The UAE Digital Economy Council showcases national initiatives for global leadership in the future economy

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, reaffirmed the current efforts of the UAE government, with the directives of President Sheikh Mohammed bin Zayed Al Nahyan and the vision of Sheikh Mohammed. Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. These initiatives aim to establish a proactive and flexible approach that will strengthen the country’s leadership in the digital economy and foster innovative systems.

During a virtual meeting of the UAE Digital Economy Council chaired by Al Olama, the groups presented their work within national initiatives to promote the country’s global leadership in the future economy.

Al Olama stressed the need for a comprehensive vision that includes all sectors, success factors and opportunities to develop 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 will accelerate 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 Ghori, Deputy Secretary of the Ministry of Finance. The group includes members from the Department of Economic Development, the Central Center for Competitiveness and Statistics 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, implementing data-driven systems.

The e-commerce panel, chaired by Abdullah Al Saleh, Deputy Secretary of the Ministry of Economy, discussed the latest updates on providing opportunities for startups and attracting global companies to the UAE by implementing a modern commercial law using technological means. The group includes relevant agencies such as the Telecommunications and Digital Government Regulatory Authority (TDRA) and the Departments of Economic Development in the UAE. Their aim is to make the UAE a global hub for the digital economy and promote the competitiveness and proactive development of e-commerce laws in the country.

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Also, the panel discussed the current global situation in the e-commerce industry, noting a global increase in e-commerce sales from USD 4.28 trillion in 2020 to USD 5.4 trillion last year. The panel emphasized the importance of showcasing success stories in the sector and promoting e-commerce development, including the development of digital payment systems, increasing demand for digital services and the digitization of government services, etc. Trade.

The Technology Infrastructure and Blockchain Panel, chaired by Majeed Sultan Al Mesmar, Director General of the Telecommunications and Digital Government Regulatory Authority (TDRA), discussed developments in implementing and supporting emerging technologies in priority sectors in the UAE. ChatGPT’s various initiatives include supporting policies and blockchain technologies, Internet of Things and Generative AI, strengthening the digital wallet system and increasing the inclusion of digital IT to various segments of society.

The Financial Technology Committee chaired by Saif Al Taheri, Deputy Governor of the Central Bank of the United Arab Emirates (CBUAE), showcased the group’s initiatives, including „Know Your Customer” mechanisms, financial technology services licenses, Instant Payments Platform (IPP), local card system and digital currency. .

The Digital Economy Statistical Committee touched on the Digital Economy system, which is being updated in collaboration with Council members and local authorities in the country, and has been adopted internationally by international organizations.

Council members attended the meeting: Abdullah Al Saleh, Deputy Secretary of the Ministry of Economy; Majid Sultan Al Mesmar, Director General of TDRA; Saif Al Taheri, 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 Center for Competitiveness and Statistics.

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