DUBAI, 24th May, 2023 (WAM) – Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, reaffirmed the UAE government’s ongoing efforts, driven by the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. These efforts aim to establish a proactive and flexible approach that strengthens the country’s leadership in the digital economy and fosters innovative systems.
During the virtual meeting of the UAE Digital Economy Council, chaired by Al Olama, the committees presented their work within the national initiatives to enhance the country’s global leadership in the future economy.
Al Olama emphasised the need for a comprehensive vision encompassing all fields, success factors, and opportunities to boost the digital economy. This includes robust digital infrastructure, blockchain-based digital transaction solutions, and e-commerce. Implementing this vision will create an integrated system that accelerates the growth of the digital economy sector.
The council reviewed the latest developments in the work of the Digital Economy Tax Statistics committee, chaired by Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance. The committee includes members from the Department of Economic Development, the Federal Competitiveness and Statistics Centre, and the Dubai Department of Economic Development. Its goal is to expand the adoption of digital technologies, connect electronic transactions, and collect data on the digital economy, enabling data-driven systems.
The e-commerce committee, chaired by Abdullah Al Saleh, Under-Secretary of the Ministry of Economy, discussed the latest updates on providing opportunities for startups and attracting global companies to the UAE through the implementation of modern trade law using technological means. The committee involved relevant entities such as Telecommunications and Digital Government Regulatory Authority (TDRA) and the economic development departments in the UAE. Their aim is to make the UAE a global hub for the digital economy and enhance the competitiveness and proactive development of e-commerce laws in the country.
Furthermore, the committee discussed the current global situation in the field of e-commerce, noting the global increase in e-commerce sales from US$4.28 trillion in 2020 to US$5.4 trillion last year. The committee emphasised the importance of showcasing success stories in this field and enhancing the growth potential in e-commerce, which includes the development of digital payment systems, increased demand for digital services, and digitisation of government services to solidify the UAE’s position in e-commerce.
The technological infrastructure and blockchain Committee, chaired by Majed Sultan Al Mesmar, Director-General of the Telecommunications and Digital Government Regulatory Authority (TDRA), discussed developments in activating and supporting the adoption of emerging technologies in the UAE in priority sectors, working on building supportive policies and introducing blockchain technologies, the Internet of things and Generative AI including ChatGPT in various initiatives, in strengthening the digital wallet system and increasing the inclusiveness of digital ID for the various segments of society.
The Financial Technology Committee, chaired by Saif Al Dhaheri, Assistant Governor in the Central Bank of the UAE (CBUAE), showcased the committee’s initiatives, which included “know your customer” mechanisms, financial technology services licences, instant payments platform (IPP), local card system, and digital currency.
The Digital Economy Statistics Committee touched on the digital economy methodology, which is being updated in cooperation with members of the Council and local authorities in the country, in addition to its international adoption by international organisations.
The meeting was attended by council members: Abdullah Al Saleh, Under-Secretary of the Ministry of Economy; Majed Sultan Al Mesmar, Director-General of the TDRA; Saif Al Dhaheri, Assistant Governor at CBUAE; Sameh Abdulla Al Qubaisi, Director-General of Economic Affairs at ADDED; Helal Saeed Al Marri, Director-General of Dubai’s Department of Economy and Tourism; and Hanan Ahli, Deputy Director of the Federal Competitiveness and Statistics Centre.