Maktoum Bin Mohammed Inaugurates the "Innovation Hub" Center

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Center, affirmed that the successes achieved by Dubai in various fields, including business, trade and financial services, attract major international companies, and are the fruit of a strategy characterized by flexibility in keeping pace with 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, in mind, and from it the positive energy motivating to continue developing capabilities, updating them and providing them with all the elements of excellence in the field 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 was received upon his arrival by the Governor of the Dubai International Financial Center. Issa Kazim, and Chief Executive Officer of the DIFC Authority, Aref Amiri,

His Highness toured the Innovation Hub headquarters, during which he heard an explanation about the new center, which is the most 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 are based in Innovation Hub. for them.

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 not exceeding The two months, to become the headquarters of more than 350 companies specializing in innovation and financial technology, after achieving a growth rate that ranged around 29% during the past six months, with many companies registered on waiting lists to join the new center, which works in its companies today, more than Over 1000 creative talent and those involved in the field of innovation.

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 it has reached in This field is thanks to the trust it has gained from partnerships that span from major global financial institutions, to emerging, small and medium-sized companies.

His Highness said, "The current conditions of the world 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 gone through since the beginning of last year have proven that whoever owns technology and innovation will own the horse." The winner in the race for excellence, whether in the present or in the future .. Dubai has been aware of this fact decades ago and established the infrastructure that enables it today to confirm its position as a preferred point of attraction for the financial, business and investment community .. We are keen to consolidate the pillars of confidence of our current and future partners by expanding the services they provide. Supports their chances of success and enables 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.

"Innovation Hub" contributes to enhancing cooperation between start-ups and their counterparts in the growth stage, giant technology companies and major technology companies, thus increasing the chances of success .. These companies benefit from their presence within the largest and broadest system of companies involved in financial services in the region, which all contribute to drawing The future of the financial sector, by taking advantage of the platform provided by the Dubai International Financial Center ... Innovation Hub will enable financial technology companies of all stages of their development to easily reach a community of entrepreneurs and experts who share similar values ​​and goals.

The international companies in the DIFC that are concerned with the field of innovation and advanced financial technology companies, as well as startups, vary, including, for example, the YAP application, the Behavior platform, Tappy, Expense, Stack, Rain, and Bizat, in addition to the Thunderbird School of Global Management, affiliated to the University. Arizona State, as well as examples of high-end financial technology companies that include the Center Eibore, Huawei, and Amazon.

Governor of the Dubai International Financial Center, Issa Kazim, said, “We are pleased to inaugurate Innovation Hub as the first center in the region devoted to supporting innovation and investment pioneers and to harness 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 of Dubai. They affirm 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 Dubai International Financial Center to advance sustainable development and prepare the economy to keep pace with the future.

Arif Amiri, CEO of the DIFC Authority, 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 leading global model in promoting technical innovation and instilling a culture of entrepreneurship that will provide a new and broad spectrum of distinct opportunities for pioneers of technical innovation and investors .. hence the importance of 'Innovation Hub' of the DIFC as an ideal destination to support the generation The next of the giant companies in our region, in addition to contributing to strengthening the strength of the financial technology sector and providing more new job opportunities for people with skills.

The expansion plan for the "Innovation Hub" of the Dubai International Financial Center, with a period of implementation of up to two years and quadrupling in size, will include the construction of an additional tower linked with "Innovation Hub" of the Dubai International Financial Center and embracing up to 1000 companies through equipped offices, co-working spaces and outlets. Light food and drinks, plus fine dining restaurants on the top floor.

Financial technology and innovation companies in the DIFC can communicate and cooperate on a larger scale with a number of the most prominent financial institutions around the world .. In the wake of the exceptional performance achieved in 2020, the financial center today embraces more than 2,919 companies, including 915 active financial companies. Hence the importance of this cooperation, which will play a vital role in promoting innovation opportunities and placing them within the reach of emerging companies in the emirate and beyond.

The DIFC Academy continues to contribute to pushing the pace of economic growth in the country by refining the necessary local skills .. Within the framework of the financial center’s vision aimed at developing human capital and refining the skills needed to foresee the future, the DIFC Academy launched the “College of the Future,” the platform. Which 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 selection of the most prominent academic institutions around the world.

The College of the Future is distinguished with a capacity of more than 25,000 students during the year. Its educational programs focus on acquiring the skills and knowledge required to develop a more sustainable and innovative global financial sector.

In addition to the broad innovation ecosystem, the DIFC has launched a number of key initiatives to achieve its goal of enriching innovation and foreseeing the future in the financial sector .. Led by the Fintech Hive program of the DIFC, this program includes the financial technology accelerator that recently closed the door for submissions. Applications for the first of two batches of accelerators in 2021.

The accelerator offers the 130 accepted participants to date, an integrated program that allows easy access to potential partners and investors, in addition to workshops, events and co-working spaces in the new Innovation Hub.

The DIFC recently launched the third edition of the “Accelerated Hair” mentoring program, which supports gender diversity within the financial sector. This program dedicated to career counseling ensures the DIFC’s contribution to a key role in encouraging the next generation of business leaders to gain access to Appropriate counseling, optimum professional support, and 15 advanced picks annually.

Realizing the importance of enabling startups and entrepreneurs to establish and expand their innovative companies within world-class regulatory and legal frameworks, the DIFC offers a range of operating and regulatory licenses that are cost-effective and favorable to companies of all sizes. For example, the innovation license granted by the DIFC provides subsidized commercial licensing options for up to four years, allows unregulated fintech companies to establish digital businesses quickly and easily, while the innovation test license from the Dubai Financial Services Authority provides an ideal launch station. For the first time technologies to prove their efficiency in a disciplined regulatory environment.

Obtaining financing is a major challenge for startups .. In addition to its relationships with a valuable group of business partners, the role of the DIFC includes launching financial initiatives that ensure companies have access to financing .. and the DIFC has established a 100% financial technology fund. One million dollars to bridge the gaps in financing emerging companies in the growth stage in the region, and has succeeded in financing seven companies to date, including "Tharwa", Behavior, Now Money, FlexBay, Rise, Rain and Clara.

Thanks to the DIFC's proven track record in supporting financial technology and innovation, companies operating in the new Innovation Hub can benefit from the growing presence among venture capital firms looking for the next generation of tech giants.

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, fintech companies present in the Dubai International Financial Center today raised more than 1.1 billion dirhams ($ 298.8 million). Innovation Hub will continue to provide financial and practical support for the outlook for the financial sector.

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