Financial Closure: Mohammed bin Rashid Solar Park Phase 6
In5, a startup incubator under Tecom Group, reported a significant 25% surge in funding raised by its startups in 2023, reaching Dh3 billion. This increase underscores Dubai's commitment to fostering homegrown innovation and nurturing a thriving entrepreneurial ecosystem. The surge in funding reflects growing interest in Dubai's startups, driven by government initiatives aimed at positioning the city as a global innovation capital conducive to high-potential enterprises.
According to Tecom Group, the surge in funding is a testament to Dubai's entrepreneurial credentials and the robust investor confidence in the city's pro-business environment. Majed Al Suwaidi, Senior Vice President at Tecom Group, emphasized the importance of startups as problem-solvers and drivers of sustainable growth for future generations. He highlighted the global recognition of startups' ability to disrupt and redefine the future economy, reaffirming in5's vision to support the world's most enterprising futurists.
In5's priority remains to cultivate a vibrant entrepreneurial ecosystem across four dedicated verticals for the technology, media, design, and science sectors. Since its inception, in5 has incubated nearly 900 startups, with particular growth evident in the technology sector. In5 Tech, the incubator's tech-focused vertical based at Dubai Internet City, saw a 13% annual increase in the number of active startups, totaling 270 in 2023.
The incubator continues to support entrepreneurs through innovation centers at Tecom Group's Dubai Production City and Dubai Design District (d3). In5 Media and in5 Design also demonstrated continued support for entrepreneurs during the year. Furthermore, in collaboration with Dubai Science Park, in5 launched a science-focused vertical to facilitate entrepreneurship and investment for science-based startups, aligning with key strategic agendas such as Dubai Economic Agenda 'D33' and the Road to Net Zero by 2050.
The Innovate for Tomorrow challenge, led by Dubai Holding's Chief Impact Officer Huda Buhumaid in partnership with in5, focuses on driving sustainable consumption and production practices in the UAE. This initiative underscores the commitment to sustainability and creating a better future for all by attracting global innovators to implement scalable solutions.
At Step Conference 2024, in5 showcased ten of its most innovative enterprises, including BitAffix, ReflowX, Writefully, Arabiatee, and Estaie, among others. These startups represent a diverse range of industries and highlight Dubai's thriving startup ecosystem.
Overall, in5's financial closure on the 1800MW sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park signifies a significant milestone in Dubai's journey towards sustainability and clean energy leadership. With continued support from government entities and strategic partnerships, Dubai's startups are well-positioned to drive innovation, create jobs, and contribute to the city's economic growth.
By: Sahiba Suri
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