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His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the UAE, and ruler of Dubai plans to invest US$1.2bn to encourage innovation in Dubai Internet City and Dubai Media City
The ruler of Dubai made the announcement at the 15th anniversary of the Dubai Internet City, stated local reports.
According to Gulf News, the projects would be implemented over five years across an area of nearly 929,00 sqm. The projects include innovation complexes, technology laboratories and smart buildings in Dubai Internet City and Dubai Media City. Additionally, business incubators would also be included to stimulate innovation.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the UAE and ruler of Dubai, said, “Dubai Internet City has supported the transformation of our national economy into a knowledge economy. We have kept pace with great changes in technology. Now the time has come for Internet City to become a creator of change.”
The projects are being designed to create an integrated system of innovation platforms and an ideal smart environment to attract the best talent from inside and outside the UAE.
The innovation complexes and incubators being planned in Dubai Internet City and Dubai Media City will directly link the financing and marketing channels, said government officials. Al Maktoum aims to boost the number of companies in the content, knowledge, technology, education, development and research sectors to 10,000 and to increase the number of people employed in these areas to 100,000. He has called on the private sector to contribute funds to help establish the UAE as a destination and capital for innovation.
Dubai Internet City and Dubai Media City contain nine specialised business districts catering to six key sectors such as information technology, communication, media, education and bio-sciences.