Key initiatives and programmes for Dubai tech companies in 2024 and beyond

As we step into 2024, the UAE is poised to set new benchmarks in technological and economic advancement. In particular, for businesses operating or planning to establish themselves in the city of Dubai, there are several groundbreaking programmes and initiatives on the horizon that promise to shape the future of the business and technology landscape.

In the run-up to 2024, we look at some of the important ones you should be aware of if you operate in the aforesaid domain.

Central Bank Digital Currency (CBDC): The Digital Dirham

In a pioneering move, the Central Bank of the UAE (CBUAE) earlier this year unveiled plans for the first phase of its Central Bank Digital Currency (CBDC) strategy, known as The Digital Dirham.

Anticipated to be completed by mid-2024, this initiative includes proof-of-concept work for both wholesale and retail CBDC. The CBUAE has engaged with G42 Cloud, a regional cloud platform, and New York-based blockchain firm R3 as key technology providers for this transformative project. The first phase aims to be completed over the next 12 to 15 months, laying the foundation for a digital future in financial transactions and reshaping the country’s monetary landscape.

This initiative offers immense potential for start-ups and businesses working in the area of digital currencies, currently being deemed the future of finance.

The hosting of World Governments Summit 2024

Scheduled for February 12–14, 2024, in Dubai, the World Governments Summit 2024 is a must-attend event for businesses seeking to thrive in Dubai’s and the UAE’s dynamic environment.

Under the theme ‘Shaping Future Governments’, this summit will bring together international organisations, thought leaders, and private sector innovators. It offers a unique platform for governments to identify innovative solutions, foster international cooperation, and inspire the next generation of government.

This summit is a valuable opportunity for networking and staying abreast of global trends. It is set to shape the future of governance and present novel opportunities for businesses in the region.

The innovation roadmap for AI and automation

Dubai is steadfast in its commitment to becoming a global innovator and economic powerhouse, investing significantly in cutting-edge technologies such as AI, robotics, and autonomous vehicles, thereby opening avenues for businesses in this field.

The Dubai Autonomous Transportation Strategy, with its goal of making 25% of all journeys in Dubai autonomous by 2030, presents fertile ground for businesses involved in transportation and technology.

With the Dubai Industrial Strategy 2030, which aims to develop its manufacturing sector, innovations like robotics, automation solutions, predictive maintenance, and human-machine collaboration will likely be incentivized. Policy and infrastructure support can enable tech providers to demonstrate and scale up solutions.

The Dubai Future Foundation runs ongoing programmes like the Dubai Future Accelerators and Dubai Future District to facilitate innovation. We can expect more cohort-based initiatives for AI and robotics startups, connecting them with mentors, data sets, computing resources, and government or corporate partners. DFF’s upcoming Dubai Future Forum, slated for November 19–20, 2024, promises to build on their impressive momentum and act as an invaluable launch pad for entrepreneurs and innovators to secure investments and build strategic partnerships.

The launch of the third phase of Dubai’s 10X initiative, also under the purview of DFF, by Sheikh Hamdan bin Mohammed Al Maktoum represents an exciting development for technology companies in the emirate and the wider region. Dubbed “the next level,” this latest phase aims to propel Dubai 10 years ahead of other global cities by supporting pioneering technologies and attracting talented innovators.

For tech firms, this presents major opportunities to tap into new funding channels, collaborate with government entities on ambitious projects, and access world-class infrastructure to test and scale their offerings. A core part of the next phase is the creation of new X-Verse platforms focused on AI, computer vision, blockchain, encrypted quantum computing, and extended realities. These could enable businesses to push boundaries in areas like smart transportation, blockchain-enabled finance, personalised healthcare, and robotic automation.

Smart city initiatives and economic development

As a trailblazer in smart city development, Dubai is pioneering initiatives such as smart parking, smart waste management, and smart energy. Plans set in this direction signal a commitment to sustainability and technological advancement and make it a great place to be in 2024 for businesses that operate or plan to operate in this domain.

With a growing focus on economic development, Dubai’s thriving startup ecosystem is poised to expand further, offering abundant opportunities for investors and businesses alike. Here is an overview of some key areas to watch:

Mobility and Transport

• Expansion of self-driving vehicle fleets and autonomous transportation trials
• Further integration of smart sensors, AI, and big data analytics into transport infrastructure and traffic management systems
• Launch of aerial mobility services like flying taxis and drone deliveries

Sustainability

• Scaling up distributed renewable energy systems, energy storage, and microgrids
• Piloting cutting-edge green buildings with smart glass, automated environmental controls, etc.
• Leveraging IoT, blockchain, and AI to enhance water and waste efficiency

Health and Wellness

• Adoption of telemedicine, mHealth apps, and wearable tech to deliver personalised, data-driven healthcare
• Use of robots, bots, and AI for healthcare automation and virtual assistance
• Targeted smart city health initiatives to address diabetes, obesity, and heart disease

Safety and security

• Expanding surveillance with facial recognition, sensors, and real-time threat monitoring
• Testing emergency response optimisation systems using big data and simulation
• Exploring blockchain, biometrics, and other advanced technologies to strengthen identity management

Sustainability and progress

The UAE’s, particularly Dubai’s, comprehensive roadmap outlines ambitious plans for sustainability and progress in various fields, including health, education, infrastructure, tourism, science, and the environment.

The alignment with the UN’s Sustainable Development Goals underscores the nation’s commitment to global well-being. For businesses, this roadmap signifies a supportive ecosystem that encourages growth and innovation.

2024 holds immense promise for businesses in the technology and business domains in Dubai and the UAE in general. From pioneering digital currency strategies to global summits shaping the future of governance, the opportunities are vast. 

Embracing these initiatives will not only position businesses at the forefront of innovation but also contribute to the continued success and growth of Dubai’s dynamic business landscape.