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Tue 6 Mar 2018 02:32 PM

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Dubai Internet City firms attract over $2.1bn since hub's launch

Senior exec says business hub is playing key role in contributing to the UAE's technology journey

Dubai Internet City firms attract over $2.1bn since hub's launch
Ammar Al Malik, executive director of Dubai Internet City.

Members of the Dubai Internet City (DIC) community have collectively attracted AED7.8 billion ($2.1 billion) in funding since its launch, the largest technology business hub in the region announced on Tuesday.

The figure bears testimony to Dubai’s success in attracting the best and brightest businesses, making the emirate one of the main drivers of technological innovation and investment in the region, said Ammar Al Malik, executive director of DIC.

DIC's network of 1,600 business partners spans across various industries such as Internet of Things (IoT), Artificial Intelligence (AI), Big Data, Cyber Security, Cloud and Robotics.

Malik said: “Since its inception, DIC has played a key role in contributing to the UAE’s technology journey. Our specialised ecosystem continues to provide cutting-edge companies of all sizes with the right environment to achieve their strategic business goals, translating into a diversified local economy and productive partnerships that accelerate the implementation of the Smart Dubai vision.”

He added that over the past 12 months, several DIC partners have attracted notable investments that propelled them onto the international stage. These include the acquisition of Middle East e-retailer Souq.com by US e-commerce giant Amazon for an undisclosed sum – estimated to be in the range of AED2.2 billion.

Dubai-based ride-hailing app Careem entered the ‘Unicorn Club’ of billion-dollar start-ups in December 2016. In its last funding round the company raised over AED1.5 billion from Japanese, Chinese and Saudi investors.

Mumzworld, an online shop for mother and child, was another firm to make waves in the e-commerce realm. The company received multi-million-dollar funding from the likes of Wamda Capital and Al Tayyar Travel Group.

Partners of in5, DIC's enabling platform for entrepreneurs and start-ups, have also contributed to the record investment figures. Arabic music streaming app Anghami raised more than AED 106.6 million from regional investors and digital health platform Altibbi brought in funding worth AED18.4 million.

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