Tecom Investments has announced plans to invest Dh4.5 billion ($1.22 billion) in the development of new technologies, creating smart and sustainable infrastructure, and driving entrepreneurship and SME growth in Dubai.

Specific initiatives that underpin Tecom Investments’ new strategic focus include the development of innovation complexes, creative spaces, technology laboratories and smart buildings, as well as the launch of new business incubators and the establishment of a dedicated start up fund to stimulate innovation, the Dubai Holding member said in a statement.

The investment will fund the development of infrastructure for d3’s Creative Community, Dubai Internet City’s Innovation Hub, incubator and creative spaces in all of the company’s communities, and will stimulate start-ups and entrepreneurs through the creation of a start-up fund and competition, which will be launched by the second quarter of 2015.

Over the next decade, Tecom aims to increase the workforce located in its business communities from 70,000 to 100,000 while growing its business partner base from 4,500 to 10,000.

It will also provide an additional 10 million sq ft of commercial office space, resulting in a total of 16 million sq ft of dedicated space across a number of Dubai’s prime business locations.

Tecom has revealed two major new projects: Dubai Internet City’s Innovation Hub and Dubai Design District’s (d3) Creative Community.

The Innovation Hub will be a 1.6 million sq ft business development strategically located in the heart of Dubai Internet City, Dubai Media City and Dubai Knowledge Village.  Phase One of the hub will delivered in the first quarter of 2017, the Tecom statement said.

The d3 Creative Community will cover a total area of 1 million sq ft within Dubai Design District, and will act as an incubator for emerging local designers and artists, as well as providing a natural home for art galleries and studios looking to engage directly with the region. Phase One of the development will be delivered in 2016, according to the Tecom statement.

Dr Amina Al Rustamani, Group CEO of Tecom Investments, said: “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.

“Dubai Internet City’s Innovation Hub is being developed with an unwavering focus on supporting innovation and creativity, and its prime position among Dubai Internet City, Dubai Media City and Dubai Knowledge Village will bring a significant uplift in the volume of talent operating in the Emirate,” she added.

“d3’s Creative Community is a pioneering initiative that will help to foster the growth of the UAE’s design industry, by acting as a dedicated destination for all things design, fashion, art and luxury. An exciting year round programme of events and activities will drive visitor footfall to d3 and increase international appreciation for regional creative talent,” Dr Al Rustamani continued.

“We want d3’s Creative Community to truly inspire creative flair amongst emerging designers and artists, and to encourage innovation within people more generally. 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,” she concluded. – TradeArabia News Service