H.H Sheikh Majid Bin Mohammed bin Rashid Al Maktoum launches new tech
start up facility Dubai Internet City steadfast in driving growth of
ICT ecosystem
Dubai, United Arab Emirates - Monday, May 6th 2013 [ME NewsWire]
The
In5 innovation hub aimed at supporting the development of the ICT
start-up ecosystem in Dubai was launched yesterday by Dubai Internet
City (DIC), the Middle East and North’s Africa’s largest ICT community.
The
centre was officially launched under the patronage of His Highness
Sheikh Majid Bin Mohammed bin Rashid Al Maktoum, who was present at the
event to meet with entrepreneurs and unveil the centre’s new branding.
in5
provides infrastructure, support and a dynamic and engaging working
environment to entrepreneurs from the early stages of idea creation
through to idea implementation and the commercial launch of a product or
service. Selected start-ups and entrepreneurs of all nationalities are
encouraged to apply. Entrepreneurs can apply on an individual or company
basis, and will be assessed by a committee of industry experts to
determine their eligibility.
The hub will grant the selected
entrepreneurs with five key benefits: set-up and logistics support,
mentoring, training, networking opportunities and access to funding.
Speaking
at the launch, Malek Al Malek, Managing Director of Dubai Internet City
and Dubai Outsource Zone said: “The volume of entrepreneurs setting up
businesses in the region continues to grow year on year. According to
our latest industry report, The Role of Entrepreneurship and SMEs in the
Development of the ICT Industry commissioned in partnership with Frost
& Sullivan, startups in the MENA region have grown in number by more
than eight times since 2005.
“Starting any business can be
fraught with uncertainty. In5 seeks to provide entrepreneurs in the
areas of ICT, mobile and digital media with the infrastructure and
support needed to launch their ideas, and to compete in the global
marketplace.”
Mr Al Malek continued: “The availability of
investors, political stability, access to thousands of international
businesses and a developed ICT society all contribute to making the UAE a
compelling destination for entrepreneurship and new start-ups. Today’s
launch of In5 demonstrates that DIC is committed to carrying forward
Dubai’s vision of transitioning into a knowledge-based economy, and we
look forward to being a part of the development and growth of the tech
companies of the future.”
Last month, Rihla Prime, the Middle
East’s first online luxury travel club, became in5’s first success story
having secured an investment of US $1million.
The centre can
accommodate a number of entrepreneurs and ideas, and also boasts a
vibrant space where innovators can gather and network.
Further information about In5’s application and selection process can be found at www.in5.ae.
About Dubai Internet City
Dubai
Internet City (DIC), a member of TECOM Investments, was established in
2000 and has since grown to become the Middle East and North Africa’s
largest ICT business park. Founded on solid fundamentals of state-of-the
art infrastructure and a unique technology-orientated freezone
community, DIC is home to more than 1400 international and regional ICT
companies. DIC offers companies 100% tax-free ownership, 100%
repatriation of capital and profits, no currency restrictions, easy
registration and licensing, and solid intellectual property protection.
DIC’s strategic location provides companies with rich networking
opportunities, allowing them to tap into resources, partnership and
ideas; a business environment that helps ICT businesses develop,
innovate and grow. For more information, please visit:
www.dubaiinternetcity.com
Contacts
Tim Carlton Jones
Bell Pottinger Middle East
+971555597389
tcarltonjones@bell-pottinger.co.uk
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