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Dubai, United Arab Emirates; May 24, 2022: FICCI LEAD, the technology and business incubator of Federation of Indian Chambers of Commerce and Industry (FICCI), has signed a landmark MoU with Dubai International Financial Center (DIFC) to launch “India-UAE Startup Corridor”. The initiative aims to strengthen and expand the entrepreneurial ecosystem between India and the UAE. It will also further advance the vision of both leaders under the recently signed Comprehensive Economic Partnership Agreement (CEPA).
Around 10 innovative technology-led startups from various sectors including financial services, education and logistics have been shortlisted for the inauguration of the India-UAE Startup Corridor in Dubai. This initiative between the two will create an ecosystem to encourage interaction between startups, investors, incubators, corporates and entrepreneurs to scale their businesses and strengthen their position in the global market. It will target at least 50 proven startups in India and the UAE over five years, with the vision of turning 10 of them into unicorns (startups valued at more than $1 billion) by 2025.
This MoU between FICCI LEAD and DIFC is a follow-up to the MoU signed between FICCI LEAD, Indian Angel Network (IAN), India Turbostart and UAE MCA Management Consultants on January 26 this year at Expo 2020 Dubai, where it was announced Established a US$150 million venture capital fund.
Mr. Arif Amiri, Chief Executive Officer of the DIFC Authority, said: “Since the establishment of DIFC in 2004, we have been committed to building and maintaining ongoing and lasting partnerships with the Indian market. Banks, insurance companies, law firms and wealth managers in India Having chosen DIFC as their preferred global financial center in the region, we are delighted to partner with FICCI LEAD to build a corridor that will attract more Indian startups to set up here.”
Mr. Ajai Chowdhry, Chairman, FICCI Innovation Corridor and Head of FICCI, said: “This landmark MoU is the beginning of an important partnership between India and the UAE on enhancing opportunities in the innovation and entrepreneurship ecosystem. FICCI remains committed to progressively Scaling up this India-UAE Startup Corridor in collaboration with our partner DIFC will help at least 10 start-ups transform into unicorns.”
Mr. Ganesh Raju, Co-Chairman, FICCI Startup Committee and Head, FICCI, said, “The India-UAE Startup Corridor has the potential to be a game changer. It will bring in huge amounts of capital and provide market entry opportunities for startups from both countries. This is a fantastic opportunity for investors to get involved through this corridor and help nurture the next generation of valuable companies.”
Dr. Aman Puri, Consul General of India in Dubai, said: “I am certain that the MoU between FICCI LEAD and DIFC will facilitate deeper collaboration between the startup ecosystems of India and the UAE and bring opportunities to further drive this momentum through Interaction during Expo 2020 Dubai. We are excited about the coming years as we witness the emergence of new unicorns from both countries and contribute to finding innovative solutions to global challenges.”
Dr. Nirankar Saxena, Deputy Secretary General of FICCI, said: “FICCI, India’s oldest and largest apex industrial chamber, has been a long-term participant in the innovation and entrepreneurship ecosystem. It provides funding, capacity building and market access under multiple public-private partnership projects. Access has played a key role in nurturing Indian startups. It is a proud moment for FICCI LEAD to partner with DIFC Innovation Center to create an ecosystem for Indian startups in Dubai, UAE, as the Center Visionary leadership is aligned to create 20 unicorns by 2031.”
Mr. S. Venkatesh, Managing Partner of MCA, said: “This MoU is an important step for Indian startups to have a launch platform in the UAE and expand their market reach to the GCC and beyond. MCA is proud to have it,” he added To be able to be a part of this great initiative to grow our economy.”
Mr. Manoj Nayak, Founder of 6th Sense, said: “The launch of the India-UAE Entrepreneurship Corridor is timely and will bring more prosperity to both countries and the global economy. Nayak added that 6th Sense is honored to be a part of this initiative.”
India launched it in January 2016 under the vision of Prime Minister Narendra Modi to boost indigenous ecosystems and encourage innovation and entrepreneurship. India now has the third largest startup ecosystem in the world. Moreover, over the past five years, India has jumped to 63rd position among 190 countries in the World Bank’s ease of doing business rankings, up from 142nd in 2014. In 2020, India also ranked among the top 50 countries in the Global Innovation Index. (GII) of the World Intellectual Property Organization (WIPO).
The UAE aims to create 20 unicorns by 2031 and has become a leader in the MENA region in technological transformation, digital acceleration and embracing innovative ideas.
FICCI has been an active player in the ecosystem since 2007 and has supported over Rs 125 crore to over 1,000 startups/innovators. Startups supported by FICCI have created more than 140,000 jobs and leveraged more than five times the external market funding. More than 100 companies have been granted access to global markets in the United States, South Asia and Africa.
About FICCI Leadership: FICCI LEAD, the technology and business incubator of the Federation of Indian Chambers of Commerce and Industry. As a non-governmental, not-for-profit organization, FICCI is the voice of Indian business community. From influencing policy to encouraging debate and engaging with policymakers and civil society, FICCI illuminates the views and concerns of the sector. It serves members from India’s private and public corporate sectors as well as multinational corporations, drawing from different regional chambers of commerce and industry across states and reaching over 250,000 companies.
About Dubai International Financial Center:
Dubai International Financial Center (DIFC) is one of the world’s most advanced financial centers and a leading financial center in the Middle East, Africa and South Asia (MEASA) region, which consists of 72 countries with a population of approximately 3 billion and an estimated GDP of 7.7 Trillions of dollars.
The center has an 18-year track record of facilitating trade and investment flows in the MEASA region, connecting these fast-growing markets to economies in Asia, Europe and the Americas through Dubai.
DIFC has an internationally recognized independent regulator and a mature judicial system based on the English common law framework, as well as the largest financial ecosystem in the region, with nearly 30,000 professionals working in more than 3,600 active registered companies, forming the largest and most diverse Industrial talents within the talent pool area.
The center’s vision is to drive the future of finance through cutting-edge technology, innovation and partnerships. Today, it is the future financial and innovation hub of the world, offering one of the most comprehensive fintech and venture capital environments in the region, including cost-effective licensing solutions, fit-for-purpose regulation, innovation accelerator programs, and growth-stage startup funding -UPS.
With a variety of world-renowned retail and dining venues, a vibrant arts and cultural scene, residential apartments, hotels and public spaces, DIFC remains one of Dubai’s most popular business and lifestyle destinations.
For more information, please visit our website: difc.ae or follow us on Twitter @DIFC.
About India Angel Network: India Angel Network is a network of angel investors who are keen to invest in early-stage businesses that have the potential to create disproportionate value. Members of this network are leaders in the entrepreneurial ecosystem because they have extensive CEO operating experience or a background in building new successful businesses. They share a passion for creating scale and value for new startups. Founded in April 2006, India Angel Network provides ongoing high-quality mentorship, a vast network, and inputs in strategy and execution, in addition to funding. Network members, because of their background, are better able to assess potential and risks at an early stage.
Regarding turbo start: Run as a competition, Turbostart is an annual, industry-agnostic pan-India initiative that aims to identify and fund India’s most innovative startups and mentor them towards scalability. Turbostart hopes to bring in potential early-stage startups and guide them towards scalability through a vibrant and empowering startup ecosystem. Turbostart recognizes the potential of Indian entrepreneurs and aims to simplify their entrepreneurial journey by providing unparalleled start-up support.
“We are creating an attractive global startup ecosystem where entrepreneurs’ desire to grow is supported without being held back by the common obstacles that come with starting a business.” – Turbo Start
About MCA Management Consultants: MCA has an extensive network across the GCC with offices in Dubai, Abu Dhabi, Sharjah, Bahrain, Muscat, Jeddah and Qatar. MCA provides professional services to multinational corporations, governments, large corporates, small, medium and micro enterprises including start-ups in various sectors such as FMCG, IT, e-commerce, manufacturing, trading, aviation, insurance, retail and tourism. MCA has been providing advice and guidance to startups and entrepreneurs in their early and growth stages.
About Sixth Sense Venture Capital: 6th Sense was founded in 2015 with the core purpose of helping organizations gain sustainable competitive advantages in the market by transforming data and information resources into strategic assets. Sixth Sense has complex transformational skills and instincts honed through dozens of challenging missions in multiple fields around the world.
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