Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and president of the Dubai International Financial Centre (DIFC) approved plans to increase the size of the innovation hub four-fold to over 315,000 sq ft, since all the space currently allocated to it has already been used.
Sheikh Maktoum said: “The establishment of the DIFC Innovation Hub is a key initiative aimed at generating new economic value by fostering the development of innovation, enterprise and talent across sectors, especially in future-oriented industries.
"This initiative supports Dubai’s aspiration to become a leading global player in shaping the future of vital sectors and creating a thriving international innovation hub in Dubai.”
Over the next two years, the expansion will include the development of an additional tower linked to the existing DIFC Innovation Hub. Accommodating up to 1,000 businesses, the building will have fitted offices, co-working spaces and light F&B outlets in the concourse and fine dining outlets at the rooftop level, a statement said.
DIFC is recognised internationally as a leading global centre for FinTech, and its Innovation Hub is set to play a key role in driving collaboration between early-stage and growth start-ups, tech unicorns and big tech firms to accelerate success.
Members of the Hub will benefit significantly from being part of DIFC, the region’s largest ecosystem of financial services related companies that are collectively shaping the future of the industry.
FinTech and innovation businesses in the Hub can connect and collaborate with many of the world’s top financial institutions based in DIFC. Following 2020’s record performance, more than 2,919 businesses, of which 915 are financial and innovation firms, are active in the Centre.
Shaikh Maktoum approved the expansion of the DIFC Innovation Hub, which will increase its size fourfold to over 315,000 sq ft. In just two months, the current 80,000 sq ft. space is being fully utilised. Over the next two years, the expansion will include the development of an additional tower linked to the existing DIFC Innovation Hub. Accommodating up to 1,000 businesses, the building will have fitted offices, co-working spaces and light F&B outlets in the concourse and fine dining outlets at the rooftop level.
Essa Kazim, governor of DIFC, added: “With a strong focus on promoting promising startups and innovative ventures, DIFC is accelerating the strategic and sustainable development of the economy to be future-ready. The DIFC Innovation Hub is the region’s dedicated zone for innovators and investors to leverage the extraordinary potential of new generation technology.”
Set up in 2004, DIFC was established to oversee the strategic development, operational management and administration of Dubai’s financial companies. The Authority is committed to creating value for its various stakeholders. This commitment is expressed in DIFCA’s four-tiered management strategy:
1. Dubai Vision: Contribute to Dubai’s reputation as a global business hub by maintaining international standards, developing international relations, business and employment creation, and economic development.
2. Infrastructure development: Provide world-class physical, legal and regulatory infrastructure, which has been tailor-made for the requirements of the financial and professional services community.
3. Financial sustainability: Ensure the financial sustainability of DIFC and the companies established in the centre through a programme of resource alignment, financial risk management, and competitive benchmarking.
4. Client centric: Support client growth through authority business process streamlining, service improvement, and enhanced management structures geared towards a superior client experience.
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