DIFC Innovation Hub to bolster Dubai’s fintech ecosystem

By Shilpa Annie Joseph, Official Reporter
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DIFC Innovation Hub
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Deputy Ruler of Dubai and President of the Dubai International Financial Centre (DIFC), Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has inaugurated the DIFC Innovation Hub, which is the region’s first ecosystem dedicated to bringing fintech and innovation communities together.

The 80,000 sq ft facility is part of the new Dubai Future District and is located on Gate Avenue. During the inaugural function, Sheikh Mohammed Al Maktoum approved plans to expand the innovation hub fourfold to over 315,000 sq ft, since all the space currently allocated to it has already been used.

Over the next two years, the expansion will include the development of an additional tower linked to the existing DIFC Innovation Hub, according to the company statement.

The building will contain fitted offices, co-working spaces, and light F&B outlets in the concourse, as well as fine dining outlets on the rooftop level, and it can accommodate up to 1,000 firms.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum
Deputy Ruler of Dubai
President – DIFC

“The establishment of the DIFC Innovation Hub is an integral part of the strategic roadmap for realizing Sheikh Mohammed’s vision for innovation-driven growth in Dubai. The new facility is a key initiative aimed at generating new economic value by fostering the development of innovation, enterprise, and talent across sectors, especially in future-oriented industries. This initiative supports Dubai’s aspiration to become a leading global player in shaping the future of vital sectors and creating a thriving international innovation hub in Dubai. The DIFC Innovation Hub is also a testament to Dubai’s emphasis on creating strong partnerships with players across the financial services value chain, ranging from large global corporations to promising small and medium enterprises and start-ups. Dubai seeks to constantly enhance its hard and soft infrastructure for innovators, investors, and entrepreneurs from across industries to transform ideas into ventures that create enduring value.”

“With a strong focus on promoting promising startups and innovative ventures, DIFC is accelerating the strategic and sustainable development of the economy to be future-ready. The DIFC Innovation Hub is the region’s dedicated zone for innovators and investors to leverage the extraordinary potential of new generation technology,” commented Mr. Essa Kazim, Governor of DIFC.

The DIFC Innovation Hub is a major part of the Dubai Future District in 2020 with over 350 fintech and innovation firms. The Innovation Hub is projected to play a crucial role in fostering collaboration between early-stage and growing companies, as well as tech unicorns and large corporations.

Related: DIFC teams up with MENA FinTech Association to develop innovation forum