Start-ups in In5, an enabling platform for entrepreneurs and start-ups to foster innovation and help new ideas reach the marketplace, have raised Dh3 billion so far, said Ammar Al Malik, executive vice president for commercial at Tecom Group.
Located in Dubai Internet City, Tecom Group’s start-up incubator In5 has nurtured over 850 enterprises since its inception in 2013.
Malik said Internet City and Tecom Group have seen an expansion in business of over 18 per cent in 2023. “Occupancy, Ebitda and revenues have grown as we are seeing an influx of technology firms and entrepreneurs who are setting up bases in Dubai. We want to solidify Internet City as a talent hub for the region,” he said on the sidelines of the Gitex Global exhibition, which is taking place at the Dubai World Trade Centre.
“The In5 start-ups raised Dh3 billion since inception. Dubai has a target to reach a certain number of unicorns, so our objective is to support that target. We are confident that this target will be achieved,” Malik said.
As part of the D33 programme launched earlier, Dubai aims to scale up to 30 companies to become global unicorns in new economic sectors by 2033.
Malik expects that there will be an increased sovereign wealth funds role in scaling up start-ups.
Dubai Internet City signed a number of agreements with international companies at the Gitex Global 2023.
The free zone signed a strategic partnership with German Entrepreneurship GmbH to strengthen the start-up and entrepreneurship ecosystem in the UAE and beyond.
Under the agreement, Internet City will support German start-ups with the data, insights, and resources needed to enter the UAE and new regional markets. German start-ups will also be invited to establish a base at Dubai Internet City and access its rich network of industry peers, corporates, potential investors, universities, and public sector specialists.
Yango, a technology company to enhance local communities, also announced during Gitex that it planned to open a global office in the fourth quarter of 2023 in Dubai Internet City.
The move to establish Yango’s global operational office represents a significant milestone in overseeing operations of its myriad services, such as Yango ride-hailing; Yango Delivery, a last-mile delivery solution provider; and Yango Tech, which offers proprietary technologies that enable retailers to transition to an e-commerce framework, in addition to other upcoming initiatives.
“Dubai’s progressive, innovation-friendly business environment, world-class infrastructure, and strategic location make it the perfect choice for Yango to embark on a global expansion and Dubai Internet City,” said Adeniyi Adebayo, chief business development officer.