His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre (DIFC), stated that Dubai is moving forward in achieving the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the UAE, Prime Minister, and Ruler of Dubai, to solidify its position as a global center for innovation and creativity, and an active partner in building the future of financial services. This is in light of the distinguished status the city has achieved in this field, thanks to the trust it has gained from partnerships that extend from major global financial institutions to startups and small and medium enterprises.
In detail, Sheikh Maktoum emphasized that the successes Dubai has achieved in various sectors, including business, trade, and financial services, which have attracted major global companies, are the result of a flexible strategy that keeps pace with changes and a framework that focuses on the ambitious vision and large goals set by Sheikh Mohammed bin Rashid Al Maktoum for the future of the UAE and Dubai, from which it draws positive energy to continue developing and enhancing its competitive capabilities.
This was said on the occasion of his official launch of the "Innovation Hub" at the Dubai International Financial Centre located in the "Avenue Gate" within the new "Dubai Future District". During his visit to the center, he was welcomed by the Governor of the DIFC, Essa Kazim, and the CEO of the DIFC Authority, Arif Amiri.
Sheikh Maktoum toured the "Innovation Hub", where he listened to a presentation about the new center, which serves as a comprehensive hub for innovation. He also met with several innovators and leaders from major global companies, as well as inspiring visionaries, fintech pioneers, and developers based at the "Innovation Hub".
The Deputy Ruler of Dubai approved the expansion plan for the "Innovation Hub", which is set to increase its size by 400% to 315,000 square feet, given the significant demand it has received following its initial launch last year, and its full occupancy within just two months, becoming home to over 350 companies specializing in innovation and fintech. The center has achieved a growth rate of about 29% over the past six months, with many companies on waiting lists to join the new hub, which currently hosts over 1,000 creative talents skilled in innovation.
On this occasion, Sheikh Maktoum reaffirmed that "Dubai is moving forward in achieving Sheikh Mohammed bin Rashid Al Maktoum's vision of establishing itself as a global center for innovation and creativity and an active partner in building the future of financial services, capitalizing on the distinguished position it has attained in this area, thanks to the trust earned from partnerships that stretch from major global financial institutions to startups and SMEs."
He stated, "The current global circumstances will pass sooner or later... They do not distract us from our plans for leading the future, but rather motivate us to double our efforts and accelerate progress... The developments that have taken place worldwide since the beginning of last year have proven that those who control technology and innovation will possess the winning horse in the race for excellence, both in the present and the future... Dubai has recognized this truth for decades and has established the infrastructure that enables it today to confirm its position as a preferred destination for the financial, business, and investment community. We are keen to strengthen the pillars of trust among our current and future partners by expanding services that support their success, allowing them to overcome challenges and achieve ambitions."
Additionally, the Deputy Ruler of Dubai praised the efforts of the DIFC management in enhancing economic diversity in Dubai and affirming its unique position as a leading integrated provider of financial innovation in the region, as well as a global destination for fintech companies.
The DIFC Governor, Essa Kazim, expressed: "We are pleased to launch the 'Innovation Hub' as the first center in the region dedicated to supporting innovators and investors, harnessing the exceptional potential of the new generation of advanced technologies, as technology and innovation are among the key drivers of growth and development for the Emirate of Dubai. They underscore its status as a prestigious global destination to attract capital and talent. With its ongoing focus on encouraging startups and promising innovation projects, the launch of 'Innovation Hub' represents a new step taken by the DIFC to drive sustainable development and prepare the economy for the future."
For his part, Arif Amiri stated: "Establishing innovative platforms is a strategic priority as we prepare for the next fifty years, based on the importance of supporting innovative projects that primarily focus on digitalization to provide the economy of the future with the highest levels of value. Dubai has established a pioneering global model for enhancing technical innovation and instilling an entrepreneurial culture that can provide a new and broad spectrum of distinguished opportunities for-tech innovators and investors. Hence, the importance of the 'Innovation Hub' affiliated with DIFC as a perfect destination to support the next generation of giant companies in our region, in addition to contributing to strengthening the robustness of the fintech sector and providing more job opportunities for skilled individuals."
The expansion plan for the "Innovation Hub" at the DIFC is expected to take two years, quadrupling its size. It will include the construction of an additional tower directly linked to the DIFC's "Innovation Hub", accommodating up to 1,000 companies through equipped offices, coworking spaces, snack and beverage outlets, along with fine dining restaurants on the upper floor.
Fintech and innovation companies within the DIFC can communicate and collaborate on a broader scale with some of the world’s leading financial institutions. Following its exceptional performance in 2020, the financial center now hosts over 2,919 companies, including 915 active financial companies.
The DIFC is facilitating access to venture capital by providing a tailored framework for venture capital firms to ease their establishment within it. As a result, fintech companies currently present at the DIFC have managed to raise over AED 1.1 billion (USD 298.8 million), and the "Innovation Hub" will continue to provide both financial and practical support for envisioning the future of the financial sector.
The DIFC Academy continues to contribute to accelerating the economic growth of the state by refining the essential local skills. The academy has launched the "Future College", a platform offering over 400 academic programs online and practical-based training courses, professional training camps, and e-learning opportunities for citizens and residents in the UAE, provided by leading academic institutions worldwide.
To promote innovation, the DIFC has launched several key initiatives to enhance innovation and foresee future trends in the financial sector. Led by the DIFC's "FinTech Hive" program, this initiative includes a fintech accelerator that has recently closed applications for its first batch of two accelerators for 2021. The accelerator provides accepted participants, numbering 130 to date, with a comprehensive program that offers easy access to potential partners and investors.
