New agreement reinforces Dubai’s position as a hub for innovation
Innoway, the Beijing-based government-backed innovation and startups hub to set up in DMCC and attract Chinese innovators, entrepreneurs and tech start-ups to Dubai
DMCC - 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 Dhs4.7 billion (approximately CNY 9 billion | $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.
“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,” said Feryal Ahmadi, Chief Operating Officer, DMCC.
“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,” she added.
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.”
Thisannouncementbuildsonthecomprehensive 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 Dhs127 billion (approximately CNY 255 billion |$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.
Headquartered in Dubai, DMCC is the world’s most interconnected Free Zone, and the leading trade and enterprise hub for commodities. Whether developing vibrant neighbourhoods with worldclass property like Jumeirah Lakes Towers and the much-anticipated Uptown Dubai, or delivering high performance business services, DMCC provides everything its dynamic community needs to live, work and thrive. Made for Trade, DMCC is proud to sustain and grow Dubai’s position as the place to be for global trade today and long into the future.
DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise - announced the signing of a Memorandum of Understanding (MOU) with the Guangzhou Diamond Exchange (GZDE), establishing a strategic partnership with one of China’s leading international diamond trading platforms and communities.
The agreement strengthens bilateral ties between the United Arab Emirates (UAE) and the People’s Republic of China, and creates new trading opportunities across the diamond industry. Dubai Multi Commodities Centre (DMCC) and GZDE will gain access to new markets as a result of the collaboration, and both parties have committed to cooperate in promoting responsible business practices among their respective members.