Tecom, the organisation that runs Dubai Internet City, yesterday announced plans for an Innovation Hub catering to small businesses.
The expansion would involve 1.6 million square feet of new space and Dh4.5 billion invested into Tecom’s innovation concepts. The property play will be enhanced with the launch of business incubators and the establishment of a dedicated start-up fund to stimulate innovation. The scope of the fund and the accessibility was not immediately apparent as Tecom representatives were unavailable to discuss details.
Tecom expects the space to stimulate creativity and the development of new technologies in support of the plan, announced last week by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, to transform the emirate into an innovation-driven economy.
“Dubai Internet City’s Innovation Hub is being developed with an unwavering focus on supporting innovation and creativity,” Amina Al Rustamani, group chief executive of Tecom Investments, said in a news release.
Officials were not available yesterday to answer questions about details of the plan.
The Tecom statement said the innovation hub would serve different industries — media, technology, education and sciences with phase one delivered in the first quarter of 2017. Included in the project is the Dubai Design District’s Creative Community D3 with phase one set to be delivered in 2016.
A statement read: “Over the next decade, Tecom Investments’ ambition is for this package of initiatives to: increase the workforce located in its business communities from 70,000 to 100,000; grow its business partner base from 4,500 to 10,000; and to provide an additional 10 million sq ft of commercial office space, resulting in a total of 16 million sq ft of dedicated space across a number of Dubai’s prime business locations.”
ascott@thenational.ae
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