DIC companies attract $2.1bn in funding since 2000

Senior exec says business hub is playing key role in contributing to the UAE's tech sector

Tags: Dubai Internet CityUnited Arab Emirates
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DIC companies attract $2.1bn in funding since 2000 DIC plays a key role in supporting the UAE's digital economy, says Malik.
By  Mark Sutton Published  March 8, 2018

Companies based at Dubai Internet City (DIC) have collectively attracted AED7.8 billion ($2.1 billion) in funding since its launch in 2000, DIC has announced.

Recent gains for DIC-based companies include over AED1.5 billion ($408m) for ride hailing app Careem in 2016; multi-million dollar investment in Mumzworld from Wamda Capital and Al Tayyar Travel Group; AED106.6m for Arabic music streaming app Anghami and AED18.4m for digital health platform Altibbi.

Ammar Al Malik, executive director of DIC said that the figure bears testimony to Dubai's success in attracting the best and brightest businesses, making the emirate one of the main drivers of technological innovation and investment in the region.

Malik said: "Since its inception, DIC has played a key role in contributing to the UAE's technology journey. Our specialised ecosystem continues to provide cutting-edge companies of all sizes with the right environment to achieve their strategic business goals, translating into a diversified local economy and productive partnerships that accelerate the implementation of the Smart Dubai vision."

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