Dubai hopes to be the home of the next Google or Facebook after a tie up between the government and a regional partner of the internet search firm to attract the best technology start-ups from around the world.
The Dubai Investment Development Agency (Dubai FDI), part of the Department of Economic Development, has signed a partnership agreement with the regional entrepreneurship platform AstroLabs to drive investment into high-growth sectors.
Dubai FDI and AstroLabs will reach out to potential investors and global technology companies considering expansion to Dubai.
AstroLabs is a member of the global Tech Hub network of Google for Entrepreneurs, which offers a collaborative work space and educational centre in Dubai's DMCC Free Zone.
“Our local knowledge and experience in addressing the global investor community along with the strategic resources of AstroLabs can respond successfully to the demands of the new business and investment landscape worldwide and in Dubai particularly,” said Fahad Al Gergawi, the chief executive of Dubai FDI.
AstroLabs has provided training and support to more than 100 tech start-ups in the UAE, Saudi Arabia, Egypt, Jordan, and Lebanon in the past year, it said.
Attracting more companies to set up in Dubai is a key part of the emirate’s revenue stream as it builds up to Expo 2020. In its budget announced last week, revenue is forecast to rise 11 per cent this year, of which by far the largest contributors are charges for government services – accounting for 74 per cent of the total – 22 per cent higher than last year.
In October, Dubai said it planned to invest Dh4.5 billion to make the emirate an innovation hub for global technology businesses and entrepreneurs.
Meanwhile, the Dubai Economic Council (DEC) is today hosting the Japan Electronics Technology Forum for Sustainable Development in Dubai with the Jebel Ali Free Zone Authority (Jafza) and Dubai Airport Freezone Authority (Dafza) promoting collaboration between UAE and Japanese enterprises.
“This is an interactive platform for Japanese technology companies to demonstrate the latest developments taking place in the most vital areas: environment, health and security for Dubai’s development milestone,” said Hani Al Hamli, the DEC secretary-general.
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