Tecom Business Parks has announced the launch of a new Dh60 million incubator building for media start-ups.
The facility, called in5 Media, will be housed in a purpose-built centre in Tecom’s International Media Production Zone. It will contain creative space for media start-ups as well as editing suites and production studies, fabrication labs, recording studios, screening rooms and other facilities.
The building will house up to 200 start-up entrepreneurs for periods of up to five months while they develop their businesses. During that time, they will be able to get help from mentors and industry experts, access an existing network of funders and gain help with company registration.
Tecom Business Parks said it would begin to accept applications from potential start-ups in the first quarter of next year, ahead of the building’s completion in the second quarter.
Malek Al Malek, the chief executive of Tecom Business Parks, said that the building had been created as part of a Dh4.5 billion innovation strategy announced by the organisation last year, and follows on from the earlier launch of the in5 innovation hub for technology companies in 2013. It is based at Dubai Knowledge Village.
He added that the incubator would be able to draw on talent from Dubai’s existing media community, which is home to 2,000 companies, a workforce of 25,000 and more than 5,000 media students.
"The objectives of these specific segmented incubation centres are to accelerate start-ups and foster entrepreneurial activities," he said. "This media-specific one will drive innovation through encouraging new initiatives and new mega-trends within the media sector, and continue to promote Dubai as an ideal location for someone who wants to start a media or a new media activity."
In February this year, the US-based Ewing Kauffman Foundation, an organisation promoting economic independence through a focus on education and entrepreneurship, argued that much more evidence was needed to effectively assess whether or not incubators are beneficial for emerging businesses.
It argued that hardly any effective research had been carried out to assess whether incubated businesses perform better than non-incubated ones.
mfahy@thenational.ae
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Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
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Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
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5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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Upul Tharanga (captain), Dinesh Chandimal, Niroshan Dickwella
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Chamara Kapugedara, Thisara Perera, Seekuge Prasanna
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