China’s Innoway to set up an office in DMCC to spur Dubai’s tech startup ecosystem

China’s Innoway to set up an office in DMCC to spur Dubai’s tech startup ecosystem

China Innoway to set up regional office in Dubai's DMCC free zone

The Dubai Multi Commodities Centre (DMCC) free zone has signed an MoU with Beijing and Haidian Government-backed Innoway to collaborate on tech projects within the region and for the Chinese platform to open an office within Dubai.

China is among the UAE's largest trading partners. The volume of bilateral trade between the UAE and China reached Dhs127bn in the first nine months of 2019, a 6 per cent year-on year-increase.

DMCC welcomed 805 new member companies to the free zone within the first half of 2020, and is home to over 500 Chinese companies.

Read: Dubai's DMCC registered 1,969 new companies in 2019

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, noted a press statement issued by the Dubai Media Office.

Innoway, dubbed China's Silicon Valley, has successfully incubated over 3,400 start-ups and raised approximately Dhs4.7bn ($1.28bn).

Its partners include Intel, Orange, Hitachi, and Daimler, among others.

"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