DTEC To Boost Entrepreneurial Culture And Dubai Economy
- December 20, 2015
- Posted by: RKonnect
- Category: Business & Economy, IT & Innovation
Dubai is without doubts considered as the commercial capital of the MENA region where many entrepreneurs dream of setting up an office. However, lack of incubation centers and high operational cost have always discouraged young and dynamic entrepreneurs to transform their dream into reality.
To facilitate such entrepreneurial endeavors, Dubai Government has recently inaugurated Dubai Technology Entrepreneurship Centre (DTEC) located within Dubai Silicon Oasis (DSO). Encompassing 3,600 square metres of space, DTEC is considered as the largest entrepreneurship centre in the MENA region that has till date witnessed a total investment of AED 100 million. DTEC currently hosts 350 start-ups and 500 entrepreneurs from 59 different nationalities and in coming times, the incubation center will have a significant impact on the development of Dubai’s economy as well as on nurturing entrepreneurs and start-up culture in the country.
Unique Features of Dubai Technology Entrepreneurship Centre
An initiative by Dubai Silicon Oasis Authority (DSOA), DTEC provides entrepreneurs and start-ups to establish their businesses in an environment that is specifically built for entrepreneurs and start-ups at a very competitive cost. DTEC provides emerging entrepreneurs opportunity to advance their businesses through workspace facilities and networking opportunities. DTEC is open for any kind of business however it primarily supports technology companies more.
Operating under Dubai Silicon Oasis Authority, which is one of the premier Free Zone in Dubai, all companies registered with DTEC receive full free zone benefits, which includes 100% foreign ownership, one-stop-shop registration and simplified visa procedures.
Contribution towards Dubai / UAE Economy
Incubation centres such as DTEC will boost the morale of emerging entrepreneur and start-ups hence allowing both Dubai and UAE to benefit from their ambitious and innovative projects especially in sectors such as technology and digital economy. Likewise, initiatives such as DTEC will contribute towards the national economy and help Dubai in achieving its vision of economic diversification based on value proposition.
According to Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai Silicon Oasis Authority (DSOA), DTEC will provide start-ups with an ideal opportunity to enhance the status of entrepreneurship both in UAE and the region, while enabling Dubai to become a more sustainable economy and motivating young talent to adapt innovation.
On similar lines, Dr. Mohammad Al Zarouni, the Vice Chairman and CEO of Silicon Oasis Authority (DSOA) believes that Free Zones in Dubai contributes as much as 25 percent to the Emirate’s GDP and with the launch of DTEC, the contribution of Free Zones are likely to further increase.
More precisely, DTEC also complements Dubai’s Innovation Strategy as well as it enhances the ability of Dubai to generate innovative ideas to develop the performance of the city and achieve better results.
The growth potential for Internet of Things (IoT) in the UAE market is immense given the fact that Dubai is in transition phase towards becoming a Smart City, investment in Dubai’s technology and digital economy sectors are considered worthy and high in terms of return on investment.
Combined with the fact Dubai’s unique geographical position, which cross-links it to emerging and developed markets in Asia, Africa and Europe, coupled with the progress on EXPO 2020 event and increase in local and tourist population, Dubai provides massive investment opportunities in various in IT and Digital Economy sectors.
Research Konnection – This Research Report is compiled by Team Research Konnection; A Dubai Silicon Oasis based Market Research Firm that specializes in Investment Research and Feasibility Study. If you are an Entrepreneur or a Start-Up firm that aims to establish its base in Dubai, DTEC or Dubai Silicon Oasis, then feel free to konnect with us on firstname.lastname@example.org