New DIFC Innovation Hub Launched to Spur on Dubai’s Fintech Ecosystemby Fintechnews Middle East 27. May 2021
The DIFC Innovation Hub has been officially launched as part of the new Dubai Future District announced in January 2020 with over 350 fintech and innovation firms to spur on the fintech sector.
The Dubai International Financial Centre (DIFC) is recognised internationally as a global center for fintech, and the DIFC Innovation Hub is set to play a key role in driving collaboration between early-stage and growth startups, 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.
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.
Members of the Hub range from early to growth-stage startups 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.
Following 2020’s record performance, more than 2,919 businesses, of which 915 are financial and innovation firms, are active in the center.
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.”
His Excellency Essa Kazim, Governor of DIFC, said,
“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.”
Featured image: DIFC