UAE Ministry of Finance Launches Mohammed Bin Rashid Innovation Fund Accelerator
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The UAE Ministry of Finance launched the Mohammed Bin Rashid Innovation Fund Accelerator, a public-private partnership to support local and international innovators, at a special event held at Dubai Opera, in the presence of HE Obaid Humaid Al Tayer, the UAE Minister of State for Financial Affairs.
The Mohammed Bin Rashid Innovation Fund Accelerator is established as a non-profit entity which will not mandate equity stake or success and membership fees. It will be operated by Ernst & Young (EY).
The Mohammed Bin Rashid Innovation Fund Accelerator is aligned with the Ministry’s efforts to support the UAE National Innovation Strategy and the projects initiated by HH Hamdan bin Rashid Al Maktoum, the Deputy Ruler of Dubai and the UAE Minister of Finance. Previously, the Ministry of Finance launched the Mohammed bin Rashid Innovation Fund with a capital of AED2 billion to support individuals and companies with unique and innovative ideas that are based in or are registered in the country.
In addition to supporting innovative local businesses and inventive projects that contribute to the national economy, the accelerator will also work on attracting leading innovators from around the world and helping them establish their businesses within the country.
The eligibility criteria 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 Emiratization agenda and its Emirati talent support, explained HH Sheikh Hamdan Bin Rashid.
"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, that, under an inspirational leadership looks towards a stable and ambitious future,” HH Sheikh Hamdan Bin Rashid added. “The initiative aims to explore the future, keep abreast of the latest developments and support innovative talents that seek to establish companies that contribute to the betterment of the UAE by achieving the objectives of the UAE Vision 2071.”