The inaugural Dubai Business Forum took place on November 1 and 2, bringing together 2,000 CEOs, investors and businesses from across the globe under the theme ‘Transforming Economic Power: Dubai and the Future of Global Trade’.
“The presence of prominent business leaders and international economic players consolidates Dubai’s position as an ideal destination to do business, elevating the emirate’s reputation as a global economic hub to a totally new level,” read a statement issued by the Government of Dubai on Wednesday.
It also “demonstrates the appeal of Dubai’s competitive business environment, as well as strong investor confidence in the emirate’s economic model,” it added.
Some 42% of participants traveled from outside the UAE, “underlining the event’s significance as an important global platform for cross-border dialogue.”
Multinational companies represented 46% of total participation, while fast-growing startups represented 35%.
The event featured 24 panel discussions and speeches from 33 local and international speakers.
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“When organising the Dubai Business Forum, we were keen to align its objectives with the goals of the Dubai Economic Agenda (D33) and the strategic priorities of Dubai Chambers to keep pace with the vision of our leadership. We look forward to the forum serving as an exceptional platform to enhance trade relations, establish economic partnerships, and unlock investment opportunities,” said HE Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers
The objectives of D33 include attracting foreign direct investment exceeding AED650 billion over 10 years and making the emirate one of the world’s top three economic cities and top four financial hubs.
On day one of the event, Dubai Chambers signed a cooperation agreement with the Hamburg Chamber of Commerce in Germany to establish an ‘Innovation Corridor’ between the two markets.
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The event was held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and inaugurated by His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai.
HH Sheikh Ahmed bin Mohammed said: “We continue our efforts to ensure the availability of various investment options across all sectors, allowing foreign investors to conduct business easily.
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Dubai welcomes investments of all kinds, and we will continue to develop our financial and economic ecosystems as our way of bringing the world together.“
AED500 million VC fund for fintech startups launched
On the sidelines of the Forum, the Dubai Integrated Economic Zones Authority (DIEZ) announced the launch of a venture capital fund worth AED500 million for finance technology startups.
Its aim is to support the economic objectives outlined in the D33 by promoting the growth of SMEs in various emerging sectors, according to a statement by the Government of Dubai.
The fund is the first investment programme launched under the name of Oraseya Capital, the venture capital arm of DIEZ specialising in venture investment operations in startups.
“It will play a pivotal role in supporting startups, starting from the pre-seed stage, and extending all the way to the Series B investment stage,” as per the statement.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of DIEZ, said the establishment of the fund serves as a major boost for accomplished companies looking to build a global presence.
“It will play a pivotal role in strengthening Dubai’s status as a nurturing ground for the most innovative, advanced and creative enterprises worldwide.”