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29 March 2024

30,000 jobs in 3 Dubai clusters

Dubai Internet City to house Innovation Hub.

Published
By Staff

Tecom Investments, a member of Dubai Holding and operator of a number of business communities in the emirate, will launch a fund to invest in start-ups which will increase the number of workforce in its communities by 30,000 – mainly in Dubai Internet City, Dubai Media City and Dubai Knowledge Village.

The company said in a statement on Saturday that the move is part of its strategy focused on stimulating creativity and the development of new technologies, creating smart and sustainable infrastructure, and driving entrepreneurship and SME growth.

The combined total investment allocated towards Tecom Investments’ new innovation focused initiatives is Dh4.5 billion. This will fund the development of infrastructure for d3’s Creative Community, Dubai Internet City’s Innovation Hub, incubator and creative spaces in all of the company’s communities, and will stimulate start-ups and entrepreneurs through the creation of a start-up fund and competition.

Tecom Investments’ new start-up fund and competition will be launched by Q2 2015, the statement said.

Over the next decade, Tecom Investments’ ambition is to increase the workforce located in its business communities from 70,000 to 100,000; grow its business partner base from 4,500 to 10,000; and to provide an additional 10 million square feet of commercial office space, resulting in a total of 16 million square feet of dedicated space across a number of Dubai’s prime business locations.

Specific initiatives include the development of innovation complexes, creative spaces, technology laboratories and smart buildings, as well as the launch of new business incubators and the establishment of a dedicated start up fund to stimulate innovation.

The company revealed further details for two major new projects: Dubai Internet City’s Innovation Hub and Dubai Design District’s (d3) Creative Community.

Dubai Internet City’s Innovation Hub will focus on innovation across technology, new media, smart education and sciences, and phase one will be delivered in Q1 2017. It will nurture talent and creativity, and foster the continued growth of the region’s start-up and entrepreneurial landscape.

The Innovation Hub will be a 1.6 million square feet business development located in Dubai Internet City, Dubai Media City and Dubai Knowledge Village.

The Innovation Hub alone will have a workforce of 15,000.

The d3 Creative Community will cover a total area of 1 million square feet within Dubai Design District, and will act as an incubator for emerging local designers and artists, as well as providing a natural home for art galleries and studios looking to engage directly with the region.

The Creative Community’s Phase One will be delivered in 2016.

Dr Amina Al Rustamani, Group CEO of Tecom Investments, said: “We see our role as enabling businesses and creative people to operate efficiently and effectively, but we are also seeking to actively engage, foster, and nurture talent and creative industries in order for them to have a positive impact on the UAE economy.”