UAE sets up new fund accelerator for start-ups

A new fund accelerator has been announced by the UAE finance ministry with the aim of identifying and supporting innovative local and international businesses in the country.

The Mohammed Bin Rashid Fund Accelerator was launched by Sheikh Hamdan bin Rashid Al Maktoum, deputy ruler of Dubai and minister of Finance to boost growth in the future UAE economy.

It aims to provide local businesses with the “necessary tools to grow at a national and international level”, as well as attract innovators from around the globe to establish business in the UAE.

Sheikh Hamdan bin Rashid stressed that innovation is a “significant driver” of the economy and stated that the new fund will invite new companies with necessary guarantees to “arm innovators with the right knowledge and skills, complement the fund’s financial support as well as mitigate risks”.

Start-up businesses can apply for the fund, with online applications opening on February 7. Company finalists will be announced on April 7. A total of 25 local and international companies will be selected.

The launch of the fund comes in line with the UAE National Innovation Strategy launched in 2014, which aims to make the UAE one of the most innovative countries in the world within seven years.

This year, the UAE ranked 35th in the 2018 Global Innovative Index (GII).

Also read: Developing the UAE’s legal framework for innovation