Wednesday, 25 November 2015

UAE - launch of US$544 million Innovation Fund

Following on from the various events and announcements (here) relating to the Year of Innovation there are now many reports of a very substantial fund for innovation.

Sheikh Mohammed launches $544M innovation fund announces Al Bawaba (here)
Sheikh Mohammed sets up $544m innovation fund announces Gulf Digital News (here)
Dh2 billion fund to finance innovation projects launched in Dubai announces The National (here)

All the these relate to the Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation.
Interestingly, all three report that "applicants need to have registered their project as intellectual property and the initial stage of the project must already be established, the Ministry of Finance said.

It will prioritise projects that contribute to the UAE Vision 2021 and in the seven sectors named in the national innovation strategy. They are: renewable energy, transport, education, health, technology, water and space. The pilot phase of the initiative will be launched during the first half of next year followed by the official launch of the Fund’s operations in the second half of 2016. A small fee will be charged for all applications, “and the amount will depend on each individual request”. All projects will be evaluated by a “group of experts in respective areas” for their “effectiveness and practicality”."

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