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Middle East and North African ICT community Dubai Internet City (DIC) has launched the In5 innovation hub, which will be aimed at supporting the development of the ICT start-up ecosystem in Dubai
The centre was officially launched by Sheikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority.
In5 will provide infrastructure and support to entrepreneurs from idea creation stages, through to implementation and commercial launch of a product or service. Selected start-ups and entrepreneurs of all nationalities will be encouraged to apply. Entrepreneurs will be able to apply on an individual or company basis, and will be assessed by a committee of industry experts to determine their eligibility.
The hub will grant the entrepreneurs with five key benefits, set-up and logistics support, mentoring, training, networking opportunities and access to funding.
Dubai Internet City and Dubai Outsource Zone managing director, Malek Al Malek, said, "The volume of entrepreneurs setting up businesses in the region continues to grow year on year. According to our latest industry report, The Role of Entrepreneurship and SMEs in the Development of the ICT Industry, startups in the MENA region have grown in number by more than eight times since 2005.
"Starting any business can be fraught with uncertainty. In5 seeks to provide entrepreneurs in the areas of ICT, mobile and digital media with the infrastructure and support needed to launch their ideas and to compete in the global marketplace."
Al Malek continued, "The availability of investors, political stability, access to thousands of international businesses and a developed ICT society all contribute to making the UAE a compelling destination for entrepreneurship and new start-ups.
"Today's launch of In5 demonstrates that DIC is committed to carrying forward Dubai's vision of transitioning into a knowledge-based economy, and we look forward to being a part of the development and growth of the tech companies of the future."