Dubai International Financial Centre (DIFC) approved plans to increase the size of the innovation hub four-fold 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, confirmed a statement issued by Dubai Media Office. Accommodating up to 1,000 businesses, the building will have fitted offices, co-working spaces and light F&B outlets in the concourse and fine dining outlets at the rooftop level. 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 expected to play a key role in driving collaboration between early-stage and growth start-ups, tech unicorns and big tech firms. Driving development of a fintech ecosystem in Dubai, the DIFC FinTech Hive, will through its FinTech Accelerator programme facilitate access to potential partners and investors, as well as conduct workshops, events and feature co-working spaces within the new Innovation Hub.
DIFC Innovation Hub connect start-ups with commercial partners, it will also actively deliver financial initiatives to provide funding. DIFC’s $100m FinTech Fund was established to bridge the funding gap for growth stage start-ups in the region and has successfully financed seven companies to date. FinTech firms based in DIFC have now raised more than Dhs1.1bn. The Innovation Hub is expected to continue providing financial support in to fintech entities. 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. With a strong focus on promoting promising start-ups 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.