In November 2015, Sheikh Mohammed launched the fund to finance innovation with a value of AED2 billion. This is a federal initiative designed to provide financing solutions for innovators across various sectors in the UAE. Innovators could be individuals and companies registered in the country. Innovation could be an idea, a technique, a process, a product or a service.
The objective of the fund is to:
- Support National Innovation Strategy and achieve the UAE’s developmental vision to be amongst the 10 most innovative countries internationally by 2021
- Provide financing solutions and the necessary guarantees to innovative entrepreneurs in order to facilitate their access to business loans to finance their projects and help them turn their ideas into actual projects
- Contribute to establishing a supportive environment for innovation in collaboration with financial institutions and funding entities such as commercial banks, investment funds and family businesses among others.
Priority will go to renewable energy, transport, education, health, technology, water and space sectors, and applicants must provide a business development plan to be eligible for funding.
The fund is managed by Ministry of Finance, in collaboration with local banks and various investment entities.
Updated on 07 Mar 2017