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UBS Claims Middle East is Next Digital Frontier
Switzerland headquartered bank, UBS AG, has reported that the Middle East is expected to grow from a Digital Economy that was approximately valued at $180 billion in 2022, to more than quadruple to be valued at $780 billion by 2030. That's roughly a 20% average growth rate per year. This would make the Middle East one of the fastest growing digital economies globally, especially as the global digital economy is expected to double in that same time period.
UBS also claims that their estimates may prove to be conservative as the digital economy penetration as a percentage of the region's GDP is expected to rise from 4.1% in 2022 to 13.4% in 2030, which is still below today's 15% or so penetration levels observed in advanced economies like the United States.
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Dubai’s Digital Economy and Its Expanding Startup Ecosystem
Dubai’s startup ecosystem will have raised over USD 2 billion by the end of 2022, with self-employed and digital economy roles tripling. Few MENA markets have a 20-year-old startup ecosystem birthing multiple unicorns. Dubai has been the digital startup hub for tech giants and new unicorns alike. Since 2017, Dubai has raised 96% of UAE’s funds, totaling over USD 2 billion by October 2022. LinkedIn data shows a booming digital economy job market with increasing opportunities and remote work options. Learn from top home-grown startups and global transplants why Dubai is poised to become the next digital economy capital of the world.
