DMCC to attract a new wave of innovation to Dubai through agreement with China’s Innoway
The world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – and Innoway – a Chinese platform established by the Beijing and Haidian Government that has successfully incubated over 3,400 start-ups and raised a total of AED 4.7 billion (approximately CNY 9 billion | USD 1.28 billion) – have signed a Memorandum of Understanding (MoU) to increase collaboration in the tech sector between the UAE and China, and usher in a new wave of innovation to Dubai.
Dubai is transforming into the innovation hub of the Middle East, as the city continues to attract tech start-ups and entrepreneurs from around the world. With the agreement in place, DMCC will serve as Innoway’s foothold in the region, supporting them with the development of an incubation and acceleration programme that attracts Chinese innovators, entrepreneurs and tech start-ups to Dubai. Feryal Ahmadi, Chief Operating Officer, DMCC said,
“Dubai has an ambitious innovation agenda, which is driven by government and accelerated by the private sector. Innovation is in Dubai’s DNA and so too is collaboration. This is just one of the reasons why DMCC is delighted to sign this agreement with Innoway – an organisation that has an equally impressive innovation story. DMCC has been harnessing technology to provide innovative solutions and services while providing our member companies with an ecosystem that fosters creativity, entrepreneurship and growth. We are confident that through this strategic partnership with Innoway, we will serve as the launchpad for China’s most promising start-ups and SMEs, offering them unprecedented opportunities to scale and tap new markets while also supporting the emirate’s digital agenda.”
Originally established as a science, technology and innovation hub, Innoway has been dubbed “China’s Silicon Valley”, and was established by the Beijing Government to foster global entrepreneurship and offer a platform for an open exchange between global players in the start-up and innovation ecosystem. It provides SMEs and large businesses with the expertise and guidance they need to succeed in China’s dynamic environment. Innoway’s partners include the likes of Intel, Orange, Hitachi, Daimler and more.
Nie Lixia, General Manager , Innoway and Luan Tian, Director, Innoway, added: “DMCC offers the ideal ecosystem for Chinese firms looking to expand across the Middle East, and will provide tremendous value to many of the start-ups we are working with. We look forward to welcoming a new wave of innovative Chinese businesses to DMCC and together, help write the next chapter of Dubai and China’s story.”
This announcement builds on the comprehensive strategy of DMCC to attract innovative companies to Dubai, and contribute to the nation’s wider economic diversification strategy. Earlier this year, DMCC signed an agreement with Crypto Valley – a Swiss Government-supported initiative – to create a blockchain and cryptographic based business ecosystem in Dubai.
Further information of the partnership between DMCC and Innoway, and further initiatives to boost Dubai’s position as the region’s leading tech and blockchain hub – will be announced in due course.
China remains among the UAE’s largest trading partners. The volume of bilateral trade between the UAE and China reached AED 127 billion (approximately CNY 255 billion | USD 34.7 billion) in the first nine months of 2019, a 6 per cent increase compared to the same period in 2018. To date, DMCC is home to over 500 Chinese member companies from a variety of sectors.