Dubai establishes Dhs700M fund for nationals

Dubai Development and Investment Authority (DDIA) has unveiled ‘Mohammed bin Rashid Establishment for Young Business Leaders’ to boost national startups.

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By  David Ingham Published  June 13, 2002

Dubai Development and Investment Authority (DDIA) has unveiled its first project, the ‘Mohammed bin Rashid Establishment for Young Business Leaders’, which will administer a Dhs700 million Islamic investment fund focused on young nationals.

The Establishment will manage the fund in co-operation with Dubai Islamic Bank and will provide business services and advice to companies supported by the fund. The conditions for companies receiving backing are that they be 100% owned by UAE nationals and have a licence from the Economic Department.

“I announced today a new promising initiative, especially for our young men and women, which will be a benchmark for future generations,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence, yesterday. “This initiative is a new challenge and God Willing it will be fruitful because we are determined to succeed. It is the first programme launched by the Dubai Development and Investment Authority.”

In order to help future startups on their way, His Highness has ordered government departments to allocate 5% of their procurement to businesses supported by the Establishment.

Loans of up to Dhs 10 million per project will be provided on an eight year basis and repayment will begin in the second year. The Establishment aims to assist 200 companies in its first year of operation.

Dubai Development and Investment Authority was established earlier this year to encourage corporate and private investment in the UAE and to assist national companies and businesspeople.

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