H.H. Sheikh Mohammed Launches Dubai Future District With AED1 Billion Fund To Support "New Economy Companies"
The fund will be used to support "new economy companies," which have the potential to boost the Emirate's future growth.
The UAE government increases its focus on entrepreneurship as His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, announced in a tweet the launch of Dubai Future District, supported by an AED1 billion fund.
Today, at the second Dubai Council session, we launched the Dubai Future District, a new space dedicated to the development of the future economy, as well as a AED1 billion fund to support new economy companies who can power Dubai’s future growth. pic.twitter.com/ch2EgHbjQT— HH Sheikh Mohammed (@HHShkMohd) January 14, 2020
The new district is set to debut in the space behind the Museum of the Future, and will connect DIFC, Emirates Towers and the Dubai World Trade Center. The fund will be used to support “new economy companies,” which have the potential to boost the Emirate’s future growth, as well as provide all kinds of support and facilities especially needed by tech startups in its early stages. In addition, H.H. Sheikh Mohammed stated that the new district is set to become the Middle East’s largest future economy-focused district.
A committee has also been created to develop a new logistical and legislative framework to implement Dubai’s goal of non-oil foreign trade of AED2 trillion by 2025. In support of this, 10 initiatives will be in the works to enable an ideal business-friendly environment in the region and globally- some of which includes establishing special five-year residency visas to future entrepreneurs, launch of innovation pilot areas for tech startups, reduced housing prices for “future economy entrepreneurs,” and more.