In a meeting of the UAE Council for Digital Economy attended by Minister of State for AI, Digital Economy and Remote Work divulged that nine UAE banks, six UAE exchange houses and three UAE insurance companies have in the past few months started using Blockchain based solutions.

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, affirmed that the UAE government adopts a proactive approach based on designing visions and goals, as well as developing and implementing initiatives and projects that lay the foundations of a pioneering digital economy. This economy combines national skills and technological solutions, forming an advanced model that contributes to achieving the targets of the national strategy for the digital economy, by multiplying the contribution of the digital economy to non-oil GDP over the next decade.

He stated that the UAE government is intensifying efforts to accelerate the adoption of digital solutions, aiming through its initiatives and projects to envision and shape the digital future, enhancing the UAE’s leadership and global competitiveness in various fields.

The council reviewed the updates regarding several strategic initiatives aimed at supporting and accelerating the implementation of the UAE’s strategic objectives for the digital economy, in areas such as infrastructure, digital transactions, e-commerce, financial technologies, stimulating investment in digital sectors, attracting and developing digital skills, supporting SMEs and the latest developments in digital economy statistics gathering and the annual report on measuring the digital economy, prepared in cooperation with the Federal Competitiveness and Statistics Centre.

The council reviewed as well the developments in digital infrastructure development in the country, and the level of adoption of technological solutions, which have significantly increased in recent months. The adoption of the use of digital signatures increased by 216 percent in 2023, while blockchain was used as well, involving 9 banks, 6 exchange houses, and 3 insurance companies.

In addition, the adoption rate of the sixth version of the Internet Protocol reached 50.7 percent in January 2024, and the level of mobile network coverage continued to achieve 100 percent coverage, ranking the first position in the Middle East in Internet exchange traffic and the first position globally in fifth-generation network speeds in 2023.

During the UAE Digital Economy Council’s first meeting chaired by Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, seven sub-committees were created including one for Blockchain, another for Fintech and one for investing in digital economy. 

The first meeting which discussed consolidating the UAE’s status as a global hub for the digital economy and a platform for digital innovation to boost the national economy, emphasized the importance of empowering national talents to excel technological areas and augmenting the digital economy’s contribution to non-oil GDP. 

During the meeting, the council approved the formation of seven sub-committees led by members of the council, to cover all goals of the UAE digital economy strategy in areas such as technological infrastructure and blockchain, e-commerce, financial technologies, investment in the digital economy sector, attracting skills and supporting start-ups.

Additionally, a committee was formed to specialize in digital economy statistics and prepare an annual report to measure the performance and indicators of the digital economy in the UAE and ensure sustainable progress in the digital economy.

The council also discussed strategic performance indicators for the digital economy and ways to enhance the UAE’s global position in developing the future digital economy model.