UAE cabinet approves the country’s digital economy strategy

UAE Cabinet has approved a strategy in which the UAE Digital Economy Strategy aims to double the contribution of the digital economy to the GDP from 9.7 % to 20 % within the next ten years. It also aims to enhance the position of the UAE as a hub for the digital economy in the region and globally.

The UAE leads the Arab world in its digital progress and preparedness for the future, a survey conducted by the Portulans Institute in collaboration with Google.

More than 30 initiatives and programs are included in the strategy, which is targeted toward six sectors and five new growth areas. It will define the country's digital economy, with a unified mechanism for assessing its growth and monitoring its indicators on a regular basis. The strategy will outline the country's digital economy priorities, as well as the role of all other economic sectors in promoting and supporting the digital economy.

The cabinet also approved a federal law on public finance, which obligates federal authorities to coordinate with the Ministry of Finance to achieve the financial strategy’s objectives as approved by the Cabinet.

This would mean that technologies such as Blockchain, digital assets, and crypto will be playing a strong role in achieving the digital economy strategy.