His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, said Dubai has become the ‘Silicon Valley’ of the Middle East.”
“We are witnessing the prominent role of Dubai Internet City in creating new economies and nurturing global entrepreneurs,” said Sheikh Mohammed during a meeting with Divyank Turakhia, the founder of Dubai Internet City-based Media.net, an ad-tech company that was sold for Dh3.3 billion ($898 million), according to a Wam news agency report.
Sheikh Mohammed bin Rashid Al Maktoum reaffirmed that Dubai will remain an incubator for talent and an ideal hub for tech entrepreneurs.
Turakhia founded Media.net as a bootstrapped startup, and in 2016 sold it to Shuzhi (formerly known as Miteno) in one of the largest ad tech acquisitions ever.
Media.net has continued to grow consistently since its sale and it now counts 1,300+ employees worldwide.
Dubai has witnessed similar multi-billion tech deals including the Dh11-billion acquisition of the Dubai-based Careem by Uber and Souq.com that was earlier acquired by Amazon for over Dh2 billion.
TradeArabia News Service