Dubai Internet City is exploring the possibility of creating additional specialised incubators, aiming to provide further support to the burgeoning start-up community in the emirate.
Ammar Al Malik, a top executive, revealed that these potential expansions to DIC’s existing four innovation centres, operating within its flagship in5 incubator programme, are designed to facilitate market access for emerging companies.
DIC operates under the Tecom Group responsible for managing business districts in Dubai. The existing quartet of incubators are situated in corresponding districts, including in5 Tech at DIC, in5 Media at Dubai Production City, in5 Design at Dubai Design District, and in5 Science at Dubai Science Park.
New in5 Science Incubator Supports Dubai’s Sustainability Goals
The most recent addition, in5 Science, was inaugurated in June and is exclusively focused on life, energy, and environmental sciences, reflecting Dubai’s commitment to sustainability, particularly in preparation for the upcoming Cop28 climate change conference hosted by the Emirates next month.
Mr. Al Malik, speaking during the Gitex Global technology conference in Dubai, mentioned that prospective inclusions in the in5 portfolio might encompass e-commerce, the metaverse, blockchain, and artificial intelligence.
“Most of the companies that we deal with already have plans set for sustainability. A lot of our clients, within their portfolio, pursue certifications … we’re also working with a lot of these start-ups that are being attracted to this field as well,” he said.
Start-ups across the in5 platform number more than 850 and have so far raised more than AED 3B ($817M) in funding since its launch in 2013, DIC data shows, according to The National News.
“Our growth and support for start-ups is growing … our main objective is to solidify Dubai as the main hub for both larger corporations and the right ecosystem for start-ups as well,” he said.
DIC Forges International Start-up Ecosystem Alliance at Gitex
During the Gitex event, DIC entered into a partnership agreement with German Entrepreneurship, further expanding its capacity to foster the start-up and entrepreneurship ecosystem both within the UAE and on an international scale.
This agreement is set to facilitate the entry of German start-ups into the UAE and the broader Middle East region, while also encouraging them to establish their operations at DIC. Ammar Al Malik expressed, “We aim to attract major companies from across the globe and the region to set up here.”
Globally, start-ups are on the rise as they tackle the challenges of innovating solutions for an increasingly digital world, particularly in sectors like retail, services, and commerce.
Start-ups Key to UAE’s Ambitious GDP Growth Targets
They play a pivotal role in the UAE’s strategy to bolster its digital economy, to double the country’s gross domestic product by 2031, as outlined by Abdulla bin Touq, Minister of Economy, in September.
Notably, the Dubai Chamber of Digital Economy recently launched “Business in Dubai,” a platform dedicated to attracting and supporting digital-focused start-ups. Furthermore, the Ministry of Economy introduced its updated “Entrepreneurial Nation” program last year, to nurture over 8,000 SMEs and start-ups by 2030.
The Emirates also has ambitious goals, aiming to become home to 20 unicorns (start-ups valued at $1B or more) by 2031, doubling the initially planned number.
“New technologies always come in and we focus on it. We continuously adapt in order to attract different technologies in different areas,” Mr Al Malik said.
“Our priorities always lie with the government, and what will do good for citizens and the economy.”
“It is our role to attract the talent and companies that are necessary to support these kinds of technologies,” Mr Al Malik said.
“We see that AI is designed to make life easier for people and anything that supports it, which we’re happy to see.”
