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Dubai Start-ups in In5 Raise Dh3 Billion and Aim to Become Global Unicorns by 2033

Published: Thu 19 Oct 2023, 12:13 PM
Last updated: Thu 19 Oct 2023, 4:43 PM

Dubai Internet City’s start-up incubator, In5, has successfully raised Dh3 billion for start-ups since its establishment in 2013, according to Ammar Al Malik, executive vice president for commercial at Tecom Group. In5 has supported over 850 enterprises, serving as an enabling platform for entrepreneurs and start-ups to foster innovation and bring new ideas to the market.

Tecom Group and Internet City have experienced a growth of over 18% in business this year, with increasing occupancy, Ebitda, and revenues. This expansion is attributed to a rise in technology firms and entrepreneurs establishing bases in Dubai. The aim is to solidify Internet City’s position as a talent hub for the region.

As part of the D33 programme, Dubai intends to scale up to 30 companies to become global unicorns in new economic sectors by 2033. The In5 start-ups have already raised Dh3 billion, contributing to the achievement of this target.

Ammar Al Malik foresees an increased role for sovereign wealth funds in scaling up start-ups. This aligns with Dubai’s signing of various agreements with international companies at the Gitex Global 2023 event.

One such agreement involves a strategic partnership between Dubai Internet City and German Entrepreneurship GmbH. This collaboration aims to strengthen the start-up and entrepreneurship ecosystem in the UAE and beyond. Through this partnership, German start-ups will receive support from Internet City, including data, insights, and resources to enter the UAE and new regional markets.

Yango, a technology company focused on enhancing local communities, announced its plan to establish a global office in Dubai Internet City during Gitex. This move reflects Yango’s intention to oversee its operations on a global scale and expand its services, including Yango ride-hailing, Yango Delivery (a last-mile delivery solution provider), and Yango Tech (offering proprietary technologies for e-commerce).

Dubai’s innovation-friendly business environment, world-class infrastructure, and strategic location make it an ideal choice for Yango’s global expansion, according to Adeniyi Adebayo, chief business development officer of Yango.

In summary, In5’s success in raising Dh3 billion for start-ups and Dubai’s commitment to fostering entrepreneurial growth through partnerships and initiatives position the emirate as a hub for technological innovation and a global player in the start-up ecosystem.