Why invest in Dubai’s digital economy?

Known for its futuristic look and economic dynamism, Dubai is ideal for investors and professionals looking to settle and grow in a modern and innovative environment. The country combines luxury with a wide range of financial opportunities and is undergoing a digital transformation. Ambitious initiatives make it a prime location for global investors looking to grow their capital while experiencing the quality of life at its best.

Dubai’s bold digital vision

Established in 2021, Digital Dubai is the central body for the Emirate’s digital transformation. Its goal is to make Dubai a global leader in sustainable and intelligent data centers. This vision is part of the D33 strategy, which aims to increase the city’s economic productivity by 50% through digital innovation. Digital Dubai’s efforts include developing high-performance data centers, streamlining government procedures, and promoting renewable energy. These are just some initiatives that enhance Dubai’s appeal to investors and foreigners worldwide.

Dubai’s economy at a glance

Below are some key figures that illustrate Dubai’s attractiveness in the eyes of foreigners, considering its constant economic growth and various promising fields:

• Dubai’s GDP growth (Q1 2024): 3.2%
• Dubai’s GDP (2023): AED 429 billion
• Sectors with notable growth (Q1 2024):
• Transport and storage: 5.6%
• Financial services and insurance: 5.6%
• Wholesale and retail trade: 3.0%
• Information and communication: 3.9%
• Accommodation and food services: 3.8%
• Real estate: 3.7%
• The UAE’s population density: 134.5 people per km²
• The UAE’s urban population: 11.00 million
• The UAE’s expat population: 11.06 million

A growing market

Dubai’s data center market is rapidly expanding, valued at USD 1.5 billion in 2023 and projected to reach USD 2.65 billion by 2029. This significant growth not only contributes to the city’s digital economy boom but also offers investors a wide range of opportunities. The adoption of Digital Dubai’s strategic vision is expected to generate an added value of over AED 14.3 billion (approximately USD 3.89 billion) by 2028, highlighting the economic impact potential for newcomers and businesses.

Opportunities for foreign residents

Dubai stands out for its efforts to streamline the process for foreigners looking to settle in. This includes the development of high-performance data center infrastructures and improved access to renewable energies. New residents can benefit from an advanced technological environment and a high quality of life. The city is also embracing new technologies like AI and the Metaverse, offering unique opportunities for those who are keen to engage in burgeoning fields.

Why settle in Dubai?

• Dubai’s population (as of August 2024): 3.76 million
• The UAE’s total population: 12.50 million
• Median age: 33.6 years

A dynamic business environment

Dubai is an international hub that offers opportunities across various economic sectors (as mentioned above).

Unparalleled quality of life

By moving to Dubai, you will be able to enjoy a sunny climate all year round, high-quality services, and modern infrastructure.

Vision for the future

The city is preparing to welcome the technologies of the future, thus providing an environment conducive to innovation and personal and professional growth.

Forthcoming prospects

Digital Dubai’s strategy for data centers is part of a broader project aimed at preparing the city for future technologies, such as Web 3.0 and the Internet of Things. These initiatives are not limited to technological innovation but also extend to the creation of partnerships with other sectors, thereby promoting a sustainable and interconnected ecosystem. These economic prospects and growth opportunities make Dubai a strategic choice for foreign investors and residents.

In conclusion

Dubai is a top destination for those looking to invest in an expanding digital environment or settle in a city that combines modernity with quality of life. With its ambitious initiatives, economic opportunities, and exceptional living conditions, Dubai offers fertile ground for business innovation and success. So get ready to explore the possibilities in this transforming Emirate and prepare to be part of its thriving future.

For more information and guidance on making your Dubai project a reality, contact Magellan, a consultancy that specializes in supporting investors and professionals looking to capitalize on the opportunities offered by this dynamic and evolving city.

Source:

Digital Dubai approves measures to support AI-powered Data Center economy – w.media

Dubai’s GDP tops AED 115 billion in first quarter of 2024, with its economy growing 3.2% compared to the same period in 2023 – digitaldubai.ae