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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