In support of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President of the UAE and Ruler and Prime Minister of Dubai’s vision to transform Dubai into an innovation-driven economy, TECOM Investments has today announced a new strategy that includes 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 and competition to stimulate innovation. The new start-up fund and competition will be launched by Q2 2015.
The combined total investment allocated towards TECOM Investments’ new innovation focused initiatives is AED 4.5 billion, which 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 expected 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 provide an additional 10 million sq. ft. of commercial office space in the coming 10 years.
To further drive innovation in Dubai, the company is also proud to reveal further detail 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 be a thriving 1.6 million sq. ft. business development located in the heart of Dubai Internet City, Dubai Media City and Dubai Knowledge Village, offering companies of all sizes in the technology, new media, smart education and sciences industries world class facilities and services, state-of-the-art infrastructure and a vibrant working environment. Phase one will be delivered in Q1 2017 and this initiative will further strengthen Dubai’s existing position as a strategic business destination, and drive the Emirate’s transition into a leading global innovation-led economy.
The d3 Creative Community will cover a total area of 1 million sq. ft. 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 is expected to evolve organically, with adaptability providing one of its key attributes, enabling year round use of the built environment to cater for an active place management programme and flexible working spaces allowing businesses to grow and develop. Phase One of the development will be delivered in 2016.
Commenting, Dr Amina Al Rustamani, Group CEO of TECOM Investments, said: “TECOM Investments is a committed partner in the Government’s efforts to transform Dubai into an innovation-driven economy. 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.”