Dubai Internet City, DIC, is celebrating its 20th anniversary as a global tech community.
Started as a vision announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, on 29th October 1999, the DIC has helped transform the Emirate as the regional technology hub, said a press release issued by the DIC on Wednesday.
Dubai Internet City provides competitive advantages for tech companies, including world-class infrastructure, an ideal environment for business success, a culture that embraces rapid growth and innovation, and simplicity of doing business.
It’s success was a first in a series of accomplishments that translated the same leadership vision, setting the foundation for TECOM Group. Fast forward 20 years, the Group has ten sector-focused business communities in Dubai that are home to over 6,500 businesses and more than 95,000 professionals.
Today, the Group, a member of Dubai Holding, is a major contributor to the rapid growth of Dubai’s knowledge and innovation-based economy and the transformation of the Emirate into a magnet for some of the world’s top companies and talents.
TECOM Group’s CEO Malek Al Malek said, “We started as a vision of His Highness Sheikh Mohammed bin Rashid and two decades later, we are proud to be a key economic contributor to the inspiring story of Dubai. In the past 20 years, we have successfully attracted thousands of businesses across core sectors, proving at the same time that we are a bedrock for homegrown innovation.”
The same vision of advancing the economy of the future and to support the budding entrepreneurship ecosystem, TECOM Group also launched startup incubator in 2013, providing an innovation pipeline and a solid link between the top-notch educational institutions that host over 27,000 students within its communities and its business partners.
This also provides opportunities for more businesses to succeed and equip upcoming talents with future-proof skillsets. The incubator currently hosts over 200 startups who raised AED400 million by the third quarter of 2019.
Having set the scene for the region’s rapidly growing startup ecosystem, Dubai Internet City is home to the biggest success stories that have inspired the region, such as the Careem-Uber deal, the Amazon acquisition of ecommerce marketplace Souq, and the funding deal of Anghami, amongst others.
The Group’s business communities continue to witness steady growth. Al Malek added, “To further drive innovation, productivity and economic growth in Dubai, we are on a mission to set new world benchmarks when it comes to doing business. As our ecosystem matures, we foresee more innovations and local success stories coming out of our communities and soaring to global recognition.”