Members of the Hub include Thunderbird School of Global Management, Ebury, Huawei and Amazon, apart from early to growth-stage start-ups
Four-fold expansion of the DIFC Innovation Hub to increase its size to over 315,000 sq. ft.
Government of Dubai Media Office: His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre (DIFC), today officially opened the DIFC Innovation Hub, an initiative that seeks to spur transformational innovation and entrepreneurship in the FinTech sector. The facility is part of the new Dubai Future District announced in January 2020.
His Highness Sheikh Maktoum bin Mohammed said: “The establishment of the DIFC Innovation Hub is a key initiative aimed at generating new economic value by fostering the development of innovation, enterprise and talent across sectors, especially in future-oriented industries. This initiative supports Dubai’s aspiration to become a leading global player in shaping the future of vital sectors and creating a thriving international innovation hub in Dubai.”
DIFC is recognised internationally as a leading global centre for FinTech, and its Innovation Hub is set to play a key role in driving collaboration between early-stage and growth start-ups, tech unicorns and big tech firms to accelerate success. Members of the Hub will benefit significantly from being part of DIFC, the region’s largest ecosystem of financial services related companies that are collectively shaping the future of the industry.
The DIFC Innovation Hub is set to increase its size four-fold to over 315,000 sq. ft. In just two months, the current 80,000 sq. ft. space has already reached full occupancy. Over the next two years, the expansion will include the development of an additional tower linked to the existing DIFC Innovation Hub. Accommodating up to 1,000 businesses, the building will have fitted offices, co-working spaces and light F&B outlets in the concourse and fine dining outlets at the rooftop level.
His Excellency Essa Kazim, Governor of DIFC, said: “Technology and innovation are strong drivers of Dubai’s transformational growth, cementing its reputation as a global centre that attracts capital and talent. With a strong focus on promoting promising start-ups and innovative ventures, DIFC is accelerating the strategic and sustainable development of the economy to be future-ready. The DIFC Innovation Hub is the region’s dedicated zone for innovators and investors to leverage the extraordinary potential of new generation technology.”
The region’s leading FinTech-focused ecosystem, DIFC Innovation Hub is a major part of the Dubai Future District launched in 2020 with over 350 FinTech and innovation firms. The Innovation Hub will strengthen and enrich the DIFC ecosystem significantly by providing FinTechs at all stages of their evolution with unparalleled access to a community of like-minded entrepreneurs and experts.
Members of the Hub range from early to growth-stage start-ups such as YAP, Beehive, Tabby, Xpence, Stake, Rain and Bayzat as well as Thunderbird School of Global Management, part of Arizona State University. Other established tech companies include Ebury, Huawei and Amazon.
FinTech and innovation businesses in the Hub can connect and collaborate with many of the world’s top financial institutions based in DIFC. Following 2020’s record performance, more than 2,919 businesses, of which 915 are financial and innovation firms, are active in the Centre.
© Press Release 2021
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