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Wed 11 Sep 2019 02:44 PM

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Dubai is Middle East's Silicon Valley, says ruler

Sheikh Mohammed bin Rashid Al Maktoum makes comparison as emirate continues to create tech entrepreneurs

Dubai is Middle East's Silicon Valley, says ruler
Sheikh Mohammed and Sheikh Hamdan meet former Media.net founder and CEO Divyank Turakhia whose ad-tech company, based in Dubai Internet City, was sold for over AED3.3 billion.

Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum, has described the emirate as the "Silicon Valley of the Middle East" as it continues to create new tech entrepreneurs.

Sheikh Mohammed, also Vice President and Prime Minister of UAE, made the comparison after meeting former Media.net founder and CEO Divyank Turakhia whose ad-tech company, based in Dubai Internet City, was sold for over AED3.3 billion.

The ruler said: "Dubai has become the ‘Silicon Valley’ of the Middle East... We are witnessing the prominent role of Dubai Internet City in creating new economies and nurturing global entrepreneurs."

Dubai has also witnessed similar multi-billion tech deals including the AED11 billion acquisition of the Dubai-based Careem by Uber and Amazon's acquisition of Souq.com for more than AED2 billion.

Sheikh Mohammed reaffirmed that Dubai will continue to act as an incubator for talent and an ideal hub for tech entrepreneurs.

Turakhia is an Indian-born computer-programmer, businessman, billionaire, serial entrepreneur, and investor. His net worth is estimated at $1.76 billion. He sold Media.net in 2016 to a Chinese consortium for $900 million, the third-largest ever ad-tech deal.

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