Ministry of Finance launches new innovation fund accelerator
The UAE Ministry of Finance has announced the launch of the Innovation Accelerator as a public-private partnership to support local and international innovators in a pioneering move aimed at enhancing the growth potential of innovative businesses that would shape the future of the UAE’s economy.
The launch took place at a special event held at Dubai Opera, in the presence of Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, leaders of the UAE government, representatives of the country’s largest private sector companies, and a select group of innovators and entrepreneurs.
According to the UAE’s state-run WAM news agency, the fund is aimed at supporting innovators in the UAE by providing them with the tools they need to grow at the national and international levels. Additionally, the Innovation Accelerator also aims to support inventive projects that contribute to the national economy, by attracting leading innovators from around the world by helping them establish their businesses in the UAE.
“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,” said Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.
“Our vision is to make the Innovation Accelerator a pioneering platform to nurture innovation. We invite innovative companies to take advantage of this platform as it works in conjunction with the necessary guarantees, developed through the fund, to arm innovators with the right knowledge and skills, complement the fund’s financial support as well as mitigate risks,” he added.
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 Emiratisation agenda and its Emirati talent support