In5, an enabling platform for entrepreneurs and start-ups in Dubai Internet City, has helped raise over Dh3 billion for start-ups since its inception in 2013. The initiative has nurtured over 850 enterprises and aims to support Dubai’s goal of reaching a certain number of unicorns. As part of the D33 programme, Dubai plans to scale up to 30 companies to become global unicorns in new economic sectors by 2033. Ammar Al Malik, executive vice president for commercial at Tecom Group, stated that Internet City and Tecom Group have seen an expansion in business of over 18 per cent in 2023.
Malik also mentioned that there will be an increased role for sovereign wealth funds in scaling up start-ups. At the Gitex Global 2023 exhibition, Dubai Internet City signed agreements with international companies to strengthen the start-up and entrepreneurship ecosystem. One of the partnerships was with German Entrepreneurship GmbH to support German start-ups in entering the UAE and new regional markets. German start-ups will have the opportunity to establish a base at Dubai Internet City and access its network of industry peers, potential investors, and more.
Yango, a technology company focused on enhancing local communities, announced plans to open a global office in Dubai Internet City. This move signifies a significant milestone for the company to oversee its various services, such as ride-hailing, last-mile delivery, and e-commerce technology solutions. Adeniyi Adebayo, chief business development officer at Yango, highlighted Dubai’s innovation-friendly business environment, infrastructure, and strategic location as key factors in the decision to expand globally in Dubai Internet City.
Overall, the growth and success of start-ups in Dubai, particularly those supported by In5 and Dubai Internet City, demonstrate the city’s commitment to fostering innovation and entrepreneurship. With initiatives like the D33 programme and strategic partnerships with international companies, Dubai is positioning itself as a hub for start-ups and unicorns in the region. The influx of technology firms and entrepreneurs setting up bases in Dubai is driving the expansion of Internet City and Tecom Group, further solidifying Dubai’s reputation as a talent hub. As sovereign wealth funds play a more significant role in scaling up start-ups, the future looks promising for the start-up ecosystem in Dubai.
