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Al Malik predicts that at least 2-3 unicorns will appear in the UAE in the next 3-4 years
Dubai Internet City (DIC) is the leading technology center in the region, and it is expected that the number of employees working in the free zone will increase to 40,000 by 2025.
Currently, there are more than 1,600 companies operating in the technology free zone, employing approximately 25,000 employees.
“There are several industries that are developing very fast, such as e-commerce, logistics, digitization, payment solutions, financial technology and agricultural technology. The next unicorn is likely to come from these fields because they have very strong interests. Two years ago, The company’s digitalization plans spanned 3-4 years; now, they have been shortened to only 6 months,” said Ammar Al Malik, managing director of Dubai Internet City.
Al Malik predicts that in the next 3-4 years, there will be at least 2-3 unicorn companies in the UAE.
Dubai’s strong technology ecosystem and world-class infrastructure play a vital role in helping nurture unicorn companies. Careem was acquired by Uber for US$3.1 billion in 2019. Soon after, Dubai-based Emerging Markets Property Group (EMPG) and OLX Group merged their Middle East and North Africa and South Asia businesses Bayut and Dubizzle, resulting in a business worth 3.6 billion dirhams (US$1 billion).
“Dubai Internet City is contributing to all the digital initiatives taking place in the country. We consider ourselves to be the backbone of future IT, artificial intelligence and other such initiatives. Projects such as attracting a large number of coders are an integral part of the development of the industry. In addition, the Golden Visa program ensures that talent stays in the country and people invest here,” he added.
Dubai Internet City also announced that it has invested more than AED 1.4 billion in start-ups operating in the free zone entrepreneur platform in5. Direct investment comes from venture capital and angel investors.
Since 2020, more than 150 new companies have joined in5, bringing the total number of startups supported by the incubator to 500. A quarter of them are led and managed by female entrepreneurs.
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Well-known startups that have received substantial investment include the buy-and-pay startup Tabby, which raised about AED485 million last year and is now working with leading retail brands such as Adidas, IKEA and Shein. Sunglass e-commerce company Eyewa received a total of 77 million dirhams in funding, while agritech startup Desert Control raised approximately 85 million dirhams in Euronext Growth’s initial public offering (IPO) in Oslo.
“Despite the global impact of the Covid-19 pandemic, our talented entrepreneurs have proven their agility, determination and perseverance in seizing new opportunities in technology, media, and design. Their unwavering resilience produces Innovative solutions and products that are not only relevant to the increasingly diversified market, but also meet market needs,” Al Malik said
waheedabbas@khaleejtimes.com
Wahid Abbas
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