Tecom Group, the free zone authority that counts Dubai Internet City, Dubai Media City and Dubai Design District within its remit, agreed a deal with Dubai Future Foundation and Dubai Development Authority aimed at accelerating the growth of creative start-ups seeking to find solutions to future world challenges.
The DDA is the government entity responsible for overseeing the development and regulation of free zone clusters across the emirate, while the Dubai Future Foundation is a state-backed think tank that aims to set the agenda for how to future-proof the economy and society.
Tecom is the founder of start-up platform in5, which has several accelerator facilities such as in Knowledge Village and Dubai Internet City. Since its inception in 2013, in5 has hosted more than 180 start-ups and helped them raise a total of Dh390 million.
Under the new deal, the three parties pledged to strengthen collaboration to encourage local and overseas start-ups to set up shop in Dubai, and help them access new markets and investor funding.
Dubai Future Foundation will introduce innovative start-ups to the in5 platform, which in turn will provide them with simplified business set-up services and access to creative co-working spaces and state-of-the-art facilities, as well as mentoring and partnership opportunities, the parties said on Monday.
“The new partnership aligns with Dubai’s endeavours to anticipate and prepare for future challenges and turn them into opportunities,” said Abdulla Belhoul, chief commercial officer at Tecom Group.
“Through bringing the brightest minds and most promising start-ups from around the world to Dubai and facilitating their synergies with local government entities, we seek to fast-track the development of the innovation ecosystem and enhance the emirate’s position as a global hub for smart government models and businesses.”
The initiative is part of the UAE’s Centennial Plan, or AREA 2071, which aims to make the UAE the world’s leading nation for designing the future by 2071, through a series of initiatives across industries.
