Dubai Internet City marks 25 years of empowering regional digital economy

Dubai, UAE, 29 October 2024: Dubai Internet City marks its 25^th anniversary as the enabler of the Middle East’s digital economy and a pioneering hub uniting global tech industry leaders and talent.

Dubai Internet City, one of TECOM Group PJSC’s 10 vibrant business districts, was unveiled on 29 October 1999 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to capitalise on the burgeoning potential of emerging technologies and strengthen the UAE’s knowledge economy. In 2023, His Highness Sheikh Mohammed said the United Nations Educational, Scientific and Cultural Organisation would mark 29 October, the day Dubai Internet City was unveiled, as World Coding Day.

With a legacy of empowering global technologists to drive socioeconomic transformation, Dubai Internet City’s ecosystem of multinational corporations, start-ups, and Fortune 500 companies, uniting the world’s brightest minds to work, connect, and innovate, has grown in 2024. Customer numbers grew more than 17.5% in the first nine months of 2024 to reach over 4,000 businesses compared to the same period in 2023, while the community of tech talent at Dubai Internet City expanded to exceed 31,000 professionals, reflecting the city’s attractiveness to global technologists.

“Driven by the visionary leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai Internet City has been the launchpad for generations of tech pioneers and the epicentre of the regional digital economy since 1999,” said Ammar Al Malik, Executive Vice President of Commercial at TECOM Group and Managing Director of Dubai Internet City. “Dubai Internet City has been instrumental in enabling globally impactful innovation for 25 years from Dubai, contributing significantly to digital transformation efforts and encouraging the adoption of artificial intelligence (AI) and other advanced technologies.

“Our community has helped consolidate Dubai’s position as a preferred global destination for technology, innovation, and AI companies. We will continue to strengthen our legacy of supporting socioeconomic progress by nurturing a cohesive ecosystem for global technology companies and talent to drive comprehensive growth and enhance our contribution to the digital economy, in line with visionary roadmaps such as Dubai Economic Agenda ‘D33’.”

The home of giants

Dubai Internet City is the regional address of companies at the forefront of innovation in areas ranging from fintech and blockchain through to AI and Web3, including Fortune 500 leaders across software, such as Oracle and SAP, as well as hardware, like Dell and HP. Cloud leaders such as Amazon and Google, social networks like LinkedIn and Snapchat, and gaming heavyweights including Sony and Tencent, sit alongside electronics giants such as Huawei and Motorola and fintech pioneers Mastercard, Visa, and Stripe at Dubai Internet City. This vibrant ecosystem is further strengthened by 19 Innovation and research and development (R&D) Centres operated by global leaders including 3M, IBM, HP, Ericsson, and Cisco.

Dubai Internet City’s commitment to expanding the digital economy and fostering innovation is reflected in the successes of its customers. In April 2024, Microsoft expanded its UAE footprint with an AED 5.5 billion investment to accelerate AI development and global expansion, as well as skills development initiatives to strengthen the competitiveness of the regional talent pool. Earlier this month, Salesforce expanded its UAE presence with the launch of its Dubai Internet City office, demonstrating its commitment to the region's growing digital economy and providing enhanced support to its expanding customer base. Global home appliance corporation Hisense also officially launched its state-of-the-art R&D centre at Dubai Internet City last month to deliver climate-friendly solutions for the Middle East region.

The home of unicorns

Dubai Internet City’s legacy of nurturing entrepreneurial impact extends back to Yahoo!’s acquisition of Maktoob in 2009, the widely touted transaction that marked a milestone in the rise of Arab entrepreneurs. The district has been the birthplace and backdrop for some of the most significant tech acquisitions in the region over the past 25 years, such as the landmark acquisition of Careem in 2020 for a groundbreaking AED 11.3 billion by Uber – the first unicorn exit in the Middle East and North Africa (MENA) region – as well as Amazon's acquisition of Souq.com in 2017, which reshaped the regional e-commerce landscape. Tabby, renowned as the MENA region's first fintech unicorn, was also nurtured at Dubai Internet City, further demonstrating the district’s contribution to supporting and propelling groundbreaking start-ups and enterprises onto the global stage.

The home of the future

Dubai Internet City’s ecosystem is continuing to promote collaboration, knowledge sharing, and the development of cutting-edge advancements by co-locating global industry giants to secure the digital economy’s continued growth. The acquisition of premium office spaces such as Office Park, alongside the ongoing expansion of Innovation Hub, is among the future-focused investments over the past two years, worth more than AED 1.9 billion, that reaffirm the district’s role in addressing the evolving needs of global tech companies.

Launched in 2018, Phase 1 of Innovation Hub is at full occupancy and home to industry leaders such as Gartner and China Telecom. Phases 2 and 3 of Innovation Hub at Dubai Internet City, representing a total investment of more than AED 780 million, will add more than 530,000 sq.ft. of premium spaces to the district. Phase 2 is fully leased ahead of its 2025 completion.

Dubai Internet City is part of TECOM Group’s portfolio of 10 sector-specific business districts, which also includes Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Industrial City, and Dubai Design District (d3).