Dubai Chamber forms Digital Assets Business Group

Dubai Chamber has formed the Dubai Digital Assets Business Group (D2A2), as the emirate seeks to bolster its digital economy.

The new body will strengthen the role of the digital asset industry in the UAE's economic development, enhance digital business infrastructure and support digital companies' growth, the Dubai Chamber of Digital Economy said in a statement on Sunday. “We see an opportunity to turn Dubai and the UAE into a regional hub for digital assets," Gaurang Desai, chairman of D2A2, said. "That is why it is very important to work towards creating a bridge for the digital asset industry to further integrate into the world economy by co-operating with counterpart organizations across the world."

The business group's objectives include promoting the digital asset industry in Dubai, boosting transparency through market intelligence and data, supporting the interests and growth of digital asset companies and fostering cross-border co-operation, the Dubai Chamber said.

The group provides an "ideal platform" for companies operating in the digital asset sphere to unify their voices, address market challenges and align their ambitions, said Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications and chairman of Dubai Chamber of Digital Economy.

The digital economy is the economy of the future and the D2A2 will be an important point of reference providing strategic and up-to-date market research data related to the digital asset sector to industry stakeholders, the private sector, policymakers and government entities, he said.

Last month, Dubai formed a higher committee for future technology and digital economy, as the emirate continues to boost efforts to establish itself as a global centre for the future economy. The emirate last month announced the Dubai Metaverse Strategy, which aims to create 40,000 jobs and add $4 billion to the emirate's economy in the next five years. The metaverse is a developing digital space in which people, represented by avatars or three-dimensional likenesses, can interact in virtual worlds.

Dubai Chamber of Digital Economy, one of three branches operating under the umbrella of Dubai Chambers, aims to strengthen the emirate’s position in the digital economy, attract specialised talent, major companies and new investment and create a stimulating environment that supports the growth of digital companies.