Sheikh Mohammed bin Rashid: Dubai is Silicon Valley of the Middle East

Remarks come as Dubai Ruler meets Divyank Turakhia, founder of ad-tech company Media.net that sold for billions of dirhams

Sheikh Mohammed bin Rahid, Vice President and Ruler of Dubai, meets serial entrepreneur Divyank Turakhia in Dubai on Tuesday. Courtesy Dubai Media Office

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, met the founder of an ad-tech company that sold for Dh3.3bn, on Tuesday.

The Vice President and Ruler of Dubai met Divyank Turakhia, the former chief executive of Media.net - a company that was established in Dubai Internet City.

Mr Turakhia, a 37-year-old serial entrepreneur from India, sold Media.net to Miteno, a Chinese consortium, in 2016. It was the third-largest ad-tech deal made.

"Dubai has become the ‘Silicon Valley’ of the Middle East," Sheikh Mohammed said during the meeting.

"We are witnessing the prominent role of Dubai Internet City in creating new economies and nurturing global entrepreneurs."

The emirate has been the setting for other multi-billion tech deals, including the Dh11bn acquisition of the Dubai-based Careem by Uber and the purchase of Souq.com by Amazon for more than Dh2bn.

Sheikh Mohammed bin Rashid said Dubai would continue to be an incubator for talent and an ideal hub for tech entrepreneurs.