Sheikh Mohammed calls Dubai the "Silicon Valley of the Middle East"
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With the onslaught of big-bucks tech deals happening throughtout Dubai, it is now being hailed as the Middle Eastern Silicon Valley.
His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, met Founder and CEO Divyank Turakhia whose ad-tech company, a Media.net based in Dubai Internet City, was sold for over Dhs3.3 billion (US $900 million).
Sheikh Mohammed said: “Dubai has become the ‘Silicon Valley’ of the Middle East.” He added: “We are witnessing the prominent role of Dubai Internet City in creating new economies and nurturing global entrepreneurs.”
WAM explains that Dubai has witnessed similar multi-billion tech deals including the Dhs11-billion acquisition of the Dubai-based Careem by Uber and Souq.com that was earlier acquired by Amazon for over Dhs2 billion. Sheikh Mohammed reaffirmed that Dubai will remain an incubator for talent and an ideal hub for tech entrepreneurs.
The meeting was attended by Dubai Crown Prince His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Minister of Cabinet Affairs and the Future H.E. Mohammed Abdullah Al Gergawi, and a number of officials.
Turakhia is an Indian business man worth near US $2 billion as of 2017. He sold his Media.net company to a Chinese consortium back in 2016, which at the time was the third largest ad-tech deal in history.