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The Dubai Multi-Commodities Centre (DMCC) is set to attract a wave of innovators and start-ups from China as it signed a new deal with Innoway, dubbed as the “Silicon Valley” in the Asian state.
The flagship free zone and authority on commodities trade and enterprise said the new memorandum of understanding (MOU) with the Chinese platform, established by the Beijing and Haidian government, will increase China-UAE collaboration in the tech sector.
The Asian country remains one of the UAE’s largest trading partners, with bilateral trade volumes hitting 127 billion UAE dirhams ($34.7 billion) in the first nine months of 2019, up 6 percent from the same period in 2018.
DMCC is a major business hub in Dubai that offers establishments and individuals tax exemption for 50 years. During the first half of 2020, at least 805 new companies set up business in the zone.
The figure is set to grow further with the signing of an agreement with China’s Innoway, which has been credited for the successful incubation of more than 3,400 start-ups. Innoway provides small and large enterprises with the expertise and guidance to succeed in the business environment and its partners include Intel, Orange, Hitachi and Daimler.
“With the agreement in place, DMCC will serve as Innoway’s foothold in the region, supporting them with the development of an incubation and acceleration programme that attracts Chinese innovators, entrepreneurs and tech start-ups to Dubai,” DMCC said in a statement.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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