Start-ups based in In5, a prominent platform fostering innovation and entrepreneurship, have successfully raised a staggering Dh3 billion, as revealed by Ammar Al Malik, Executive Vice President for Commercial at Tecom Group. In5, situated in Dubai Internet City and operated by Tecom Group, has played a crucial role in nurturing over 850 enterprises since its establishment in 2013.
Malik highlighted the significant growth experienced by Internet City and Tecom Group, with a notable expansion of over 18 per cent in 2023. This growth is marked by increased occupancy, Ebitda, and revenues, driven by the influx of technology firms and entrepreneurs establishing their presence in Dubai. “Our goal is to establish Internet City as a regional talent hub,” Malik stated during his appearance at the Gitex Global exhibition at the Dubai World Trade Centre.
The substantial amount raised by In5 start-ups aligns with Dubai’s ambitious target of creating a specific number of unicorns, companies valued at over $1 billion, as part of the D33 programme. This initiative aims to scale up 30 companies to become global unicorns in new economic sectors by 2033. Malik expressed confidence in achieving this target, foreseeing an increased role of sovereign wealth funds in scaling up start-ups.
During the Gitex Global 2023, Dubai Internet City announced several significant agreements with international entities. A strategic partnership with German Entrepreneurship GmbH was signed to bolster the start-up and entrepreneurship ecosystem in the UAE and beyond. This agreement will provide German start-ups with vital resources and data for entering the UAE and regional markets, with the opportunity to establish a base at Dubai Internet City.
Additionally, Yango, a technology company, announced plans to open a global office in Dubai Internet City in the fourth quarter of 2023. Adeniyi Adebayo, Chief Business Development Officer, underscored Dubai’s innovation-friendly business environment, world-class infrastructure, and strategic location as key factors in their decision. Yango’s global office in Dubai will oversee operations of its diverse services, including ride-hailing, last-mile delivery solutions, and proprietary technologies for e-commerce transition, among other initiatives.
These developments at In5 and Dubai Internet City underscore the dynamic and flourishing entrepreneurial ecosystem in Dubai, positioning the city as a leading global hub for innovation, technology, and business growth.
