In5 Innovation Center’s Location at Dubai Internet City to Facilitate Access to Tech Ecosystem
Dubai-UAE: 4 October, 2011 – (ME NewsWire)Under the direction of His Highness Sheikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, the ‘Majid Bin Mohammed Innovation Center in5’ has been launched in Dubai to promote entrepreneurship and technology innovation in the UAE.
The center is to be located at Dubai Internet City (DIC), one of the largest information and communications technology (ICT) free zones in the region.
It will focus on the five key objectives of accelerating the development of new start-ups, fostering entrepreneurships, driving technology innovation, contributing to shaping an ICT ecosystem and, most importantly, promoting Dubai as an ideal location for tech start-ups. The center will also provide benefits such as seed funding, coaching, mentoring, training, networking opportunities, setting up and logistics.
Ahmad Julfar, Group CEO, Etisalat, chairs the in5 Board that is mandated to provide guidance, industry insights and set up long term strategies for the innovation center. The board members include Malek Al Malek, Managing Director, Dubai Internet City, Mohammad Gawdat, Managing Director-SEEMEA, Google, Charbel Fakhoury, Vice President-Sales, Marketing and Service-Middle East and Africa Region, Microsoft Corporation, Nassir Al Rafi, CEO, Emaar Malls Group, and Daniel A Rivetti, Associate Professor of Finance at the University of San Diego.
Upcoming entrepreneurs and start-ups are encouraged to submit their business applications online on www.infive.ae An evaluation process will be conducted to shortlist and select the finalists.
Malek Al Malek said: “in5 will allow emerging start-ups to work within an entrepreneurial environment that fosters growth and offers support. With industry-specific infrastructure, mentoring and access to industry experts, we hope that this platform will allow emerging innovators to bring their ideas to fruition and deliver viable solutions to the marketplace. Dubai Internet City has always been actively engaged with entrepreneurs and the founding of in5 will further complement our efforts in this direction.”
The in5 center is poised to drive the SME sector, which accounts for over 95 per cent of the private enterprises in Dubai and contributes nearly 40 per cent to its gross domestic product (GDP). This growing market will comprise 45 per cent of the ICT expenditure by 2015. It is, therefore, a top priority that the SME landscape is provided with access to leading edge knowledge, technology, funding and access to markets, according to the SME development agency of the Department of Economic Development (DED) in Dubai.
At the forefront of the region’s ICT industry, DIC remains committed to supporting emerging technology trends in the region and continues to play an instrumental role in developing the industry while contributing to Dubai’s drive towards creating a knowledge-based economy.
About Dubai Internet City
Dubai Internet City (DIC), a member of TECOM Investments, was established in 2000. It is currently regarded the Middle East’s largest information and communications technology (ICT) cluster. Built as a strategic base for companies targeting emerging markets in several neighbouring regions, DIC’s core focus area extends from the Middle East to the Indian Subcontinent, and from Africa to the Commonwealth of Independent States (CIS), covering nearly three billion people with a GDP of over US$10 trillion. As a knowledge-oriented business model, DIC has created a dynamic international community of IT companies hosting business partners that include most of the Fortune 500 brands, as well as a number of small and medium enterprises and ventures. In 2009, 135 new companies joined the DIC cluster. For more information, please visit: www.dubaiinternetcity.com
*Source: ME NewsWire
The released can be read online: http://www.me-newswire.net/news/4242/en
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