The launch this month in Dubai of the Majid bin Mohammed Innovation Centre, also to be known as the 'in5' business incubator, has been welcomed by the Emirate's SME sector.

The in5 Centre, located in Dubai Internet City, aims to support the development of small business start-ups, primarily in the ICT sector, once it becomes fully operational in Q1 2012.

According to reports in the regional media following the launch of the new initiative, up to 80 start-ups per year are expected to benefit from expert support, both in terms of entrepreneurship, technology innovation and ongoing development, with assistance potentially available in terms of seed financing, set-up and logistical support, training support, expert coaching and mentoring, and the establishment of a network of useful contacts in the region.

The business incubator has been launched under the Chairman of the Dubai Culture and Arts Authority, Sheikh Majid bin Mohammed bin Rashid Al Maktoum, and the board is to be headed by Ahmad Julfar, with Managing Director of Dubai Internet City, Malek Al Malek, Mohammad Gawdat, Managing Director of Google's SEEMEA division, Charbel Fakhoury, Vice President of Microsoft's MEA Sales and Marketing division, and Nassir Al Rafi, CEO of the Emaar Malls Group, all serving alongside him.

Entrepreneurs in the appropriate sector will be required to submit applications via the in5 website, following which they will be shortlisted, with suitable candidates subsequently selected to receive the targeted development support.

Mr Al Malek was quoted by regional technology news provider, ITP.net as explaining at the in5 launch event that:

"The vision for the innovation centre is very clear for us, we don't want another centre that helps technology companies, we want to become the premier destination for ICT start-ups and entrepreneurs, within this region. The mission is to foster and drive the development of ICT start-ups and innovation by extending the right environment an the right products for those entrepreneurs."

Mr Gawdat, meanwhile, reportedly stressed the importance of "hope and hindsight", over and above funding issues, suggesting that the region's limited number of role models in terms of technological success stories along the lines of Microsoft and Google is a potential stumbling block for young entrepreneurs.