His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre (DIFC), today officially opened the DIFC Innovation Hub, an initiative that seeks to spur transformational innovation and entrepreneurship in the FinTech sector. The facility is part of the new Dubai Future District announced in January 2020.
His Highness Sheikh Maktoum bin Mohammed 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.”
The DIFC Innovation 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. Members of the Hub will benefit significantly from being part of DIFC, the region’s largest ecosystem of financial services related companies that are collectively shaping the future of the industry.
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.
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.
