Mohammed Bin Rashid Innovation Fund
Making the UAE a leader in innovation
In a Federal Government initiative represented by the Ministry of Finance
(MoF), His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President
and Prime Minister of the UAE and Ruler of Dubai, has launched the Sheikh
Mohammed bin Rashid Al Maktoum Fund to Finance Innovation, which is worth a
total of AED 2 billion.
The fund supports resident individuals and companies (of all sizes) registered
in the UAE, provided that they offer unique and innovative ideas. These ideas
can be technological solutions, products, services or processes. Eligible
applicants need to have registered their project as intellectual property of the
respective individual or company, and the initial stage of the project must
already be established.
In 2016, an agreement was signed between MoF and Emirates Development Bank (EDB)
to host and operate the Mohammed bin Rashid Innovation Fund through EDB. The aim
of the agreement is to activate the fund’s role in supporting the UAE’s
transition to a knowledge-based economy, thus achieving prosperity and
sustainability for the country. In addition, MoF also signed an agreement with
the National Bank of Ras Al Khaimah (RAKBANK) to provide the necessary
guarantees to innovative entrepreneurs, in order to facilitate access to
business loans to finance their projects, and help turn their ideas from concept
To facilitate innovation activities through targeted financial risk
mitigation and business development tools aimed at sustainable growth.