China’s Innoway to set up an office in DMCC to spur Dubai’s tech startup ecosystem

The Dubai Multi Commodities Centre (DMCC) free zone has signed an MoU with Beijing and Haidian government-backed Innoway to collaborate on tech projects within the region and for the Chinese platform to open an office within Dubai.

China is among the UAE’s largest trading partners. The volume of bilateral trade between the UAE and China reached Dhs127bn in the first nine months of 2019, a 6 per cent year-on year-increase.

DMCC welcomed 805 new member companies to the free zone within the first half of 2020, and is home to over 500 Chinese companies.

Read: Dubai’s DMCC registered 1,969 new companies in 2019

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 startups to Dubai, noted a press statement issued by the Dubai Media Office.

With the agreement in place, @DMCCAuthority 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. pic.twitter.com/psC7U4jam5

— Dubai Media Office (@DXBMediaOffice) July 1, 2020

Innoway, dubbed China’s Silicon Valley, has successfully incubated over 3,400 startups and raised approximately Dhs4.7bn ($1.28bn).

Its partners include Intel, Orange, Hitachi, and Daimler, among others.

“We are confident that through this strategic partnership with Innoway, we will serve as the launchpad for China’s most promising startups and SMEs, offering them unprecedented opportunities to scale and tap new markets while also supporting the emirate’s digital agenda,” said Feryal Ahmadi, COO of DMCC.

Innoway aims to encourage entrepreneurship and serve as a catalyst within the startup and innovation ecosystem. It provides SMEs and large businesses with the expertise and guidance they need to succeed in China’s dynamic environment.

“DMCC offers the ideal ecosystem for Chinese firms looking to expand across the Middle East, and will provide tremendous value to many of the startups 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,” said Nie Lixia, general manager for Innoway and Luan Tian, director of Innoway.

Earlier this year DMCC signed an agreement with Swiss government-backed Crypto Valley to create a blockchain and cryptographic based business ecosystem in Dubai.