UAE innovation fund, Dubai Silicon Oasis partner to support emerging tech startups
Mohammed bin Rashid Innovation Fund, an initiative of the UAE Ministry of Finance, has partnered with Dubai Silicon Oasis, a government-owned free zone technology park, to support emerging technology startups in the UAE, through the Dubai Technology Entrepreneur Campus (Dtec), the tech hub and co-working space of MENA.
According to a press release on Zawya, the partnership will allow members of the fund's Innovation Accelerator programme discounted lease rates, licence and processing fee waivers for the first year, and access to all business activities in Dubai Silicon Oasis (DSO). This would enable them to engage with a large network of SMEs and technology entrepreneurs from around the world, in the region.
The agreement will also provide flexible terms for visa processing and activity lists, where members of the Mohammed bin Rashid Innovation Fund will not be restricted to the activity list at Dtec, but will have access to all business activities in DSO, according to the release.
The partnership is in line with the UAE’s National Innovation Strategy and will provide tech startups with an opportunity to contribute to economic growth, added the release. It seeks to identify and nurture high-potential innovations, within the UAE and abroad, and also enhance the growth potential of innovative businesses and shape the future of the economy.
Fatima Al Naqbi, Chief Innovation Officer, Ministry of Finance, and a representative of the Mohammed bin Rashid Innovation Fund (MBRIF), said, “At MBRIF, our aim is to support innovative businesses to grow and make a positive economic and social impact on the communities in the UAE through strategic partnerships and collaborations with public and private entities ... Our partnership with Dtec will provide our members with a stimulating environment where they can network and collaborate with entrepreneurs from around the world and find potential investors to scale up their operations and continue their growth.”
Edited by Swetha Kannan