international investments in the digital trade and industry sectors, engaging with various stakeholders in the field of advanced technology, accelerating the adoption of digital technologies in economic and social activities in the emirate and proactively embracing modern technologies, in addition to accelerating efforts to create the best digital infrastructure in the emirate and building capabilities and leadership.
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