The "Innovation Hub" center has been inaugurated and approved for 400% expansion to meet the growing demand from international companies

Maktoum bin Mohammed: Dubai realizes Mohammed bin Rashid’s vision by establishing itself as a global center for innovation

• Maktoum bin Mohammed during the inauguration of the Innovation Hub Center.

  WAM

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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Dubai International Financial Center, said that Dubai is continuing to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to establish its position as a global center for innovation and creativity. And an active partner in building the future of financial services, in light of the distinguished position it has reached in this field, thanks to the trust it gained from partnerships that spanned from major global financial institutions to emerging, small and medium-sized companies.

Global companies

In detail, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Dubai International Financial Center, affirmed that “the successes achieved by Dubai in various fields, including business, trade and financial services, attracting major international companies, are the fruit of a strategy characterized by flexibility. In keeping pace with the changes and a work system that set the ambitious vision and the big goals set by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for the future of the UAE and Dubai, she set her eyes on her, and she drew from her the positive energy motivating to continue developing, updating and supplying capabilities With all the elements of excellence in the field of global competitiveness ».

This came on the occasion of the official inauguration of the "Innovation Hub" of the Dubai International Financial Center at its headquarters in "The Gate Avenue", located in the new "Dubai Future District", during his visit to the center, and he was received upon his arrival by the Governor of the Dubai Financial Center. International, Issa Kazim, and Chief Executive Officer of the DIFC Authority, Aref Amiri.

His Highness toured the headquarters of "Innovation Hub", during which he listened to an explanation about the new center, which is the most prominent comprehensive and integrated destination for innovation. He met a number of innovation leaders, officials of major international companies, inspiring visionaries, financial technology pioneers and developers who adopt Innovation Hub. Their headquarters.

His Highness, the Deputy Ruler of Dubai and Chairman of the Dubai International Financial Center, approved the new expansion plan for the Innovation Hub, whose area is to be doubled by 400% to 315,000 square feet, in light of the great turnout it witnessed after its initial launch last year, and the completion of its occupancy within a period of no time. More than two months ago, to become the headquarters of more than 350 companies specializing in innovation and financial technology, having achieved a growth rate of around 29% during the past six months, with many companies registered on waiting lists to join the new center, which operates in its companies today. Over 1000 creative talent and innovation stakeholders.

Outstanding position

On this occasion, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum affirmed that “Dubai is continuing to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, to establish its position as a global center for innovation and creativity and an active partner in building the future of financial services, in light of the distinguished position that I reached it in this field thanks to the trust it gained from partnerships that spanned from major global financial institutions to emerging, small and medium companies. ”

His Highness said: “The current world conditions will disappear sooner or later ... They do not distract us from our plans to lead the future, but rather stimulate us to double work and accelerate achievement rates .. The developments that the world has experienced since the beginning of last year have proven that whoever owns the technology is in possession of it. And innovation, it will own the winning horse in the race for excellence, whether in the present or the future..Dubai has been aware of this fact decades ago and laid the infrastructure that enables it today to confirm its position as a preferred attraction for the financial, business and investment community ... We are keen to consolidate the pillars of the confidence of our partners. Current and future employees by expanding services that support their chances of success and enable them to overcome challenges to achieve ambitions.

In addition, His Highness, the Deputy Ruler of Dubai, commended the efforts of the DIFC management to promote economic diversification in Dubai and confirm its position as the most prominent integrated provider of financial innovation in the region, and as a leading global destination for financial technology companies.

Pioneers of innovation

The Governor of the Dubai International Financial Center, Issa Kazim, said: “We are pleased to inaugurate (Innovation Hub) as the first center in the region, which is dedicated to supporting innovation and investment pioneers and allows harnessing the exceptional potential of the new generation of advanced technologies, especially since technology and innovation are among the most important drivers of growth and development for the Emirate. Dubai, in fact, confirms its position as a prominent global destination for attracting capital and skills. With its continued focus on encouraging emerging companies and promising innovation projects, the launch of Innovation Hub comes as a new step taken by the DIFC to advance sustainable development and prepare the economy to keep pace with the future.

Arif Amiri said: “Establishing innovative platforms is a strategic priority in our preparations for the next 50 years, based on the importance of supporting innovative projects that focus on digital in the first place to provide the future economy with the highest levels of value.

The Emirate of Dubai has established a pioneering global model in promoting technical innovation and instilling a culture of entrepreneurship that would provide a new and broad spectrum of distinct opportunities for pioneers of technical innovation and investors.

Hence the importance of (Innovation Hub) of the Dubai International Financial Center, as an ideal destination to support the next generation of giant companies in our region, in addition to contributing to enhancing the strength of the financial technology sector and providing more new job opportunities for skilled people.

Growth and expansion

The implementation period of the expansion plan for the "Innovation Hub" of the DIFC will reach two years, and its size has quadrupled, and will include the construction of an additional tower linked to the "Innovation Hub" of the Dubai International Financial Center, and will host up to 1000 companies through equipped offices and co-working spaces. And snack and beverage outlets, as well as luxury restaurants on the top floor.

Financial technology and innovation companies in the DIFC can communicate and collaborate on a larger scale with a number of the most prominent financial institutions around the world, following the exceptional performance it achieved in 2020, the financial center today embraces more than 2,919 companies, of which 915 are active financial companies. .

Deputy Ruler of Dubai:

• “Whoever owns the reins of technology and innovation will own the winning horse in the race for excellence, now or in the future.”

• "The current conditions of the world will sooner or later disappear .. Do not distract us from our plans to lead the future, but rather stimulate us to double work and accelerate achievement rates."

• “We are keen to consolidate the confidence pillars of our current and future partners by expanding the services that support their success.”

Facilitate financing

The DIFC is working to facilitate access to venture capital financing by providing a tailored framework for venture capital firms to facilitate their incorporation within it.

As a result, the financial technology companies present in the Dubai International Financial Center today succeeded in raising more than 1.1 billion dirhams ($ 298.8 million), and Innovation Hub will continue to provide financial and practical support for the future exploration of the financial sector.

Supporting innovation through education

The DIFC Academy continues to contribute to the acceleration of economic growth in the country by honing the necessary local skills.

The Academy launched the "College of the Future", the platform that provides more than 400 online academic programs, practical skills-based training and professional courses, vocational training camps, and e-learning opportunities for citizens and residents of the UAE, through a group of the most prominent academic institutions around the world.

Enriching Innovation at Fine Hive

The DIFC has launched a number of key initiatives to achieve its goal of enriching innovation and anticipating the future in the financial sector.

Led by the "Fintech Hive" program of the Dubai International Financial Center, this program includes the financial technology accelerator that recently closed the door to submitting applications for the first of two batches of accelerators in 2021. The accelerator provides an integrated program for the 130 participants that have reached to date. Easily reach potential partners and investors.

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