New Government initiative to drive innovation in UAE launched
UAE Ministry of Finance launches ‘Mohammed Bin Rashid Innovation Fund Accelerator ’ to reinforce nation’s position as regional innovation hub
The UAE Ministry of Finance has launched the Mohammed Bin Rashid Innovation Fund Accelerator, a public-private partnership to support local and international innovators.
The Accelerator aims to identify and support innovative local businesses and provide them the necessary tools to grow both nationally and internationally. Additionally, the initiative wants to support inventive projects that contribute to the national economy, by attracting innovators from around the world and helping them establish their businesses within the country.
At the launch event, H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance said, "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. 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.”
H.H. also noted that the introduction of the Innovation Accelerator is an opportunity to build a nation-wide culture of innovation aimed at attracting the best talent and ultimately creating a tangible positive impact on the UAE’s economy. He emphasised that the programme’s member-centric design and services have a singular focus on innovator excellence, through access to an ecosystem of coaches, thought leaders and industry experts.
The UAE federal government represented by the Ministry of Finance launched the Mohammed bin Rashid Innovation Fund with a capital of 2 billion dirhams to support individuals and companies with unique and innovative ideas that are based in, or are registered in the country. The fund is operated by the Emirates Development Bank (EDB).
Pure Harvest, a high-tech farm based in Al Ain, is a beneficiary of funding from the Mohammed bin Rashid Innovation Fund. Sky Kurtz, Cofounder and CEO of Pure Harvest said, “Pure Harvest was launched with an ambition to offer true & tangible food security, helping the country’s mission toward self-sufficiency and environmental sustainability. We invest in world-leading controlled-environment agriculture technologies to deliver consumers the absolute best quality produce. As a UAE-based business, we are honoured to be supported by MBRIF and this strategic disbursement is instrumental in building our foundational high-tech greenhouse project, which will ultimately unlock future growth opportunities for us.”