UAE Digital Economy Council Highlights National Endeavors in Pursuit of Global Leadership in Future Economy

Omar bin Sultan Al Olama, the Minister responsible for Artificial Intelligence, Digital Economy, and Remote Work Applications, reaffirmed the continuous efforts of the UAE government.

These efforts are driven by the directives of President Sheikh Mohamed bin Zayed Al Nahyan and the vision of Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai.

The goal of these efforts is to establish a proactive and adaptable approach that enhances the country's leadership in the digital economy and promotes innovative systems.

During the virtual meeting of the UAE Digital Economy Council, chaired by Al Olama, the committees presented their work on national initiatives aimed at strengthening the country's global leadership in the future economy.

Al Olama stressed the importance of developing a comprehensive vision that encompasses various fields, success factors, and opportunities to boost the digital economy.

This involves establishing a robust digital infrastructure, implementing blockchain-based digital transaction solutions, and promoting e-commerce. By implementing this vision, an integrated system will be created to accelerate the growth of the digital economy sector.

The council examined the latest progress made by the Digital Economy Tax Statistics committee, chaired by Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance. The committee comprises members from the Department of Economic Development, the Federal Competitiveness and Statistics Centre, and the Dubai Department of Economic Development.

Its objective is to expand the adoption of digital technologies, establish connections for electronic transactions, and gather data on the digital economy to enable data-driven systems.

The committee responsible for e-commerce, led by Abdullah Al Saleh, the Under-Secretary of the Ministry of Economy, deliberated on the most recent advancements in facilitating opportunities for startups and attracting global companies to the UAE. This would be accomplished through the implementation of contemporary trade laws using technological methods.

The committee collaborated with relevant entities such as the Telecommunications and Digital Government Regulatory Authority (TDRA) and the economic development departments across the UAE. Their primary objective is to establish the UAE as a global center for the digital economy and strengthen the competitiveness and proactive growth of e-commerce regulations within the country.

Additionally, the committee engaged in discussions regarding the present global landscape of e-commerce, acknowledging the significant rise in global e-commerce sales from US$4.28 trillion in 2020 to US$5.4 trillion in the previous year.

Emphasis was placed on highlighting success stories in the field and enhancing the growth potential of e-commerce. This includes developing digital payment systems, meeting the increased demand for digital services, and digitizing government services to solidify the UAE's position in the e-commerce sector.

The technological infrastructure and blockchain committee, led by Majed Sultan Al Mesmar, the Director-General of the Telecommunications and Digital Government Regulatory Authority (TDRA), focused on the progress made in implementing and supporting the adoption of emerging technologies in priority sectors of the UAE.

The committee worked on establishing supportive policies and incorporating blockchain technologies, the Internet of Things, and Generative AI, including ChatGPT, into various initiatives. This aims to strengthen the digital wallet system and enhance the inclusivity of digital identification across different segments of society.

The Financial Technology Committee, chaired by Saif Al Dhaheri, an Assistant Governor at the Central Bank of the UAE (CBUAE), presented the committee's initiatives, which encompassed "know your customer" mechanisms, licenses for financial technology services, an instant payments platform (IPP), a local card system, and digital currency.

The Digital Economy Statistics Committee addressed the methodology employed for measuring the digital economy, which is currently being updated in collaboration with council members and local authorities in the country. Additionally, the committee discussed its international adoption by global organizations.

The meeting was attended by various council members, including Abdullah Al Saleh, the Under-Secretary of the Ministry of Economy; Majed Sultan Al Mesmar, the Director-General of the TDRA; Saif Al Dhaheri, an Assistant Governor at the CBUAE; Sameh Abdulla Al Qubaisi, the Director-General of Economic Affairs at ADDED; Helal Saeed Al Marri, the Director-General of Dubai's Department of Economy and Tourism; and Hanan Ahli, the Deputy Director of the Federal Competitiveness and Statistics Centre.