UAE launches Future 100 initiative to support top startups in the country

The United Arab Emirates (UAE) has launched Future 100 initiative, a new programme aimed at supporting the top 100 startups that will significantly impact the country's economy and its future readiness.

According to a report by The National, this initiative is set to leverage emerging sectors like space, renewable energy, emerging technology, said the Ministry of Economy and the Ministry of Governmental Development and Future at its launch in Dubai.

Minister of Economy Abdulla bin Touq, stated that the selected companies will be honoured every year, based on “clear” criteria, objectives and other aspects. These would also help in defining new parameters for the future economy.

Referring to Covid-19's impact on global economy, he said, "The question in 2020 was: 'what will the GDP of the UAE look like in the future economy? … are we going to stay and wait for another pandemic to take action and try to rectify these things?' So we took it upon us to really lead the economy."

“The most important part of it is [that] these economic changes [used to] have a lagged impact of about two years. Today, there is a huge diversification in terms of [growth impact] numbers," he added.

Ohoud Al Roumi, Minister of State for Government Development and the Future said: “In the next 20 years, the pace of change will be more than what it is today. It is difficult to predict the future, but we know it will be different and we have to be ready for it.”

With Future 100, the objective is to boost UAE's ranking in global indexes, primarily in criteria including competitiveness, entrepreneurship and investment. Further, in line with the same, the idea is to encourage young entrepreneurs in establishing innovative startups and eventually expanding globally.