Tuesday 14 July 2020 - 12:06:06 pm

DAFZA launches Islamic economy social impact start-up incubator

DUBAI, 26th February, 2018 (WAM) -- Dubai Airport Freezone Authority, DAFZA, announced the launch of Goodforce Labs, an innovative start-up incubator focused on transforming ethical startups in the fields of Islamic economy and Halal industries into global success stories.

The incubator will work to revitalise the Islamic ethical economy utilising a deep venture building platform. This will be achieved by selecting a group of start-ups and small and medium enterprises, SMEs, and support them towards a US$50 million in annual revenues and measurable social impact.

The new incubator was launched with support from DAFZA, Dubai Islamic Economy Development Centre and Technolera company.

The Goodforce Labs was launched in a special event attended by Nasser Al Madani, DAFZA’s Assistant Director General; Amna Lootah, Assistant Director General – Finance, Commercial and Customer relations Division Foster of DAFZA Innovation and Future Unit; Saeed Kharbash, Deputy CEO, Dubai Islamic Economy Development Centre; and Rafi-uddin Shikoh, Director of Goodforce Labs and CEO and Managing Director of DinarStandard, along with a group of entrepreneurs, Islamic economy experts, and investors. This launch is in conjunction with UAE Innovation Month.

Commenting on the event, Nasser Al Madani said, "Hosting Goodforce Labs confirms our pivotal role as an essential and active partner in bolstering Dubai’s position as a capital of Islamic economy and enhancing its position as a global hub and a reference point for best criteria and innovations in all its sectors. This incubator will be pivotal in supporting Islamic industries, developing the Halal sector, and spreading the Islamic lifestyle which encompasses culture, arts, and family tourism around."

Abdulla Mohammed Al Awar, CEO of Dubai Islamic Economy Development Centre, said, "The Goodforce Labs initiative complements our strategic efforts in supporting SMEs and emerging companies with a view to leveraging the growth potential of investments in the Islamic economy. We believe these businesses play a pivotal role in stimulating the economy in general, and their growth is an indicator of Dubai’s and the wider UAE’s socio-economic development in the post-oil era."