Ministry of Finance launches new innovation accelerator
Mohammed bin Rashid Innovation Fund Accelerator will support local and international innovation
The UAE's Ministry of Finance has launched the Mohammed bin Rashid Innovation Fund Accelerator, a new public-private partnership to support local and international innovators that can help support the UAE's economy, it was announced on Tuesday.
According to the UAE's state-run WAM news agency, the fund is aimed at supporting innovators in the UAE by providing them with the tools they need to grow at the national and international levels.
Additionally, the fund also hopes to support inventive projects that contribute to the national economy by attracting innovators from abroad and helping them establish their businesses in the UAE.
"The UAE has been at the forefront of this year's Global Innovation Index (GII) in the Arab World, and this spurs us on to continue to support innovation as a key driver of the economy," said Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.
Sheikh Hamdan added that, through the fund, the government hopes to provide a platform to "nurture innovation".
"We invite innovative companies to take advantage of this platform as it works in conjunction with the necessary guarantees, developed through the fund, to arm innovators with the right knowledge and skills, complement the fund's financial support as well as mitigate risks," he said.
Eligibility criteria for the platform include the innovative nature of the business, its corporate leadership, its alignment with the UAE's national innovation strategy within key sectors, the social impact of its Emiratisation agenda and its Emirati talent support.