From the reports section.
ABU DHABI, 13th October / WAM / The digital economy has been one of the main headlines for government work in the UAE, while the past ten years have witnessed accelerated steps to enhance the digital economy system, which now contributes 4.3 percent of the country’s gross domestic product, according to a study published by the Ministry of Economy.
The study confirmed that the strategic plans of the UAE economy are mainly based on the digital economy, given what the rapid transformation of traditional systems into digital means to accelerate the pace of economic growth and contribute to creating real opportunities for foreign direct investment, and real opportunities for national cadres to benefit from the transformations accompanying the stage of transformation.
The UAE possesses a set of elements of strength that qualify it to build one of the strongest digital economies in the world, as it ranks first internationally in the use of information and communications technology and government efficiency, and first globally in cellular network coverage, and ranks second in government procurement of advanced technologies, and fourth in all of cellular phone subscriptions per 100 inhabitants and the impact of information and communication technology on access to and use of basic services from business to commercial transactions and in laws, as well as being sixth in the use of virtual social networks and seventh in the impact of information and communications technology on business models and the level of company.
According to the results of a study reported by “The Economist” newspaper on enhancing the digital economy in the UAE, 40% of the country’s population uses government digital services more than once a week. 18.50 billion dollars, and the country’s population spent on smart applications in the same year about 320 million dollars, while the number of smart applications that were downloaded reached 530 million smart applications in 2020.
The UAE is taking concrete steps to establish a digital economy and benefit from the positives and benefits offered by digital transformation, taking advantage of its long history and track record of launching initiatives that encourage innovation.
The strategic plans of the national economy depend mainly on the digital economy, as it contributes to creating real opportunities for foreign direct investment, and the state implements plans to strengthen the digital economy by adopting the UAE’s strategy for the Fourth Industrial Revolution, as one of its goals is to enhance digital security, which is achieved by adopting the policies of the economy Digital and digital transaction technologies “Blockchain” in financial services and transactions.
In September 2017, the UAE launched the “UAE Strategy for the Fourth Industrial Revolution”, which aims to strengthen the country’s position as a global center for the Fourth Industrial Revolution, and to contribute to achieving a competitive national economy based on knowledge, innovation and future technological applications that integrate physical, digital and vital technologies.
The UAE has adopted the UAE Digital Transactions Strategy 2021, which aims to adapt and employ advanced technologies to convert 50% of government transactions at the federal level to the Blockchain platform by 2021.
The UAE established the Global Council for Digital Transactions with the aim of exploring and researching current and future applications of it and working on regulating digital transactions through blockchain technology platforms. The Council will facilitate transactions within the various financial and non-financial sectors and increase their efficiency and reliability.
The council consists of 46 members who are potential major players in the digital transactions sector, including a group of government agencies, leading banks in the country and free zones, and technology companies working in the field of digital transactions.