Dubai reveals rapid fintech growth plan as DIFC Innovation Hub opens – Arabian Business reports…

Dubai reveals rapid fintech growth plan as DIFC Innovation Hub opens. The opening comes as DIFC aims to grow its reputation as a leading global centre for FinTech.

Sheikh Maktoum 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.”

It said the new 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.

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, a statement said.

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.”

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.

Source: Arabian Business