An initiative to transform Dubai into a leading center for establishing projects in the Middle East, Africa and South Asia
The first of its kind in the world .. “Dubai International Finance” launches the “Project Studios” incubator
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The Dubai International Financial Center (DIFC) has announced the launch of a new, first-of-its-kind Venture Studio incubator, which focuses exclusively on the holistic finance sector and digital asset technologies.
The center stated in a statement that this initiative comes within the framework of its endeavors to achieve the objectives of its 2030 strategy, by attracting the brightest minds and the best companies from around the world to Dubai, and supporting them with all necessary means to enable them to develop, test and launch new start-ups and expandable projects. and corporate projects, in a fast, high-quality and large-scale fashion.
The center added that in support of this vision, it is launching a dedicated unit called the “Project Studios” incubator, supported by a global elite of project creation experts, pioneers of digital assets, and emerging specialists in formulating technical strategies.
Pioneer Center
Thanks to this initiative, Dubai becomes a leading center for setting up projects in the Middle East, Africa and South Asia region and joins global cities such as San Francisco;
New York;
Berlin;
and Paris.
During the next five years, the DIFC will witness the establishment of more than 20 studios, and it is expected to launch more than 200 new projects, including more than 100 companies with high expansion potential, while 10 of these projects will reach the level of companies with a value of more than one billion dollars.
Together, these projects and companies will provide more than 8000 jobs in the areas of innovation in Dubai, and will attract more than two billion dirhams of venture capital.
digital transformation
The Governor of the Dubai International Financial Center, Issa Kazim, said that the center has established its leading position as an incubator for the largest financial and financial technology systems in the Middle East, Africa and South Asia.
He added: “From here comes the importance of establishing the first global incubator for (project studios) as a main focus of our vision to enable the Dubai International Financial Center to play a leading role in the process of digital transformation of the financial sector in the UAE and the world at large, in line with the vision of His Highness Sheikh Mohammed bin Rashid. Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.
Kazim added: "We see huge potentials to employ the incubator model (project studios) to accelerate the pace of establishing companies that can expand and companies whose value exceeds one billion dollars from Dubai, which contributes to providing more job opportunities and proceeding with efforts to develop the economy."
Kazim stressed that the Dubai International Financial Center is working to establish an advanced system from the ground up, that will support studios and founders with everything they need to succeed, and to map new features to all aspects of the value chain of financial services in a virtual manner, and will help achieve Dubai's ambitions to be at the forefront of the digital age.
simplifying procedures
The “Project Studios” incubator simplifies the procedures for establishing companies, and accelerates the development of new companies that will support the endeavors of the Dubai International Financial Center to consolidate the “inclusive financing” system. Easily access a global network of potential dealers, entrepreneurs, investors and relevant experts.
The services of the “Project Studios” incubator include the first live research laboratory of its kind to drive the wheel of intellectual leadership and practical research in this rapidly developing sector, with the aim of providing new opportunities and providing data and insights capable of identifying feasible paths for developing business models, laws and regulations today and in the future.
Company incorporation
The incubator represents innovative institutions that proactively establish startups, invest in them, and help them achieve success consistently, through their own internal capabilities.
According to the statement, more than 730 project studios are active around the world, more than 50% of which were established during the past five years, at a time when “corporate project studios” are recording a higher growth rate than others.
New projects that are launched from such studios also witness a 30% higher success rate for their companies, and about 5% of them expand to reach companies worth more than one billion dollars, according to research issued by the “Global Startup Studios Network.”
New facility
The Dubai International Financial Center confirmed that it has laid the foundation stone for the establishment of a new facility that extends over an area of more than 150,000 square feet, which will host the members of the “Project Studios” incubator team, who will cooperate with the sponsoring companies, investors, and new projects that they participate in establishing.
The facility is characterized by a design that encourages spontaneous interaction towards the establishment of an integrated community, the conclusion of close partnerships and the stimulation of innovation.
The center developed the "inclusive finance" innovation system and the "project studios" incubator, in partnership with the projects studio: "Enhances Ventures" in Dubai, and "Silicon Foundry", an innovation consultancy group based in Silicon Valley.
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