Dubai-based freezone operator Tecom Investments has revealed further details regarding its planned Dhs4.5 billion ‘innovation’ investment, announced recently by Dubai’s ruler Sheikh Mohammed Bin Rashid Al Maktoum.
The company, which operates clusters such as Dubai Media City, Dubai Internet City and Knowledge Village, said that the investment will be used to create innovation complexes, creative spaces, technology laboratories and smart buildings, official news agency WAM reported.
Over the next decade, the company hopes that these initiatives will increase the workforce in its business communities from 70,000 to 100,000; grow its business partner base from 4,500 to 10,000; and provide an additional 10 million sq ft of commercial office space.
One of the initiatives includes a new Innovation Hub in Dubai Internet City, which will focus on sectors such as technology, new media, smart education and sciences.
The first phase of the 1.6 million sq ft business development will be delivered in Q1 2017, the company said.
Expected to house a workforce of around 15,000, it will offer companies of all sizes – including start-ups, SMEs and multinationals – infrastructure facilities and other services.
Another new project will be the development of a Creative Community in the upcoming Dubai Design District (d3).
Spread across one million sq. ft. within Dubai Design District, it will act as an incubator for emerging local designers and artists and house art galleries and studios looking to engage directly with the region. Phase one of the development will be delivered in 2016, Tecom said.
“We want d3’s Creative Community to truly inspire creative flair amongst emerging designers and artists, and to encourage innovation within people more generally,” said Dr Amina Al Rustamani, group CEO of Tecom Investments.
“But we also want to establish an easily identifiable yet adaptable urban community that helps expose the region’s design industry and creative talent to the world, by enticing visitors and tourists to the site. Our aim is to whet the global appetite for regional design while also enhancing the commercial opportunities for regional talent.”
The company also said it will use part of the overall investment to create a start-up fund and competition, that will be launched by the second quarter of 2015.
Al Rustamani added: “Tecom Investments is a committed partner in the government’s efforts to transform Dubai into an innovation-driven economy. We see our role as enabling businesses and creative people to operate efficiently and effectively, but we are also seeking to actively engage, foster, and nurture talent and creative industries in order for them to have a positive impact on the UAE economy.”