Dubai is a thriving metropolis in the United Arab Emirates and has long been globally known for its diversified economy, world-class infrastructure, and extravagant lifestyle.
On Thursday, The CEO of Dubai Future District Fund (DFDF), Khalfan Belhoul conveyed a cornerstone speech on the importance of stimulating Dubai’s innovation ecosystem to strengthen its rapidly growing digital economy. According to digital economy experts, Dubai’s investments in technology and innovations are “bankable”.
The Dubai Future District Fund (DFDF) hosted its primitive annual general meeting, about the open discussions on Dubai’s digital economy.
DFDF warmly welcomed the topical digital economy
The first annual general meeting of DFDF was held under the auspices of the Crown Prince of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
He is the Chairman of the Executive Council and Chairman of the Board of Trustees of the Dubai Future Foundation (DFDF).
At the heart of Vision 2021, launched in 2010, Dubai committed to a vigorous approach to Dubai’s digital infrastructure. It aims for a diversified digital economy. Also, the country invested heavily in the area of development of digital infrastructure. And fostering a smart and sustainable society.
At DFDF, The leaders make statements about the importance of innovation and technology in driving economic growth and societal progress. They also discussed the need for collaboration between government, industry, and academia to accelerate the development and adoption of new technologies.
The main topic of discussion at the DFDF held in Dubai the previous day was the digital economy itself.
The CEO of DFDF, Khalfan Belhoul, conveyed a remarkable speech on the topic, The importance of stimulating Dubai’s innovation ecosystem to strengthen its rapidly growing Digital-Economy.
He stated, “our role is to catalyze the innovation ecosystem in Dubai, which means we look at job creation and try to fill in the gaps. Our role is to generate financial returns and work in partnership with different sectors.”
The Dubai Future District Fund witnessed the discussion of countless important decisions, Including, The settlement of the transactional value of digital payments to hit $11.3 trillion in 2026
And the market of the metaverse is expected to reach $5 trillion by 2030. Khalfan Belhoul said, obviously the technology would continue to play an increasingly prominent role in Dubai.
Dubai’s focus on innovation and technology has also helped to attract some of the world’s leading companies to the city. Major companies over the world including Microsoft, IBM, and Oracle have all established a strong presence in Dubai. The city rapidly evolved as a hub of digital startups.
Khalfan Belhoul has a long view on the fourth industrial revolution, he stated that betting on the digital economy and the fourth industrial revolution is something that really needs to happen. And the crown Prince of Dubai, He also added that His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum has insisted that we continue this thinking and continue
to invest in the vast area of the digital economy for the fourth industrial revolution.
A discussion on Fueling Tech Innovation in Dubai was held with the presence of Sarah Al Kindi, Head of Private Equity Europe, Asia and Secondaries at Emirates Investment Authority joined by Sarah Al Saleh, Investment Partner at Outliers Venture Capital; Mahmoud Adi, Founding Partner at Shurooq Partners; and Mohammad AlBlooshi, Head at DIFC Innovation Hub & FinTech Hive.
Digital economy experts are considering the city as well-positioned to lead the way in the digital economy. Dubai’s focus on innovation and technology is also helping to create a more sustainable and livable city.
The city aimed to reduce congestion and improve air quality, while its smart energy solutions are helping to reduce carbon emissions and promote renewable energy.
Sharif El- badawi The CEO oF DFDF, marked his speech on the day that, The DFDF strives to transform Dubai into a global business hub and future economy by investing in innovative and sustainable technology startups, attracting international specialist talent, and creating jobs while parallel generating shareholder returns.
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The CEO, Shari El-Badawi also explained about Dubai’s First evergreen capital fund, DF2 is aiming to reach $500 million in assets under management (AUM) by 2023 and add a further $500 million by 2024 to reach $1 billion AUM.
And made an affirmation that, they will tap into Dubai’s growth story and access investments in the region to reinforce the growth of the trajectory. The team will focus on the future of finance, the future of economics, and the private capital ecosystem.
In 2021 The Securities and Exchange Higher Committee launched the Dubai Future Foundation, and the Dubai International Financial Centre, which focus on supporting innovative ideas and projects and developing new solutions, products, and services from the city of Dubai.
The new branches focused on imminent technology such as artificial intelligence, robotics, data analysis, and Fifth-generation.
The leaders of Dubai city recognize that the digital economy is the future, and they are working hard to position Dubai as a leader in this space.