Dubai has become the ‘Silicon Valley’ of Middle East: Mohammed - GulfToday

Dubai has become the ‘Silicon Valley’ of Middle East: Mohammed

SheikhMohammed-DivyankTurakhia

Sheikh Mohammed with Divyank Turakhia in Dubai. WAM

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, met Founder and CEO Divyank Turakhia whose ad-tech company, a Media.net based in Dubai Internet City, was sold for over Dhs3.3 billion.

Sheikh Mohammed Bin Rashid Al Maktoum said, “Dubai has become the ‘Silicon Valley’ of the Middle East.” He added, “We are witnessing the prominent role of Dubai Internet City in creating new economies and nurturing global entrepreneurs.”

Dubai has witnessed similar multi-billion tech deals including the Dhs11-billion acquisition of the Dubai-based Careem by Uber and Souq.com that was earlier acquired by Amazon for over Dhs2 billion. Sheikh Mohammed Bin Rashid Al Maktoum reaffirmed that Dubai will remain an incubator for talent and an ideal hub for tech entrepreneurs.

Recently, Sheikh Mohammed launched the ‘’Youth Hubl”, an initiative by the Federation Youth Authority which will be the largest open trade incubator in trade centres, markets, airports, cultural and tourist facilities in the state.

The launchpad initiative will provide free spaces with key services and facilities to support youth launch their own startup projects. Incentives also include guidance and mentorship, flexible modern designs and marketing and brand identity.

The initiative aims to support young entrepreneurs to launch their emerging trade projects amidst global market competitiveness in light of the Government of UAE’s decision to foster and support starts up and accelerate their pace of growth in alignment with the world trends to establish business incubators and accelerators for entrepreneurs to easily establish their own businesses and ensure their success and growth.

The initiative will – in partnership with a group of strategic stakeholders – directly connect youth trade projects with clients in order to provide them opportunities to evaluate their products and performance.

The youth incubator will enable young entrepreneurs to access vibrant markets and trade centres to enter competition along with international trademarks. It will bear the cost of leasing spaces so as to reduce potential risks and challenges that young entrepreneurs may face and make them concentrate on investing in points of strength in their products and services, therefore sharpening their competiveness and improving performance of their companies without enduring financial risks or burdens.

The Youth Hub will allow young entrepreneurs in the age group of 18 to 35 years to launch new companies in six months that subject to renewal in the country’s most profitable spaces. Towards that end, the Federal Youth Authority along with its partners will provide spaces in major shopping malls and trade centres including Yas Mall, Dubai International Airport, Dubai Mall, City Walk, Al Seef, Al Safa Art & Design Library, Union Museum, City Centre Mirdif, Sharjah Heart, Flag Park Ajman, Umm Al Quwain Mall, Manar Mall, Al Hamra Mall, City Centre Fujairah and all youth centres across the UAE.

The Federal Youth Authority has concluded strategic partnerships with a number of government and private entities to allocate spaces for young entrepreneurs. Those partners included departments of economic development, urban planning, culture and tourism, property developers, investors, chamber of commerce and industry and municipalities.

For any startup to enjoy free facilities and incentives, it should be the first of its kind in the country’s market in term of concept and idea, has no branch in the state and well studied and planned.

Improving access to Open Data in the UAE would give startups in the country the knowledge and tools they need to validate their business ideas and enhance their competitive edge, according to a new whitepaper released by Dubai Chamber of Commerce and Industry.

The whitepaper, entitled Validating a Startup Business Idea and published in collaboration with global strategy consulting firm Roland Berger, highlights the importance of market research and due diligence for startups to ensure the viability of their offerings and enhance their competitive edge.