• Home grown companies Souq.com, Careem attract significant funding

  • Ammar Al Malik: “Dubai Internet City creates and enables an ecosystem for its partners, which helps to connect them to the right networks and build synergies that catalyse the next phase of growth”

Dubai-UAE:– Members of the Dubai Internet City (DIC) community have collectively attracted AED7.8 billion in funding since its launch, the largest technology business hub in the region announced today.

The impressive figure bears testimony to Dubai’s success in attracting the best and brightest businesses, making the emirate one of the main drivers of technological innovation and investment in the region. A key enabler of Dubai’s future vision, DIC plays an indispensable role in supporting innovative technology companies that help fuel economic growth and smart city development.

DIC’s integrated network of 1,600 business partners spanning across various industries such as Internet of Things (IoT), Artificial Intelligence (AI), Big Data, Cyber Security, Cloud and Robotics, has been crucial in providing a platform for conducive to ideation and the exchange of knowledge. Led by a new crop of results-driven CEOs, companies in nascent stages succeeded in garnering the strongest investor interest.

Ammar Al Malik, Executive Director of DIC, said: “Since its inception, DIC has played a key role in contributing to the UAE’s technology journey. Our specialised ecosystem continues to provide cutting-edge companies of all sizes with the right environment to achieve their strategic business goals, translating into a diversified local economy and productive partnerships that accelerate the implementation of the Smart Dubai vision.”

He added: “The latest successful round of funding reaffirms DIC’s leading status as a regional innovation and digitalisation hub that connects its partners with the right investors from across the world and allows them to build synergies that facilitate their transition into the next phase of growth.”

Over the past 12 months, several DIC partners have attracted notable investments that propelled them onto the international stage. These include the acquisition of Middle East e-retailer Souq.com by US e-commerce giant Amazon for an undisclosed sum – estimated to be in the range of AED2.2 billion (US$600 million) – in June 2017. Dubai-based ride-hailing app Careem entered the ‘Unicorn Club’ of billion-dollar start-ups in December 2016. In its last funding round the company raised over AED1.5 billion (US$550 million) from Japanese, Chinese and Saudi investors.

Mumzworld, an online shop for mother and child, was another firm to make waves in the e-commerce realm. The company received multi-million-dollar funding from the likes of Wamda Capital and Al Tayyar Travel Group. Another major finding announcement involved a Chinese consortium buying over Media.net, an ad-tech start-up, for a reported AED3.285 billion (US$900 million) in late 2016 – the third largest acquisition deal in the history of the advertising technology industry globally.

Partners of in5, DIC's enabling platform for entrepreneurs and start-ups, have also contributed to the record investment figures. Arabic music streaming app Anghami raised more than AED 106.6 million (US$29 million) from regional investors and leading digital health platform Altibbi brought in funding worth AED18.4 million (US$5 million). Several other start-ups received undisclosed funding that ranges from AED50,000 (US$13,500) to six-figure sums.

-Ends-

About Dubai Internet City

Dubai Internet City (DIC), a member of TECOM Group, is a unique ICT hub where the ideas of tomorrow are born. As the only specialised technology business community in the region, it is a place where innovators and entrepreneurs from all over the world work, connect and share their vision for a bold new future.

Set up to facilitate growth, Dubai Internet City fosters entrepreneurship, empowers SMEs, and attracts global ICT leaders to Dubai. Businesses can access a rich and diverse ecosystem of knowledge workers, nimble service providers, and expertise from across the globe.

Amidst a vibrant lifestyle community, business connections are not only made in boardrooms but within a wider ecosystem that gives professionals the opportunity to work, live and meet with like-minded people throughout the day.

In addition, DIC partners benefit from a range of services and offerings set up to facilitate the ease of doing business:

axs, TECOM Group’s smart gateway for integrated services, provides seamless government and corporate support – including leasing, licensing and registration, customer care and government services – under one umbrella through strategically located Smart Centres as well as online.

In5 is an enabling platform for entrepreneurs and start-ups in tech, design and media, created by TECOM Group. Supporting DIC in the tech innovation space, In5 Tech offers entrepreneurs state-of-the-art specialised facilities, creative spaces, and training and mentorship programmes to help turn bright ideas into reality. 

For media enquiries, please contact:

Sayema Wasi

APCO Worldwide

Tel: (+971) 55 954 8664

Email: swasi@ap`coworldwide.com 

© Press Release 2018