Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, visited in5, TECOM Group’s enabling platform for entrepreneurs and startups.
During the visit, he was briefed on the accomplishments of emerging startups by the in5 leadership and engaged in discussions about potential opportunities to improve the Emirate’s entrepreneurship ecosystem and develop the UAE’s role as a talent hub.
Mr. Abdullah Belhoul, Chief Operating Officer of Dubai Holding Asset Management, Mr. Majed Al Suwaidi, Managing Director of Dubai Media City, and Mr. Ammar Al Malik, Managing Director of Dubai Internet City, were among the senior representatives from Dubai Holding who toured in5 Tech Centre.
There were also high-level meetings with Dubai Angel Investors and entrepreneurs who contribute to the region’s thriving startup ecosystem.
During the visit, Mr. Majed Al Suwaidi discussed the UAE’s startup ecosystem, as well as the achievements of the leading incubator and current portfolio of innovative startups.
Dr. Al Falasi met with several innovative startups, including Desert Control, which aims to revolutionize the fight against desertification and food security; Derq, an award-winning artificial intelligence platform that prevents road accidents and saves lives; Sxill Labs, an Emirati women-led training platform and Ushine, an influencer networking community.
Dubai Angel Investors and Global Ventures, two venture capital companies, offered an overview of the regional funding landscape and exchanged suggestions for increasing the attractiveness of the UAE’s startup ecosystem to international investors.
“The UAE scores notably high on key global indicators, establishing itself as an attractive destination for entrepreneurs from around the world. This accomplishment has been largely driven by the directives of our wise leadership in support of startups and small and medium enterprises, which it considers to be a key ingredient in achieving our goals to build a sustainable, innovation-led knowledge economy.”
Dr. Al Falasi praised in5, a Dubai-based enabling platform for entrepreneurs and startups, for helping to empower talented and innovative people.
“in5 provides an integrated and supportive environment with advanced services that motivate entrepreneurs to be creative and propose ideas that accelerate the transition towards a knowledge economy and help build a better future for the next generations,” Dr. Al Falasi added.
in5 has supported over 450 local and international startups across tech, media, and design sectors, helping them raise over $126.5 million in funding and direct investments between 2013 and mid-2020. It currently supports over 200 active startups, with many more having graduated and contributing to Dubai’s economic diversification and development.
Students, freelancers, professionals, and entrepreneurs can join in5’s membership program for discounted access to prototyping labs, 3D printers, and innovative facilities.
UAE continues to be a thriving ground for startups
The UAE has continued to foster a welcoming and empowering atmosphere for startups and entrepreneurs, providing all the necessary rules, regulations, infrastructure, and services to improve ease of doing business. This has bolstered the country’s reputation as a desirable location for talent, investment, and innovation.
According to the Global Entrepreneurship Index 2020 by the Global Entrepreneurship Monitor, the UAE has risen from fifth place in the 2019 report to first place in the country and fourth place globally.
In the overall rankings of the index, the nation outperformed several major global economies, including the US, Canada, the UK, Australia, European Union nations, China, Japan, and South Korea.