Thursday, Dec 1, 2022
International Finance
Economy

UAE leads the Gulf in digital economy with 18% of Middle East

UAE digital economy
Size of digital economy in the Middle East touched $30 bn in 2018

The United Arab Emirates (UAE) has emerged as the leading digital nation in the Gulf region with an 18 percent share in the overall digital economy.

The rapidly emerging digital economic sphere has been hugely instrumental in augmenting the Gross Domestic Product (GDP) of several countries across the globe.

Speaking on the significance that the digital economy holds in today’s ultramodern world, the Ajman Chamber of Commerce and Industry (ACCI) Chairman Abdullah Al Muwaiji said that digital economy in the UAE needs government and private sector coordination to improve and gain from it.

The ACCI had conducted a conference christened ‘The Digital Economy’, which was a part of a series of colloquiums conducted by the Chamber to assess several matters pertaining to economic issues, and deliver inputs to improve quality of business in the Emirates.

There are two categories in the digital economy in the UAE. The first is ebusiness and the second is ecommerce. And from the duo emerge the subsidiary entities. The conference also shed light on the various affiliated spheres of the digital economy such as artificial intelligence, the Internet of things, cloud computing, digital technologies and robotics – all of which have enabled it to contribute 22 percent to the world’s GDP.

The volume of digital economy in the Middle East touched $30 billion at the close of 2018, and is increasing at a rapid pace of 30 percent a year.

Mohammad Ali Al-Janahi, Executive Director of the Promotion and Investment Division, ACCI, briefed a visiting Chinese delegation about the bright prospects that the Emirate of Ajman provides to the nation.

He enumerated the importance of the industrial domain in the Emirate, which contributes to 33 percent to its GDP. And, he concluded by saying that there are abundant avenues for investment present in Al-Zorah belt and other regions of the Emirate as well.

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