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New DIFC Innovation Hub to spur fintech growth in Dubai

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Plans have already been approved to expand the size of the Innovation Hub four times and it will cover 315,000 sq ft

Regarded as the region’s first ecosystem dedicated to bringing fintech and innovation communities together, the DIFC Innovation hub was inaugurated on May 25. The 80,000 sq ft facility is part of the new Dubai Future District. On the day of its official inauguration, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of the Dubai International Financial Centre gave a green signal to increase the size of the innovation hub four times, which will bring the area up to 315,000 sq ft.

Over the next two years, the expansion will include the development of an additional tower linked to the existing DIFC Innovation Hub, as confirmed by the Dubai Media Office. The place will be able to accommodate up to 1,000 businesses, and the building is said to have fitting offices, co-working spaces, and light F&B outlets in the concourse, along with fine dining outlets at the rooftop level.

The DIFC innovation hub is regarded as a major part of the Dubai Future District in 2020. With over 350 fintech and innovation firms, this place is expected to play a key role in driving collaboration between early-stage and growth startups, tech unicorns, and big tech firms. Some companies that are already in place are YAP, Beehive, Tabby, Xpence, Stake, Rain, Bayzat, Thunderbird School of Global Management, part of Arizona State University, and tech companies such as Ebury, Huawei, and Amazon.

Essa Kazim, governor of DIFC told the media, “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.”

Image credit: Zawya

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